Consumer complaint received 2022-03-24
Company: MONEY SOURCE, INC., THE
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XX/XX/XXXX Lender Information The Money Source INC . 
XXXX XXXX XXXX XXXX XXXX, AZ XXXX XXXX  # XXXX To Whom It May Concern, I am reaching out to you for help. In the midst of the pandemic I ran into hardship, as many other have in our great nation. To support homeowners like me, legislators passed the cares act and several other acts. Below I will list the timeline of my experience with my mortgage lender. I hope after reading it you would find that my loan was mismanaged and there is something that can be done to help right this wrong. 
XX/XX/XXXX : I am approved for mortgage forbearance. 
XX/XX/XXXX : I call in and ask for a payment deferral plan. 
XX/XX/XXXX : I am approved and I sign the Deferral Agreement. 
XX/XX/XXXX- XX/XX/XXXX : I have called in more than 20x asking why my mortgage has not been updated. The response is that it takes 45-60 days. I respond, its been over 60 days, something may be wrong. What should I do? They respond WAIT. 
XX/XX/XXXX : I start working with 2 lenders to explore my refinance options. Both offered me 2.99 % rate FHA or 4.00 % Conventional. 
XX/XX/XXXX : The lender ( XXXX ) reports to the credit agencies that I have made a late payment. After I sought out help from XXXX XXXXXXXX XXXX  XXXX, XXXX updates my statement/account showing a deferred amount and a due amount. Corrects the credit report. 
XXXX Response : Thank you for contacting us regarding this matter. Upon receipt of the complaint, XXXX conducted a thorough review of the loan file and determined that in XXXX of XXXX, the Borrower requested to be removed from forbearance and qualified for a post COVID deferral. In XXXX of XXXX, the Borrower was approved, and in XXXX of XXXX, the deferral was sent to the investor for review. In XXXX of XXXX, the claim was approved for submission. Due to an internal error, the loan was not properly updated in XXXX system. 
XX/XX/XXXX : The 2 lenders that offered me for the refinance say they can only move forward if XXXX makes my account current. I have made about {$12000.00} in payments since signing the deferral agreement ; I was supposed to be current at this point. 
XX/XX/XXXX : I receive a phone call about an error made by XXXX on my original deferral agreement. I was told that I had to sign the new agreement or my account will be delinquent. I signed the revised agreement and then that reset the process of being current to XX/XX/XXXX. I dont need to tell you what the interest rate will look like in XXXX. Potentially 2 % higher than what it would have been in XXXX. Which is higher than what it wouldve been in XXXX. XX/XX/XXXX was supposed to be my new current day according to the agreement signed in XXXX. 
The many missteps of XXXX has prevented me from refinancing at a lower rate. My current statement is not current. They have been working on the deferral agreement for over 180 days. Millions of Americans have received COVID relief and the ability to refinance at a lower rate, which would be a huge step towards financial freedom for my family and I. Could you help right this wrong? 

Sincerely yours,

Company response to consumer: Closed with explanation