Consumer complaint received 2020-03-12
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Due to real estate market crash in XXXX and unemployment, I worked out a loan modification with XXXX XXXX ( Loan Number ... ... XXXX ), which it took about 4 years because XXXX XXXX Attorneys sold my home twice without authorization and therefore, the sales had to be rescinded. In the meantime, XXXX XXXX could not accept any type of payment and/or negotiate a modification. Because of this, I was forced to file for Chapter XXXX Bankruptcy in XXXX and at about the same time, XXXX XXXX was finally able to put together a modification package that in no way I did agree with because the market value of my home was in the low 100s and XXXX XXXX was asking that I pay Mortgage amount $ XXXX+ {$93000.00} (??? ) = {>= $1,000,000} at a time when they knew it would had been impossible for them to sell my home for that amount, which it was over 3 times the market value. I had no other way to save my home and applying for another mortgage was not an option due to unemployment. Therefore, unless I was willing to be homeless, I had no other alternative but to accept XXXX XXXX modification, which I did in XXXX. According to Modification documents, the interest rate to be applied was contained in Section 3C of the Modification and NO INTEREST would be accrued/added on the {$93000.00} amount that it was deferred although I never agreed in having that amount added to the Principal as it was accrued during the time XXXX XXXX could not accept payments and/or negotiate a modification due to its Attorneys wrong doing. The attorneys should have been liable for that amount. No me. To my surprise, as I was putting together documents to file Income Tax in XXXX, I realized that I was being charged interest in the {$93000.00} Deferred amount since XXXX and continue to be charged ( copy of Statements attached ), which it was confirmed by XXXX XXXX, Executive Resolution Specialist, as per letter dated XX/XX/XXXX attached. To make things worse, I just received Letter signed by XXXX XXXX, XXXX Senior Vice President, stating that my Original Mortgage Note had been sold/transferred to another Server : Rushmore Loan Management Services , LLC. My original loan was not confirmed under Bankruptcy under chapter XXXX that I filed prior to Modification and therefore, I am not liable to pay that amount. Besides, the original note is for amount higher that I did owe at time of Modification, however, I contacted Rushmore Loan Management Services , LLC to request clarification on this and could not get a response. 

I feel that XXXX XXXX used the Modification Mechanism to take advantage of People who like myself, did not have any other choice in order to save their homes. If the Modification really demanded interest in the deferred amount, the Modification material was totally deceiving in its content and I feel victimized by XXXX XXXX actions. According to a new policy statement, the Consumer Financial Protection Bureau ( CFPB ) will cite conduct as abusive only when the harm to consumers outweighs the benefit. In this particular case, XXXX XXXX has applied abusive misconduct by manipulating me into accepting a Modification that it is not only deceiving in its terms, but unfair in the way it has oversold the property to me and continues to charge compound interest over the life of the loan. It is easy to conclude then that the harm outweighs the benefit in my particular case.

Company response to consumer: Closed with explanation