Consumer complaint received 2021-01-21
Company: Finance of America Holdings LLC
State: ME
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
I need help from a predatory lender ; I believe they " loan to own ''. 

I am a XXXX XXXX of an XXXX, which is a XXXX-owned business and Im in my XXXX. 

In XX/XX/XXXX I closed on a blanket mortgage with XXXX XXXX XXXX XXXX ( XXXX ). I used XXXX XXXX as the mortgage broker to close this loan, which was for 15 properties at $ XXXX. The properties are in XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX- all properties are in Maine . 

I was verbally told that this was a 30-year fixed-rate mortgage at 6.5 % but a few days before closing was told that it was going to be 6.9 %. At that point I had to agree to the increase because of commitments I had already made on the proceeds from closing. 

I was also told that my mortgage payments would be principal, interest, taxes, and insurance- the monthly payments would be between $ XXXX {$12000.00} per month. My payments were NEVER that and started around {$13000.00}, then went up to {$14000.00} and then {$16000.00} and by XX/XX/XXXX the payments rose to move than {$18000.00}. per month. 

I signed SIGNATURE PAGES ONLY at XXXX XXXX in XXXX. It was almost a year later before I got a copy of my mortgage. I asked for a copy when things were not adding up. I was making payments, but my principal was not going down. 

XXXX hired a company to oversee my mortgage and we started with XXXX. I was sending my quarterly reports as agreed. By XXXX of XXXX the monitoring company switched to XXXX and this is where my mortgage increased HUGE. When I questioned this, now my payments were not being applied to my mortgage and XXXX used my XXXX ( escrow funds ) to make mortgage payments. I was not going to send payments if they werent being applied. There is {$75000.00} that Ive paid to them thats not showing up anywhere. In XX/XX/XXXX they now had XXXX overseeing my mortgage. When Ive called them for a pay-out, they told me to send them {$5000.00} as a good-faith effort that I was going to refinance I sent them {$5000.00} and they sent it back to me. 
I can refinance out with another bank but I shouldn't have to pay {$200000.00} more for my loan than what I borrowed over 2 years ago. None of my payments went to the principal. 

I am now in pre-foreclosure and cant even get a pay-out. I supposedly owe almost $ XXXX now. I am selling the properties to pay them off, but Im sure that this was their plan all along as theres no reason for my payments to have jumped up and payments not being applied. Im having to sell them because of XXXX! This is going to be loss of income for me as I built these properties as my XXXX  plan with passive income. 
I can not get clarity and Ive hired an attorney to help me with XXXX  and XXXX. My attorney has also called them, and shes not being called back or given any answers either. I am being taken to the cleaners with these companies when I had been making my payments, they werent applying them. 

Since summer of XX/XX/XXXX, the insurance and the real estate taxes are being paid by me, directly to the towns and my insurance agent. 

I want out of this mortgage. I have the properties up for sale. I have two other banks that will work with me to get out from underneath XXXX. My credit scores are in the mid 700s. I pay my bills. But this company is out to take me and my properties. 

The changing of all the mortgage overseers, refusal to respond, payments not being applied, and I believe this was their plan all along- was to force me to sell these properties to pay them and they've charged exuberant mortgage interest rates of now 15 %. 

Since Covid19 - I have tenants not paying rent ; eviction moratoriums and eviction lawyer fees have increased my inability to make the mortgage payments since summer XX/XX/XXXX. 


Can you help me please with this predatory company?

Company response to consumer: Closed with explanation