Consumer complaint received 2016-08-10
Company: Ditech Financial LLC
State: FL
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
My mortgage was initially held by Greentree. The loan is under my maiden name. It was recently sold to Ditech. Since the loan was sold to Ditech I have not received a monthly statement via XXXX Mail or email. The real problem is that Ditech never informs me of the amount I need to pay in order to pay the loan off by the date of maturity. The monthly statements do not tell me how much I need to pay in order to pay my loan off by the date of maturity nor do they tell me how my prior payment was applied ( principal and interest ). All the statements say is that the principal and interest shown assume the loan is paid on the due date.They say that the reason the statements show such a small amount for payment due is that my loan is a simple interest loan and every time I am late with a payment, the amount that I have to pay each month changes due to a recalculation of the interest. This is crazy. They expect that in 15 years someone is not going to be late with a payment? Then if you are late, the amount you need to pay on the loan, in order to pay it off by the date of maturity changes, but they never tell you that. If you look at the statements ( which I attach ) you can see that the amounts they say I owe are very small no matter what payment I make. It 's confusing. I have a loan balance of about {$16000.00}. My XXXX/XXXX/16 statement said I have to pay XXXX by XXXX/XXXX/16. I paid {$400.00} on XXXX/XXXX/16. My XXXX/XXXX/16 statement said I have to pay {$28.00} by XXXX/XXXX/16. Note the XXXX/XXXX/16 statement did not say that I had any payment due in XXXX 2016. I paid {$300.00} on XXXX/XXXX/16. My XXXX/XXXX/16 statement said I have to pay {$28.00} by XXXX/XXXX/16 just like the XXXX/XXXX/16 statement. The problem is that if I pay the amount on the statements ( which I had to look up on line ) I will not be paying enough to pay off the loan by the maturity date. I thought they were supposed to send me a statement each month showing the amount I need to pay in order to pay off the loan by the date of maturity. Instead they send me statements showing that I only need to pay small amounts, less than {$100.00} each month and they do n't explain how my prior payments were applied and why my payment amount keeps changing. I have called and spoken to them and asked them why the amounts due are less than what I have to pay to payoff the loan by the date of maturity. They say this is because I have a simple interest loan and because I paid late ; the amounts shown as due on the monthly statement are less than the amount I would need to pay to pay off the loan by the date of maturity. All I want is for Ditech to tell me on the monthly statement the amount I need to pay each month in order to pay off the loan by the date of maturity. I do n't think that is too much to ask. Also, when I tried to pay online the date that the payment was due, the payment would not go through. I logged in, but when it was time to confirm the payment, the website just kept going back to the log in page and asking me to log in. It 's as if they did not want me to pay on time. When I asked them what would happen when the loan matured and I had not paid it off, even though I had been paying the amount shown on the statements, they said that my loan officer would talk to me about it. I think this is some kind of scam. They do n't tell you how much you have to pay to pay off your loan on time, then when the loan becomes due, you are at their mercy. Something is wrong with this practice. They should at least tell you to pay an amount that will get you to pay off your loan by the due date or they should at least warn you that if you make the payment they are showing you will not pay off your loan by the date of maturity. In addition, they should tell you how your prior payments were applied and how they come up with the amount due that they show on each monthly statement.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation