Consumer complaint received 2015-12-22
Company: ARVEST BANK GROUP, INC.
State: NY
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I am the target of predatory lending, I should't have qualified for a loan based on my debt to income ratio. I was lured w/a subprime loan according to the Mortgage fraud billXX/XX/XXXX. My mortgage is dated XXXX/XXXX/XXXX & has terms exceeding the threshold defined in the bill. Also it 's a " Nontraditional '' loan w/interest only payments. XX/XX/XXXX I stopped payments and requested assistance. I submitted many applications to CMC & XXXX XXXX XXXX XXXX. Both requested documents then denied me because date on a document expired. I would update documents only to be told a different document expired. I was given the run around, subjected to the expired document scam and asked for the same documents over and over again. After 2 years of this we saw referee on XXXX/XXXX/XXXX, I explained these tactics and court attorney instructed me to submit XXXXmore package w/a cover page & table of contents which I did in a XXXX mod package DELIVERED TO XXXX XXXX XXXX XXXX/XXXX/XXXX. bank attorney was to inform me by XXXX/XXXX/XXXX if additional documents were needed. XXXX said only XXXX more pay stubs & 2 months bank statements were needed which I. XXXX XXXX in the Settlement Conference department of XXXX XXXX XXXX 's office said file was complete and looked good for modification. Court attorney told bank attorney to inform me in writing if mod was granted or denied by XXXX/XXXX/XXXX, which they did not do. court set adjournment to XXXX/XXXX/XXXX for further conference. At court on XXXX/XXXX/XXXX we had a different court attorney & the additional documentation scam continued bringing us to XXXX/XXXX/XXXX where they again requested more documentation and adjourned till XXXX/XXXX/XXXX when I was informed CMC needed new council because XXXX XXXX XXXX had gone out of business and was being investigated by the State Attorney General for Fraud. I should mention that I was never properly served for the foreclosure. I had to start all over. Then HurricaneXXXX, XXXX XXXX declared a disaster area, my home completely flooded. My family was displaced & unable to live in the home. I requested assistance again & even spoke with a director at the bank to no avail. CMC 's multiple delays put me in a position that i can not come out of. These delays added over {$200000.00} of interest, legal fees, late fees and other monies to the original principal of XXXX. I spent a lot of my own time and money restoring the home after the hurricane. Now I am stuck in a situation I ca n't get out of and my bargaining power is gone due to the amount of time that passed racking up interest and fees to a point of no return. This should have been resolved in XX/XX/XXXX with my first application negating the {$200000.00} in fees and interest. I filed a complaint w/you XXXX/XXXX/XXXX, but I never responded the CMC rebuttal because they offered me a Trial modification that I accepted with XXXX trial pmts of {$3400.00} on the XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. which I paid on time. Trial agreement also stateted Interest rate of 4.25 % w/term extension of 480 months, essentially adding 10 yrs to loan. I called and spoke w my single point of contact at XXXX went over the trial agreement. I was told that after trial, my payments would be the same on the modification. I also spoke with XXXX XXXX who also confirmed the trial terms. XXXX/XXXX/XXXX I received permanent modification agreement nothing like the trial. New Principal balance of {$570000.00}, Monthly payment of {$5000.00}, 6.5 % interest, Maturity on XXXX/XXXX/XXXX, and a hidden balloon payment for any unpaid balance at maturity. I called XXXX/XXXX/XXXX and asked to speak XXXX XXXX XXXX again hoping this bait and switch tactic was a mistake. He was supposed to call me back that day which he did not, he called me on XXXX/XXXX/XXXX, XXXX day past the deadline to accept the modification. XXXX XXXX said I only had XXXX optios foreclose or accept mod as is by end of the month since deadline passed. this seems unethical.

Company response to consumer: Closed with explanation