Consumer complaint received 2016-04-20
Company: Fay Servicing, LLC
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Currently and since XXXX, 2016 my mortgage servicer is listed with Fay Servicing. The loan was transferred from XXXX, who I had been trying for three years to get approved for the Home Affordable Modification Program. Due to a reduction in pay when my organization at work went through a reorganization/downsizing, sequester furlough days, and high rise of property taxes, I was unable to keep up my mortgage payments on time which has escalated to XXXX, XXXX did a '' Forebearance '' on the home loan instead of Home Affordable Modification which should have lowered the current interest rate of 7.5.Instead of helping me to stay in my home and making it more affordable for to stay in my home of seventeen years, this made it more difficult for me to make the payments, which has made the account delinquent. When I was able to bring my account up to date with XXXX, the Home Affordable Modification Program was still not processed. XXXX was always changing Home Support Specialists and I was always having to resubmit duplicate documents. My account was escalated up to the Executive Support Specialist whom I thought the Home Affordable Modification process would be completed, but after speaking with him and explaining to him the situation the account was then followed up with another and another Homeowner Support Specialists and the Home Affordable Modification Program was never done and was turned over to Fay Servicing with no communication or my knowledge that XXXX was going to do this. Now, my mortgage payments have escalated more and Fay Servicing has issued a Pre-foreclosure notice for the total delinquent amount due. I have to resubmit documents to the Account XXXX and have not been able to contact him to speak with him regarding the status which has prolonged the process and escalation of my loan balance due to the XXXX interest rate still on my account. When I was unable to make a high payment on time, the Account Manager would not accept a payment later and that is when the notice was issued for the total delinquent amount and he told me my account was in Pre-Foreclosure status. XXXX and Fay Servicing seems that they are in the business of helping homeowners lose their homes rather than keep them by being slothful, negligent in keeping up with documents, and not being informative/knowledgeable of the Home Affordable Modification Program or just does not care that there are programs in place and are designed to help homeowners keep their homes. Out of fraustration and disappointment, I have spoke with friends and others who have obtained the Home Affordable Modification Program and the process did not take that long and they received a lower interest rate and were able to make their mortgage payments. I am speculating that I am being discriminated against as a single XXXX woman and it is not ideal for me to own a home. The advice to look for another institution/bank to refinance your home instead of your current servicer is a " null and void '' situation also, because another institution or bank is going to take over a delinquent account and if you have a low credit rating due to not being able to pay your debts on time while trying to make your mortgage payments. After this complaint, I am not sure of the next step to take but want other homeowners to be aware of what 's going on and make sure you have a voice in a system that is set up for you to fail and not own a home even if you have worked hard and honestly for many years to have one.

Company response to consumer: Closed with explanation