Consumer complaint received 2020-08-10
Company: PLANET HOME LENDING, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
XX/XX/XXXX Issue : Predatory mortgage loan ( and foreclosure ) Loan origination Date : XX/XX/XXXX Mortgage Company : XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX # On XXXX I was offered a loan with the above mortgage company. I was a single dad who just finished with a really bad divorce and needed to keep a promise to my son that I would buy a house as soon as the divorce was done. XXXX XXXX XXXX offered me a loan that seemed too good to be true but it would get me and my son into a house instead of the cramped apartment we were living in. The first loan ( {$410000.00} ) was a stated income loan with NO money down for 40 years ( 100 percent financing ). The second loan ( {$100000.00} ) was a high interest rate ( 10.8 % ) second mortgage. These two loans would allow my son and I to resume a normal life again. I was told that because of my excellent credit and longtime employment I qualified for this special loan with 100 percent financing. I began to make my mortgage payments to XXXX XXXX XXXX. 
In XX/XX/XXXX I was injured at work and forced to have XXXX   XXXX on my XXXX  that would keep me out of work until XX/XX/XXXX. At this time I could no longer afford to make my mortgage payments as XXXX XXXX just didnt pay enough to cover all my monthly bills. I reached out to XXXX XXXX  XXXX for assistance and they modified both my first and second mortgage. This is where things got completely mixed up. After the modifications I went to pay my mortgages online and my second loan was no longer listed. I went into XXXX  XXXX XXXX to find out what was going on. The clerk could not tell me anything except the loan had been sold or just written off and I should receive something in the mail. I never received anything from XXXX  XXXX XXXX. 
I received a letter in the mail from XXXX XXXX XXXX claiming they now own my second loan. I called the company and requested proof that they were the legal owner of the loan and then I would start making payments to them. They did not provide any documentation that they legally owned the loan. They eventually sent me an offer ( XX/XX/XXXX ) of {$18000.00} to pay off the second which was for {$100000.00} but still provided no proof that they owned the loan. 
Sometime In early XXXX I received a letter from another company called XXXX XXXX claiming they now own my second loan. I called them and asked for proof that they owned the loan. Once again nothing was provided. In XX/XX/XXXX I received a letter from them wanting to settle the loan by offering me a settlement of {$36000.00} but provided no proof of ownership of the loan. 
XXXX XXXX I had just had major XXXX XXXX and was going over the past months mail when I received several letters from Planet Home Lending who claimed they now owned my second loan and if I didnt start making payments immediately that they would foreclose on the home. I called the company and spoke with a XXXX XXXX. I asked XXXX what I could do and she said the trust that owns my second wants me to sell my house. She also said that I could pay around {$55000.00} right now and then start making regular payments until XX/XX/XXXX when the entire note is due. I told XXXX that the paperwork I have states that the second was for 360 months. I have spoken with this company several times and have gotten nowhere with them. Every time I call I speak with a different person. 
XX/XX/XXXX I was served by mail that my house would be sold at auction right in the middle of this pandemic. I have called and yet spoken with another person and made them a verbal offer to settle this loan. I was told that someone would call me back in 24-48 hours with an answer. Its now been over three weeks and no return phone call. 
I had to retain legal help and asked the attorney to help determine if Planet Home Lending actually owns my loan. My attorney also asked to see the final closing statements from when I bought the house. He determined that they do own the loan and he also said that these two loans are considered predatory loans which were very big in XXXX. 
I am asking for your help in trying to get Planet Home Lending to work with me on a settlement. I do have some cash saved and really want to stay in my house as forcing all five ( XXXX XXXX  in the house ) of us out on the streets during this covid pandemic would be devastating. I have a current 31 year career in XXXX  XXXX   and have done nothing but try to make my community a better place to live. My first loan with XXXX XXXXXXXX XXXX is current. 

If someone could please reach out to Planet Home Lending, XXXX XXXX ( mitigation coordinator ) XXXX it would be greatly appreciated. The loan number on my account is. I just want to get this settled

Company response to consumer: Closed with explanation