Consumer complaint received 2016-07-20
Company: Rocket Mortgage, LLC
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I purchased a new construction home and financed through Quicken Loans. The loan closed on XXXX XXXX XXXX and my mortgage payment was {$1300.00}. Quicken ran all the information for property taxes, state taxes, local taxes and did an appraisal on my home. XX/XX/XXXX, I started receiving letters from Quicken that my escrow was behind and my new mortgage payment would be around {$2200.00}. I was told by an employee at Quicken ( all calls are recorded ) that this new payment ( {$2200.00} ) would be for the next 30 years. I was later told by another employee it would just be until the escrow shortage was caught up ( roughly {$3000.00} ). Then I came to find out that the original mortgage was based off of the land value only and not the home and property taxes. I was told by an employee that they knew at the time of closing that my mortgage payment would increase dramatically in XX/XX/XXXX but no one told me. I NEVER would have bought the house under these conditions. In order to work with Quicken, I applied for a refinance at a lower rate to offset the additional costs and was declined. This was within 6 months of them approving me for a loan in the first place. Then Quicken Loans said I should apply for a loan modification/hardship. After jumping through hoops to supply them with additional information for the modification, I was declined because I have not lived in the home for 12 months yet ( a requirement they neglected to tell me ). Why have me go through all the suffering, worry, and extra work when they knew the loan modification was going to be declined on their end from the start? Then, they decided to try the refinance again. I was told rates were even lower because of the XXXX and the wasted time would benefit my interest rate. They wanted to run my credit again. They have ran my credit 3 or 4 times in the past 10 months which I understand negatively impacts my credit score. The original rate they quoted me never went down, even though they said it would. Due to all of these options we were trying to work out, I was told as long as I made my payment within the 30 day grace period my credit would not suffer. From the conception of this loan, I made all of my payments on time ( except the last couple of payments were made in the 30 grace period, as instructed by Quicken : we were waiting on the results of the loan modification as well as waiting on the refinance ( which was supposed to happen XXXX XXXX ). As a result of making a couple of payments within the grace period, I have received late payment charges applied to my account, late payment notices via mail, as well as harassing phone calls from Quicken. The refinance was n't ready for XX/XX/XXXX because they wanted to run my credit report again and I said No. Call it bait and switch, misleading, or shady all I know now I am in a position where I need help to resolve this nightmare. I have gone through enough suffering, worry, and wasted time and need help to come up with a workable resolution.

Company response to consumer: Closed with explanation