Ours is a long and complicated story beginning in 2010. We own a rental property in XXXX, Florida and have been working since 2010 to obtain a loan modification. It took five years and mountains of paperwork submitted by us and lost by the mortgage company numerous times before we were granted a modification this year. The reason we needed the modification was that we could no longer afford the high payments due to the rapid decline of the real estate market and the economy in general during that time. XXXX XXXX and the XXXX wreaked havoc on properties on the XXXX XXXX. We also lost a business around the same time due to the economy. Because of the length of time ( five years ) with interest and penalties accumulating, our " modified loan '' payments are more than our original mortgage payments. We have been able to make our payments during the rental season ; however, we are now at the end of the season and are not sure how we can continue. 
During the five years, our mortgage changed hands XXXX times ( XXXX, XXXX XXXX XXXX , XXXX, and finally Bayview Loan Servicing ). Due to the chaos at XXXX and XXXX XXXX XXXX, until a year ago we could not even get the mortgage company to acknowledge our applications. Trying to go through the system did not work. They would tell us the paperwork was lost, was never received, and other poor excuses. We sent all paperwork so that it required a signature, but they still could never find our submissions or by the time they found it, the application would be out of date and we would have to start again. We have a mountainous file to show how many times we submitted our information. 
Last year the loan was taken over by Bayview Loan Servicing and we finally established a relationship with our loan advisor. We submitted yet another application and, with his persistence, were able to obtain the modification mentioned above. In our conversations with him, he repeatedly told us that all penalties and interest would be waived if the loan was successful in being modified and that we would be eligible for a two percent interest rate. Well the loan modification was approved ; however, interest and penalties were NOT waived. and we did NOT get a two percent rate. About the time of the approval, our loan advisor was no longer there. 
We honestly feel because of the lack of any organization in XXXX XXXX XXXX during the early years of this whole mess, we got caught in the middle of it. While interest and penalties were accumulating, we were diligently trying to do everything we knew to do, but were totally neglected by XXXX. The real estate market was in a severe decline anyway so they were in no hurry to help us or foreclose. Now that the market is back they know that the property will bring a price to recoup all their money, including the penalties and interest. Therefore we were forced to accept the modification agreement they proposed or lose the property, which we do not want to do! We accepted the loan modification under duress and would not ask for any more than we were told during the negotiations with Bayview, i.e., waiving of interest and penalties and a lower interest rate. As Bayview is a debt collector and owned by XXXX XXXX XXXX, they have no interest in negotiating the terms of the loan.