Consumer complaint received 2020-05-28
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC (HI)

XXXX, XXXX This is a brief history of my mortgage that originated with XXXX XXXX. I have gone through a mortgage broker and received a loan that the mortgage broker had misrepresented my income in order to receive a commission for obtaining that mortgage. I was saddled with a mortgage that I could not afford. I learned later that the Broker XXXX XXXX in XXXX went to XXXX  for XXXX. I had to supplement my earnings with funds from my savings account to make my mortgage payment. I was paying an interest rate for a conventional loan that was equal to a hard money loan. Since Miss XXXX had a habit of Misqualifying people in order to push loan applications through. Subsequently, I was giving a 13.95 % interest rate and the payment exceeded {$8.00}, XXXX per month which did not include taxes or insurance. I could not sustain that payment with such a high-interest rate. This is Ussery. It wasn't long I got behind in my payments. This predatory lending XXXX cost thousands of homeowners to file for bankruptcy. Because the problem was so grave homeowners needed government intervention to keep owners for being foreclosed on. Under Obamas Government Program entitled Home Retention Services. The banks were rescued with a 1 % interest rate. The government-mandated that Banks pass on a lower interest rate to homeowners to modify their Loan in order to stay in their homes. But Some Banks out of greed chose not to assist their homeowners like XXXX, XXXX, and our current mortgage Servicer, Rushmore Management Services LLC. We submitted at least 6 loan modifications Application Packages to XXXX XXXX XXXX. They kept asking to submit New Loan modifications because they said the time had expired or they needed updated banking statements or we had to reapply. Rather than help the homeowners they sold the loan to XXXX who purchased the loan and reduced the interest rate to 10.87 % which is what it is at today. A double-digit interest rate after the banks were bailed out. At the same time other Banks were offering interest rates as low as 2.50 % to 3.25 %. The same rate applies today! I have a friend that got a loan modification from XXXX at a 2 % interest rate. And a reduction in principle. Some banks aren't greedy and willing to work with homeowners to help them save their homes, not Rushmore Management Services LLC.

Delinquent payments along with penalties and principal and interest were snowballing to the point that would not allow us to make a payment without catching up. Rushmore wanted the monthly payment plus all back payments owed which included penalties and interest on interest. We were not able to come up with a huge amount of money including all the fees and back payments. We requested an affordable rate and suggested they put delinquent funds to the rear of the loan. They were not willing to work with us. Stopping us from making payments altogether. This loan has been sold four times and none of the lenders were willing to modify to a fair interest rate nor take off the fees or reduce the principal. We were being charged interest on interest and late fees and penalties each month included taxes. When other Banks were working with Homeowners to stay in their homes including forgiving some or all principal, penalties and back interest. Rushmore Management Services goal was to displace homeowners by foreclosure. They were not willing to assist us. The bottom line is after misleading us they were stringing us along by having us fill out loan modification applications and offering us false hope. We've submitted at least four complete modification packages. It was the same case scenario of all the other banks. They also would say the packages were incomplete or two months later we need updated banking information or it's time to start over and reapply. Finally, Our attorney went over the complete loan application and made sure everything was all there and he submitted a full Loan Modification Package to the attorney representing Rushmore Management Services LLC. Shortly  after we heard from our attorney that the modification was accepted and what the payment would be. We never got a statement. I asked our attorney if this includes taxes and insurance? He said I will look into it. He called us back to tell us we did not make our first payment. Now the deal is off. Never got a statement specifying when the payment would begin and whether it would be an impound account. How could we ever make a payment when we never knew when the payment was to be made. How come they did not mail a statement? How can we make a payment when we never got a contract with new terms. We verbally accepted the deal and was waiting for an agreement in the mail. We didn't know when the first payment was due. Their true desire to foreclose outweighs their willingness to work with us. Rushmore continued teasing us with promises to modify the loan but they seriously really never even looked at the applications. In XXXX  I tried to apply with Making Home Affordable Morgage, when they called Rushmore for a release of information. Rushmore declined their request. Another loan modification dead in the water. Even during this pandemic our attorney said Rushmore told him that we need to step it up and get ready to get out. Rushmore told him they are working on getting the older cases foreclosed on. They just want you out! Rushmore should have helped us. That's all we ever wanted, was a chance at a decent fair low-interest-rate like the banks are offering today. The government is helping the Banks but they will not assist us. Rushmore has very bad reviews, understandably so. Rushmore Loan Management Services LLC never gave us a chance to make the payments. If we do not make the payments, for instance for 3 months in a row then we would get out. Their unfairness and unwillingness to help is astonishing. Why wouldn't they just sell us the house at what they would get at auction? Instead of throwing us out. They had no intention of giving us a fair loan. Showing no compassion even during a time of crisis. President Trump is helping the banks in turn they are supposed to help the people. It doesn't matter to them we can pay a fair payment with a low-interest rate.They could Forgive us of back interest. Late fees and penalties. They have no problem evicting a family that has raised all of their children in this home with a elderly XXXX year old relative and a son with XXXX  out into the street during a pandemic. Rushmore Loan Management Serviceing LLC was not cooperating when all they had to do is to accept our loan modification, lowering the interest rate from the unbelievable 10.87 %. They could reduce it to the going rate which is now around 2.5 % to 3.5 % and forgive some of the late fees and principal. I believe what they are doing is illegal and will be brought to the attention of the courts. We desperately need your help to save our home. Although we have an attorney Rushmore is still not willing to budge on their position. We can make a monthly payment and we have tenants now. We have rented out the XXXX  and a section of our house. Tenants can not be displaced according to President Trump. Please try your best to talk to Rushmore and mediate some kind of agreement. Also, the fact that they are not obliging with President Trumps request for banks to help Homeowners. Again, I believe the interest rate was illegal. Its usery and taking advantage. This was not a hard money loan, but the interest rate tells a different story. Please ask them to work with us. We need your help.Thank you so very much.