Consumer complaint received 2024-10-23
Product: Mortgage — VA mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: Village Capital & Investment LLC (AR)

Village capital and investments was never my mortgage company by choice. My loan was sold the same month I closed on my house. I was able to make on-time payments for more than a year and a half. Unfortunately XX/XX/XXXX a tornado ripped through our state and caused damage to my home and vehicles. I use my vehicles for work and I was unable to pay the {$7500.00} for the repair to the shattered moonroof. This led to me being unemployed and falling behind on the payments. I communicated fully with the mortgage company and they said dont worry about it. I also let them know that I was expecting XXXX to assist me, unfortunately, that never came to fruition, and I was very transparent and kept them up-to-date weekly. I then contacted the VA regarding my options because I was behind in payments. 

That is when I was first informed of all the options and the moratorium on VA loans and veterans who own homes. A week later I became 90 days delinquent and contacted my mortgage company to let them know I wasnt able to make the monthly payment or have any kind of repayment plan due to my circumstances have no income and no relative elderly family alive. 

I was on the phone for less than XXXX minutes - village capital loss mitigation- they only asked me XXXX questions if I could afford the monthly payment, as well as if I had the ability to repay the debt. I answered No to both of them and the gentleman hung up. 

Nearly a month later, I got a piece of mail saying that they didnt need any information for me and they would contact me. 

Today XX/XX/XXXX I received a letter in the mail from Village capital. It was dated XX/XX/XXXX. 

I have attached it for your viewing, but it basically said you were approved for a loan modification, and it did not give any details on the terms or total payment or when the payment would start or if my debt was forgiven that Im currently delinquent on. 
You can see it is very generic and it looks like somebody copied and paste from an XXXX file It told me I had to make a decision whether to accept or deny by XX/XX/XXXX otherwise my house would be foreclosed on. 

XXXX. You shouldnt be sending a letter to a veteran when there is a moratorium on foreclosures stating that you were going to foreclose their house. 
XXXX. If youre going to offer a loan modification or any modification to ones mortgage just like when obtaining any mortgage there is all kind of paperwork involved in laws that protect the consumer and you have to show exactly what I am paying for and how Im paying for it and the exact amount 3. I went ahead and calculated the new loan modification and I will end up paying more than {$1.00} million for my house on a {$280000.00} mortgage. 
XXXX. The interest rate is higher than my current interest rate, and it is also higher than the market interest rate. That is a violation of the vast program. 


I called in to discuss with the last mitigation department and was constantly put on hold and never given a straight answer. I then was told that she is not the one that makes those decisions or came up with the rate so I then asked to speak with that department, and she said you are speaking to the department. And instead of offering any type of solution, she pressed me like a salesman and said. do you accept or deny? 

I then advised her that my attorney was sitting next to me and she once again put me on hold When she came back onto the phone, she had a different tone in her voice and was more polite. She then said.what are you looking for? I didnt know it was open to negotiation. 

Also, in this packet, I received a screenshot type copy of all the programs I was denied for. I was never even applying for those programs or never was informed of those programs. Not one time did anybody from Village reach out to me via phone email or regular mail. Instead, they sent me a packet showing everything I did not qualify for, without even asking me for any documentation or explanation of my situation. 

I feel as if they do not have my best interest, and they are trying to make more money off of me because of the bad loan and my bad credit. 

More importantly, they have bad practices that are not in the best interest of United States veterans like myself. Its people and companies like this that make me wish I didnt sign up and defend this country and take a bullet for everybodys free freedoms. 

Not one time has anybody reached out and tried to help. 

I am in a dire situation and do not feel that agreeing to a loan modification that jacked up my interest rate and adds {$400000.00} to a loan that XXXX cant even afford right now makes any sense. 

This company should not be associated with any future VA loans as they do not have an ounce of empathy toward the body situation. 

For the record, I have never been delinquent on anything in my life so this is a true disaster. Speaking of disaster, I had asked about a natural disaster loan modification, and she did not even know what that was. Although that was an option on their website. 

This was never presented to me, even though the tornado was one of the worst ones in the country this year. 
I let her know I could provide documentation from XXXX with my case and all the denial, etc., and she did not even entertain that