Consumer complaint received 2015-06-26
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: NVR INC. (VA)

I am writing because I am currently about to be foreclosed upon because I am unable to sell a home I purchased in XXXX XXXX. I am unable to sell the home because of a fraudulent note provided by NVR Homes Settlement Company on XXXX XXXX, XXXX and a XXXX year interest only note I was provided by XXXX XXXX XXXX as a result, also on XXXX XXXX, XXXX. Here are the circumstances that led to my signing the note : On XXXX XXXX, XXXX when I signed my contract to purchase my home from NVR Homes, the contract had a cost estimate evaluation for a XXXX Interest Only ARM ( see enclosure ). After the contract was signed, NVR Homes Mortgage company was unable to procure this ARM and offered me a sub-prime loan, which I refused. My credit score was well over XXXX. After I found my own financing, NVR produced a HUD 1 statement with a XXXX year fixed mortgage at a 6.5 % interest rate. At the closing table in XXXX XXXX, I read the settlement paperwork and instead of a fixed rate of 6.5 %, the interest rate was stated as prime plus 1 %. I was told by the NVR settlement staff that the numbers were the same and it was just worded differently. I even called the NVR mortgage agent, ( redacted ), at the table and she assured me the numbers were the same. I left the settlement table and went directly to a local XXXX XXXX XXXX to confirm the loan I signed was the same as the NVR HUD 1 statement. The XXXX XXXX XXXX banker said it was not and that he would fix it. He produced a note that had the same interest rate and monthly payment as the HUD 1 and I simply was n't knowledgeable enough to notice it was a XXXX year interest only loan ( see enclosure ). I did not learn it was an interest only loan until a XXXX XXXX XXXX representative who was looking into a loan modification for me in XXXX wondered why my principal balance had not changed after XXXX years of paying my mortgage. I never missed a single payment in XXXX years until XXXX XXXX XXXX forced me not to pay for XXXX months in order to qualify for the loan modification. In XXXX, XXXX XXXX XXXX gave me a XXXX year mortgage at 6.5 % interest with a XXXX year ARM at 3.5 % interest ( see enclosure ). 
I have submitted all of the paperwork I can find regarding the statements I made above. In XXXX, the XXXX banker kept the HUD 1 and original settlement paperwork from NVR Homes but the note I have attached was notarized by a XXXX notary public, ( redacted ), and not XXXX at the NVR Settlement office. I called the NVR Settlement Office to obtain a copy of the mortgage paperwork with the prime plus 1 % information but they said NVR Settlement Services , Inc. destroys all records after XXXX years. To add insult to injury, out of the XXXX homes NVR sold on my block, the only XXXX families in the neighborhood ( I am XXXX ) are in XXXX adjacent houses. 
My credit score for XXXX years has been well over XXXX because I pay all of my bills on time. The only time my credit score was lower than XXXX was when I was forced by XXXX XXXX XXXX to miss loan payments for the loan modification and now my credit score is well below XXXX because my income is substantially lower and I am unable to sell a home in XXXX of the hottest markets in the country. I inquired about the huge national mortgage settlement in XXXX ( see enclosure for CFPB case XXXX ) but I do not qualify because ironically, my loan was serviced by XXXX but is owned by XXXX XXXX, a bank responsible for paying settlements to homeowners. Because of the lack of equity in the home and the fact that I owe {$250000.00} more than it is worth, I am unable to refinance or sell the home nor do I qualify for the HARP or HAMP programs, because my loan is not owned by XXXX XXXX or XXXX.