Consumer complaint received 2024-09-24
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Foreclosure
Company: CADENCE BANK (TX)

Hello, I am writing this letter to help explain my situation in further detail, hoping you understand this tough time. My husband, our kids, and I were blessed with the opportunity to build this home in XXXX, Texas, from the ground up. We really enjoyed watching this process. Our toddler boys also had much excitement throughout this journey as well. We closed on XX/XX/XXXX. I was working off the road then but was planning to return to the local area to enjoy this beautiful home we had built. After closing, at the end of XX/XX/XXXXXXXX XXXX my husband was involved in an accident with an XXXX and three other vehicles. It was the scare of our lives at an extremely rough time ; we had just closed one month ago. We had not had time to get ourselves recouped financially with such unpredictable circumstances at hand. I was forced to come off the road earlier than expected, which involved a pay decrease. I kept the mortgage payments current for a few months before finances got tight. My husband immediately sought legal action since the XXXX that caused this accident had fled the scene leaving four innocent citizens stranded without any concern. Due to the physical bodily trauma that my husband was left to recover from, he was legally advised to take a leave from work. His attorney began working on this case immediately. My husband was medically released to go back to work in XX/XX/XXXX. Being the sole provider of the household during this time, with a brand-new mortgage, caused us to fall into this hardship. I was praying that once the case was settled, the settlement disbursement would be just enough to catch us back up and help us become current on our mortgage. I couldn't care less about having any extra funds to save. I was only concerned with catching up on our mortgage. Unfortunately, it was not enough. The disbursement was released in XX/XX/XXXX and was only a small fraction of the arrears. Being that this was our first home purchased, I was unfamiliar with the options I could juggle at this time. However, I did seek advice from a few trusted individuals. I was given information about the Texas Homeowner Assistance program. In XX/XX/XXXX, I filed an application with the Texas Homeowner Assistance program and received notice in XXXX that our application had been denied due to income limitations in XXXX XXXX. After being 120 days past due on the mortgage in XXXX, I spoke with the bank and learned about loss mitigation. One thing I can take away from this entire journey is the amount of information I have learned about home ownership. I would have completed the loss mitigation paperwork sooner had I known. I take responsibility for not contacting XXXX as much as I should have. I just felt as if this situation was going to turn around somehow. I completed the loss mitigation paperwork in XXXX but was denied due to income. At this time, I saved more than 50 % of the arrears amount but was denied the ability to pay it since it was all or nothing. The demand letter was sent and the very first auction date was approaching. I knew my back was against the wall. Unfortunately, at this point, we were forced to file for bankruptcy. I could not fathom losing what was supposed to be our forever home at this time. My husband was making every effort to get back to work during this time ; however, the physical restrictions he was dealing with from the accident became an issue with several jobs he attained. After surrendering three jobs due to his condition, he decided to do small projects on the side to contribute to our income. Still, it was not enough to even keep up the bankruptcy payments, and I was working as much as possible. The bankruptcy was dismissed in XXXX due to income and a tax error that we could not fix by the court ruling date. I knew this meant we were back in the pre-foreclosure process, and we still have not been able to catch up on finances. I had no idea we would be facing foreclosure and losing our home. It is a hard realization to process. I have learned some hard lessons throughout this process, but I am still thankful for the knowledge and humility it has left us with. I know that we will make better decisions the next time we purchase and be more prepared. 
In short, I fell behind in XX/XX/XXXX due to the hardship of having only one income to support the household while having a decline in my income as well. I have attempted to rectify the default by applying for a loan modification, for which I was also denied due to my income. I am now in the process of applying for a short sale in an attempt to avoid foreclosure. Please postpone the upcoming auction date by 90 days to allow time for me to complete the short sale process. I want to make this right and do my due diligence to XXXX as best I can. I ask that you grace me with this opportunity. Thank you so much for your time and consideration. 

Genuinely, A customer