Consumer complaint received 2017-06-28
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC (IL)

My home is in foreclosure and Rushmore Loan Management has not been willing to give me a chance to fix this problem. We have requested a review for an affordable payment but they have not been willing to accommodate us, and instead tell us we need to reinstate the late payments that are due on our loan. Our financial situation has stabilized and we can afford a fair payment if Rushmore would work with us and give us the chance to be reviewed for all available internal and government programs. <P/>I have owned this property since XX/XX/XXXX and it provides shelter for myself and my wife. The problem is that first XXXX XXXX and now Rushmore have refused to give us the option of a reasonable and affordable mortgage payment. We were struggling financially when the recession hit us hard, and in a bad place. We were delinquent on our loan and applied for and received a loan modification, that was basically a repayment plan in XX/XX/XXXX. This was not affordable and we knew that it would be hard to abide by the terms of that agreement, but we were told there were not any other options. <P/>We made this payment as agreed for a few months but we simply were driven down financially and emotionally, while the housing market continued to plunge. <P/>We began trying to resolve this issue and dealt with XXXX XXXX XXXX and then XXXX. We tried to get reviewed for a reasonable modification with both that would offer some type of payment relief but could not make any headway. XXXX XXXX XXXX made unreasonable excuse that our loan is not XXXX XXXX or XXXX XXXX compliant and therefore their Loss Mitigation department denied our application for Loan Modification. <P/>The loan was then transferred to Rushmore Loan Management. We have requested a review for retention options but have not made any progress with Rushmore. Although Rushmore did have various people assigned to our account, they did not seem interested in working with us to try and help us find a solution to our problem. We had issues when they postdated dates in letters. While speaking over the phone they communicate one date, when letter arrives it shows different date that ultimately leads to issue that it is too late to resolve anything! Account manager never answers phone when we make calls and barely responds to voicemails that causes us to call main number. The last excuse we received was that there were no option because the investor on our loan was NOT participating in HAMP. However, we know there are other federal, state and internal programs available to help people in our situation. <P/>Since things seemed hopeless, we listed the home to try and do a short sale. However, Rushmore insisted on an unreasonable price that is far above what the home is worth in its present condition. The facts are my wife has worked as an accountant for over 20 years and makes a solid living. I am working in construction, and unlike during the recession, there is lots of repair work for me to do so between us we can afford a fair payment. We put 20 % down on this property and also did significant construction work on the property and we dont want to lose our home. <P/>As stated, our issue is that the modified payment that was offered in the past is simply not affordable, and does not fit in with the threshold and ratios that have been established for government loan modifications. Our interest rate is 5.5 % which is extremely high, and Rushmore has added thousands upon thousands of dollars in late fees, inspection fees, Attorney fees and junk fees and have given us a very large delinquent figure. We feel there are programs available that would help us address our issues but Rushmore is not looking at these programs.