Consumer complaint received 2018-10-31
Product: Mortgage — Reverse mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Mr. Cooper Group Inc. (CA)

This letter/complaint is in response to the XXXX predatory practices conveyed upon Mr. XXXX XXXX. As an elderly homeowner is his community he was preyed upon by XXXX XXXX and a broker/loan officer named XXXX XXXX. Mr. XXXX was working with XXXX XXXX and his job was to contact elderly mortgage holders to entice them to receive a reverse mortgage. Mr. XXXX was promised that he would receive a monthly payment to help him with his monthly expenses and would no longer have to pay a normal monthly mortgage because he was receiving a reverse mortgage. Mr. XXXX became a victim when he agreed to what they told him would happen with a reverse mortgage because what they told him would happen did NOT happen. Mr. XXXX did NOT receive any monthly payments to him. The reverse mortgage that was originated did NOT pay off his first mortgage that he had. They paid a portion of the mortgage off and subordinated to third position behind the reverse mortgage and HUD ( 2nd lienholder. ) The two lenders, XXXX XXXX and XXXX XXXX XXXX XXXX, a Subsidiary of XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX along with XXXX XXXX XXXX XXXX , XXXX all agreed to originate and fund this loan. Mr. XXXX also agreed but had no idea that he would NOT receive the monthly payment he was promised. Mr. XXXX never received any monthly payments because there wasnt enough equity for him to receive any monthly payments. His property value and what he owed on his home was not enough for him to receive any monthly payments. His income was already not enough to pay on what he owed on his home prior to the reverse mortgage and afterwards he received no money from the reverse mortgage and the home eventually went into foreclosure. Its been 9 years now and Mr. XXXX paid dearly for this with a divorce from his wife who feared being thrown out on the street from foreclosure because of the harassing phone calls and notices of foreclosure. Eventually in XXXX he paid the ultimate price of death as the constant stress and anxiety of an impending foreclosure took his life. 
The heirs are seeking to purchase the home that Mr. XXXX left behind but have been constantly running into obstacles and need help in resolving the title issues surrounding the subordination agreement drawn up by the parties involved when the reverse mortgage was originated. 

As an elderly member of his community At the time my father, Mr. XXXX XXXX XXXX, XXXX received the Reverse Mortgage he was not eligible because his debt was too much to receive the benefit of the program. 
Instead of covering his debt, it caused him to completely exhaust all of his savings paying a mortgage with a reverse in place. He was forced to pay {$1200.00} per month until he was broke and broken. 
He was harassed on a regular basis to leave the keys in the house and walk away and my Father refused because he knew that he had been preyed upon. And all of the promises that were conveyed to him were not true and never materialized. 
At the inception of the Reverse Contract a total of {$110000.00} was taken from the equity of the home. When all transactions were make everyone at the table received money except my father, even though he was promised that he would receive {$40000.00} after all contracts were signed. After they were pressed and questioned on numerous occasions they finally responded with the {$40000.00} had been given to XXXX   XXXX XXXX as a pay down on the 3rd lien imposed by XXXX which is currently XXXX XXXX. 
After the loss of all my Fathers savings, the numerous attempted foreclosures on his property and the demise of his marriage of 34 years due to his wifes fear of becoming homeless she left him and he was forced to file for divorce at XXXX  years of age because of all of the pressure and predatory actions inflicted by these two entities.