Consumer complaint received 2015-11-04
Product: Mortgage — FHA mortgage
Issue: Loan servicing, payments, escrow account — 
Company: Fay Servicing, LLC (MS)

XX/XX/XXXX, my wife and I purchased a home in XXXX, XXXX with a FHA Loan in the amount of {$270000.00}. The house had been on the market for 30 days. The loan was financed through XXXX XXXX, which was later sold to XXXX XXXX, XXXX XXXX, and XXXX other companies, one being Fay Servicing which is located in XXXX, XXXX. Each time our mortgage was sold it became difficult to determine the escrow amount as well as the amount owed on the loan. The mortgage slowly rose from {$1700.00} to {$2100.00} within seven years. My Account Manager at that time was XXXX XXXX XXXX ( XXXX ) of Faye XXXX. We had an arrangement where I would call him on the last working day of each month and make my payment via telephone. He informed me that my new Account Manager was XXXX XXXX XXXX ( XXXX ) and I could continue to contact him and schedule my payments. He said this kind of thing happened all the time. I agreed to continue to make payments until XX/XX/XXXX when I received a letter from my new lender ( XXXX, XXXX, as trustee for XXXX XXXX XXXX ) indicating that they are the new lenders for the loan. I did not know at that time that Fay Servicing would continue to service the loan. After repeated attempts to contact XXXX XXXX, I later attempted to contact XXXX XXXX regarding my loan. I called her over several weeks and was unable to speak to her ( please refer to the email correspondence section for documentation ). When I finally made contact, I was later informed by XXXX XXXX that my mortgage payments were late even though I was paying them as scheduled on the last working day of each month. She then informed me that she could not take any more payments from me until I cleared up any delinquent balances. XXXX XXXX suggested that I complete a XXXX XXXX XXXX with XXXX. She also mentioned that my payments would be roughly between {$2.00}, XXXX and {$2400.00} and she would need approval from her supervisor. I had to submit budget expenses for my wife and I along with bank statements and payroll documentation. When I talked to her about our budget expenses, she indicated to me that I would " just have to make minimum payments on some of our accounts '' in order to get approval. I told her that I could not afford a payment of {$2.00} because I will began making student loan payment in the amount of {$1100.00}. Needless to say, everything change when I finally received the Loan Reinstatement Agreement from her ( please refer to the email correspondence for documentation ) the terms of the agreement, payments and principal amounts were incorrect. Currently, I owe {$240000.00} on this loan. Finally, we discussed the proposed payment schedule ( please refer to the email correspondence documentation ) which has my first payment due XX/XX/XXXX in the amount of {$4200.00} and another payment for XX/XX/XXXX in the amount of {$2900.00}. She later told me that she can work with my on the XX/XX/XXXX payment because its 3 days after the first payment. However, I am due another payment on XX/XX/XXXX. If that was the case, we could she not adjust the payment schedule from the beginning. If I sign this document -- - I would still be delinquent in my repayment due to the payment due dates.