Consumer complaint received 2022-09-06
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — 
Company: MONEY SOURCE, INC., THE (MA)

Covid forbearance for 3 months XXXX while loan was serviced by guaranteed rate. Company advised us to do a loan modification. We were told we didnt have to make payments until this process was complete : We were sent with new rate of 2.875 loan modification documents in the spring with my maiden name that couldnt be notarized. Was sent a second document with an increased rate of 3.375. Called many times to find out why the rate increases and if we could get the original rate offered. 
XX/XX/XXXX Loan transferred to The Money Source ( TMS ). Called immediately to explain that we were in the loan modification process and they told us it would take up to 6 weeks to get documents transferred and then they would continue the loan modification. We were told we did not need to make payments during this process. Several months of phones calls we finally received a copy of the loan modification which included a rate of 3.875 and a HUD loan to cover the balance in XX/XX/XXXX. We had them notarized and sent back. We were informed notarized documents were received XX/XX/XXXX. I began making the payments in the amount of the new loan modification documents. I called approximately 10-15 times over the next several months about the status. I was told that there was a delay in getting the loan recorded, but that it was all set. In XXXX I was notified via phone call that the deed had my maiden name ( XXXX XXXX & XXXX XXXX ) and that the loan modification was in my married name ( XXXX XXXX ) so they needed a copy of my marriage certificate which I sent that day. I called several times for updates. I was then informed that we would need to start this process all over and I would need to change the name on the deed. I escalated this to superviser level during multiple calls. I was always told they would get back to me and they never did. This process has dragged on for over a year despite our fest attempts to respond to requests in a timely manner. We were notified by a new mortgage servicer in XXXX that they would be acquiring our loan in XXXX. TMS reported our loan as delinquent twice despite assuring us payments didnt need to begin until loan modification finalized. TMS also informed us that the federal Covid protections expired in XXXX. Despite the fact that we had already notarized and returned the documents we were told that they now have no obligation to help us. We had the first negative credit report removed in late XXXX XXXX. About a week ago my credit score dropped dramatically and I see that TMS reported us as XXXX delinquent. We made payments in XXXX, XXXX, and XXXX this year. We did not make a XXXX payment bc we were told to restart the process and then informed our loan was being transferred. I have spent 40+ hours on the phone ( many in tears ) trying to figure this out. The MA deed website specifically states that names on a deed do not have to be changed for marriage and that it can just be written XXXX XXXX XXXX, formally known as, XXXX XXXX, on the loan documents. The delays in this process have cost us the chance to have a lower rate that would make our payments more affordable in addition to the loan restructuring that helped decrease payments. The last time I spoke to TMS was in Early XXXX. I requested that they honor the loan modification because they didnt complete their part of the modification process. The way that I was told that they dont have to give us any kind of hud loan or modification because federal Covid protections expired in XXXX makes me wonder if this was done on purpose. It took me 5 minutes to look up the information on the MA deed website that the name difference would prevent the loan modification from being recorded and TMS is telling me that the loan modification needs to start over because it cant file the deed because of the name change, but I found out this isnt the case. I think they should have done due diligence and at least explored the issue in a timely enough manner that whatever paperwork needed to be corrected could be done. 
The most recent statement from TMS says that we did not make payments that were made. ( XXXX ). We were told repeatedly we dont need to make payments without a completed loan modification and that credit reporting would be suppressed during this time. I will include a letter of the removal of the first report. They just very recently made another report hugely impacting our credit scores. We have always done what was asked of us.