Consumer complaint received 2023-03-20
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC (NY)

I have attempted vigorously to settle my foreclosure with Rushmore bank for several years after my loss of employment, due to a permanent XXXX. Ive hired real estate brokers and attorneys to settle all the debt associated with the property through loss mitigation. However, Rushmore has acted in a disingenuous and deceptive manner by not truly evaluating a fair and reasonable offer to settle the debt through a short sale. They have violated loss mitigation procedural safeguards for me as a homeowner by consistently not evaluating the proper settlement of the property. In exchange, I have made every attempt and given numerous documents to validate the current condition and value of the home. This complaint is served as an appeal to the erroneously and fictitious property values that Rushmore is utilizing to reject my short sale. 

In the year XXXX, XXXX XXXX, a portfolio resolution specialist, arbitrarily suggested the property was worth low $ XXXX without ever inspecting the property. When he was told the home was a rehab, he than suggested I sign over my home in a Deed in XXXX and they would do the construction on the home. He never considered the other encumbrances that would remain after a Deed in XXXX. I rejected the Deed in XXXX. After begging Rushmore to do an inspection to assess a more accurate value, they hired a real estate agent that is untrained and unlicensed to efficiently evaluate the property. In XXXX the agent stated the home was worth XXXX ( although much less than XXXX XXXX made up number ) but it still had serious errors. The agent reflected a renovation cost of about $ XXXX. A licensed HUD inspector report stated a complete construction cost for the renovation at $ XXXX, more than double the estimated cost from this broker opinion who was neither a construction professional nor experienced in renovation estimates. The as is value of $ XXXX didnt include accurate repair costs, which would have placed the property at a valuation of around $ XXXX. 

The application was resubmitted in XX/XX/XXXX and most recently in XXXX. All with the same outcome, Rushmores lack of proper evaluation and never using a trained expert to resolve our dispute. Rushmore believes this property value has increased over XXXX in less than 3 years. They are using drive-by inspections that are gross inflations of the value of the property that rely on market fluctuations. This does not represent the current condition and damage to my house. Even their own internal inspection done once in XXXX negated their initial arbitrary number by over $ XXXX. They have stated the property was worth $ XXXX in XXXX, $ XXXX in XXXX and $ XXXX in XXXX, none of which were licensed appraisal reports. 

I recently hired a certified licensed appraiser to conduct an accurate valuation and submitted it to Rushmore who said their investor will not consider any expert evaluation only the opinions of unlicensed untrained real estate agents. 

The costs on this property continue to rise and the condition continues to deteriorate. I am entitled to a fair resolution.