Consumer complaint received 2019-06-07
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (NJ)

In XX/XX/XXXX my XXXX XXXX mortgage was turned over to Fay Servicing. In the two years it took Fay Servicing to complete my paper work I was charged {$36000.00} in interest. That comes to {$1500.00} a month. My entire monthly payment was {$1600.00}. I want a monthly breakdown of this and where the calculation came from. What is a corporate advance? {$4000.00} I was charged for that. Also, want a breakdown of the escrow. When Fay completed an evaluation of the documents I submitted, the unpaid principal balance on your account was {$190000.00}, with {$36000.00} in interest, {$10000.00} in escrow advances, and {$4300.00} in corporate advances, for a total of {$240000.00}.

My case worker at Fay will not answer me. I have sent 4 emails and not one answer. Fay servicing still has not explained all the extra money they are stealing. And I want it resolved or it will become a court case. This is illegal to tack on all this money that I do not owe. 

I want the extra money taken off my balance and also the extra interest that I have been paying for the last year and a half. 

below is their answer to me. I asked questions and wanted an explanation back but my case was closed. 

XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX , NJ XXXX XXXX : Account Number : XXXX Property Address : XXXX XXXX XXXX , XXXX , NJ XXXX CFPB Case Number : XXXX Dear XXXX XXXX : Fay Servicing , LLC ( Fay ) has received and reviewed the complaint that you submitted to the Consumer Financial Protection Bureau ( CFPB ) portal on XX/XX/XXXX, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below. a. In your complaint, you state that you started the loan modification process with Fay in XX/XX/XXXX and it took two years to complete. Now you owe more money on the home than when you originally purchased the home and dispute the total amount owing. Fay began servicing your loan on XX/XX/XXXX and at the time ; your account was due for the XX/XX/XXXX mortgage payment and there were active foreclosure proceedings on the loan. The unpaid principal balance on your account was {$190000.00} at the time. Fay received a complete loss mitigation application from you on XX/XX/XXXX and foreclosure proceedings were suspended pending the outcome. When Fay completed an evaluation of the documents you submitted, the unpaid principal balance on your account was {$190.00}, XXXX, with {$36000.00} in interest, {$10000.00} in escrow advances, and {$4300.00} in corporate advances, for a total of {$240000.00}. You were approved for six month Trial Period Plan on XX/XX/XXXX, with the first payment due on XX/XX/XXXX. The evaluation letter dated XX/XX/XXXX, advises that the foreclosure proceedings will remain suspended during the trial period and the current terms of your current mortgage note and mortgage will remain in effect and you will comply with those terms. The evaluation letter also provided the approximate terms of the modification if you successfully completed the trial plan. As such, interest continued to accrue on the unpaid principal balance, as well as, advances were made for taxes and insurance as required. When your loan was modified, effective XX/XX/XXXX, the unpaid principal balance became {$240000.00}. This amount consisted of the unpaid amounts owing for escrow advances, attorney fees, corporate advances, plus any interest, and other amounts capitalized. As a result, after your loan was modified, you do owe more on the loan than the original loan amount of {$220000.00}. After a review of your loan, Fay has determined no errors have occurred with the processing of your loan modification. Foreclosure proceedings were dismissed once your loan was modified. As of the date of this letter, your account is due for the XX/XX/XXXX mortgage payment. If you have any further questions or concerns, please contact your Account Manager, XXXX XXXX, at ( XXXX XXXX XXXX. Sincerely, Fay Servicing , LLC Enclosures cc : CFPB