Consumer complaint received 2023-06-02
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: Fay Servicing, LLC (FL)

Re : Insurance support after hurricane Ian I understand Fay Servicing is trying to protect themself from unscrupulous people ; however their practices are abusive. They are making it extremely hard to receive any help from the insurance proceeds to keep the investments they are mortgaging in good standing. I find their process counter effective and harmful for most people that work to pay the bills. Ive given written authorization for Fay Servicing to communicate with the public adjusters and insurance reps to keep things moving along but there is no urgency or follow through to release any type of help ; quite the opposite. The process is full of hurdles and the portal for lost draft department is not functional ; thus unable to keep track of any progress.

Im lucky and grateful that after the hurricane, I had some reserves to help pay for multiple roofs, handyman, cleanup, remodeled and managed to never missed an automatic payment to Fay Servicing even after suffering from vacancies after a major catastrophe. 
I question why Fay Servicing was able to trust me by approving a large mortgage ( paid monthly without a hitch ) ; however after a major crisis suddenly they have no trust I would use the insurance funds so urgently needed to help protect their own assets. 

8 months after the hurricane I have not been able to cash any insurance funds to help offset the costs. ZERO! Im treated like I have been delinquent. I see no help in sight! 

Here are two examples of many : Propety address # XXXX : New Roof installed after hurricane cost {$20000.00}, well water equipment cost {$3100.00} and other handyman repairs all paid by owner. Fay Servicing is holding check because the insurance company went bankrupt and they are unable validate the purpose of check before releasing. As a result we are in limbo. {$13000.00} insurance check on hold at Fay Servicing for multiple months. They are not actively doing anything to find a solution. 

XXXX Duplex : We finished remodeling unit # XXXX. Im Super Excited is finally rentable. The unit looks better than ever! All expenses paid by owner {$45000.00} and quickly increasing as we work on 2nd unit # XXXX. I decided to save some money by putting sweat equity and doing the work ourselves and written a sign letter to Fay Servicing about it. Fay Servicing hired an Inspector that collected the pictures and put together a report of the work done. {$110000.00} insurance check on hold at Fay Servicing for multiple months. All receipts for all materials should be handed to Fay. Unfortunately receipts were lost and without them Fay Servicing can not release funds They are not actively doing anything to find a solution. 


Mandatory Flood insurance in NO FLOOD ZONES! 
To make things more challenging after the hurricane Fay Servicing Imposed flood insurance to include all properties designated as No Flood zone X by FEMA resulting in additional thousands of dollars in expenditures. Fay servicing already sent the bill for payment to ensure it gets paid on time. Is this an over reach? Why do the flood zones exist if they are not going to adhere to them? 

In summary Fay Servicing is hurting their investors clients instead of supporting them as business partners. 
Please advise who is the voice of reason that truly cares about service? I keep falling in the computer log going no where.