Consumer complaint received 2020-03-18
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WMC MORTGAGE, LLC (CA)

Before I get started there was a case already opened, concerning this issue back in XXXX Id XXXX. At that time our investor WMC Mortgage Corporation, through the servicers XXXX   XXXX  held the second mortgage loan, on our home located here in California XXXX XXXX XXXX XXXX Ca, XXXX. Their excuse back the was that we failed to provide, information requested by XXXX. This process went back and forth over the course of several years. They XXXX XXXX always claiming they never received requested documentation, which I sent on several occasions. 
During the course of our last communication in XXXX of XXXX, with XXXX  during the height of our once again attempting to negotiate, a modification, our second mortgage was then sold to XXXX XXXX XXXX  XXXX. 
Now lets step back, in XXXX, I lost my working as a XXXX XXXX, for XXXX XXXX XXXX My salary at the time was {$81000.00} per year. I was gainfully unemployed for, a period of 5 years. During that time period I was able to acquire part time and temporary employment. I did not return to full time employment until XX/XX/XXXX. 
During this time frame is when we fell behind on the second mortgage, from XX/XX/XXXX thru XX/XX/XXXX we were able to maintain our second mortgage payment. During this same period of time, the value of our home fell, to the point where we ended up being over {$200000.00} upside down with our mortgage. All along from XXXX thru the present day XXXX, we continued to maintain the payment on our first mortgage. 
In late XXXX we contacted XXXX XXXX XXXX XXXX, requesting their assistance. The main goal in contacting XXXX was to obtain a Principal Reduction in our property value, to bring our property back to the actual market value. This was accomplished on XX/XX/XXXX. 
This brought our home from the original amount we paid for this residence {$430000.00} to the actual market value at the time which was in the {$200000.00} range. 
At the time we had no available equity in our home. 
After the Principal Reduction was place through XXXX, in XXXX the equity on this property began to climb. 
Now once the loan was transferred from XXXX XXXX To XXXX XXXX in XXXX of XXXX, XXXX XXXX immediately began the foreclosure process, since by this time period the property had acquired over {$100000.00} of equity. 
Mind you we had no idea that the loan had been transferred, as we were in the process of working out a modification with XXXX. 
Since acquiring the second mortgage we have been the victims of the predatory lending practices of our investor WMC Mortgage Corporation. 
Who have never attempted in good faith to try and offer a modification on this second mortgage. 
We have been forced to file chapter XXXX bankruptcy, in order to maintain residency here at our home located @ XXXX XXXX XXXX XXXX Ca, XXXX. The only recourse XXXX has offered is 1. ) pay the rearrange of {$59000.00} or pay the entire secure amount of {$130000.00} Which include the original loan amount of {$82000.00} plus the rearrange. 
Now XXXX is charging a late fee for every months mortgage, not paid plus interest on the late charge, along with interest on the unpaid balance of the entire balance due on the second mortgage. 
As I stated these are unlawful predatory lending practices, in which WMC Mortgage Corporation should not be allowed to continue to get away with. 
Mind you WMC Mortgage Corporation themselves filed For bankruptcy protection in XXXX. 
We have been residing in our home now for 13 years and are taking all steps in order to continue to maintain residency in our home. We are represented by XXXX XXXX XXXX, who are working with XXXX  on behalf of WMC Mortgage Corp to obtain a reasonable modification. So far WMC has not budged on its demand to foreclose on our home. We are reaching out to you for your assistance in this matter