Consumer complaint received 2015-07-01
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: Fay Servicing, LLC (MD)

In 2014 I was going through financial difficulties and fell behind my mortgage payment, i contacted Fay to see if I can do short sale. I contacted Fays and i got intouch with the realtor and we start working on the short sale, we have XXXX done and I received so many offers within asking price. My realtor had spoken to the negotiator at Fays and he had agreed that if we received officer of specific asking price he will acccept the offer. We received XXXX separate officers within the asking price and every time my realtor will submit the offer to the Fays, Fays will respond to the realtor that the investors have rejected the offer without explanation or counter offer from the bank. In the meatime every time i will call the bank to ask for explanation as to why they refused all those offer the answer will be you can do deed in liue of foreclosure, i told the bank that i didnt want to do the deed in liue because i was able to sell the property within the market price at that time, the bank will tell me dont listen to your realtor because she gets commission from selling the house and we can sell the house ourselves without paying for commission because my realtor has been working so hard trying to sell the house she even told the bank that she will cut her commission in half as she really want to sell the house, the bank refused and all they offered me is deed in liue which i rejected. XXXX Months later i started working full time and I asked the bank if its possible for me to get modification since I am now working full time and can afford to pay the mortgage they sent me modification form that i completed and returned back to them XXXX days letter i got yet another letter from the bank that the only choice i have is deed in liue my expenses are too high and dont qualify for modification, which i really do not believe it between me and my wife we make over $ XXXX per month to be able to make XXXX monthly mortgage payment but again the bank rejected to work with me, between XXXX and XXXX the bank will call me every other weeks to try and convince me to give the house back to them for exchange of {$3000.00} moving cost, i told the bank that I do not wish to move out of my primary residency since they refused all the short sale offer from me. XXXX weeks ago the bank called me again to offer me deed in liue i told them i would not accept the deed in liue i want to keep the home, the bank in turn told me they will start foreclosure proceeding so am waiting for the notice from them, i feel like the bank has refused to work with me to sell the house or refinance the house because they wanted me to give the house back to them so they can go ahead and sell the house in return by themselves, I really believe the house will not sell in foreclosure. 
" I hope this is not the case, the bank has rejected reasonable offers, then either foreclose on me and then sell ( either by auction or REO agent XXXX the property for amounts less than the offers received during the short sale process. I do n't understand the logic behind this, but I do know that it is a categorized as a deceptive business practice under the law. 

My realtor had worked so hard and complied with all of the additional information the bank requested. The bank had counter offer to a little higher amount and that specific buyer pulled out but we were ablet to get another buyer with the amount that the bank counter but again they rejected the offer, if the property is deeded to the bank and either auctioned off or placed with an REO agent, if the property sells for anything less than asking price at the time which i believe it will as the previous house within the neighbourhood has sold for XXXX less than my asking price, then it will be a case of XXXX XXXX XXXX XXXX XXXX '' and I hope that it does not come to this. I still want to keep my primary home.