Consumer complaint received 2019-12-24
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (MD)

I had a mortgage with XXXX XXXX XXXX. While I was in trial loan modification period, XXXX XXXX XXXX sold the loan to Fay Servicing. It took months for them to send the information Fay. Eventually they did. Right as the loan modification was fully applied to Fay Servicing I was laid off my job. I request a loan modification. I went through months of review. I did not get approved. However, my income was restored with a new job and progress with my business. By this time, Fay Servicing had threatened me for foreclosure. Although I could now afford the monthly payment, they would only allow me to pay the full arrears, which was in the thousands. I continued to work on getting a loan modification. Due to me now having reliable income, I requested a deferment or payment plan. I was informed that " my investor '' did not offer deferment nor repayment plans. Eventually, after much effort and resilience by some I received an approval. I have a 2 % interest rate with a $ XXXX monthly payment. The loan modification was a 6 % interest rate and $ XXXX monthly payment. The trial required that I pay over {$8000.00} and {$2400.00} for the 1st payment. I was informed that the over {$8000.00} was a " Good Faith  '' payment that would not be applied to the arrears nor the principal. I was informed by some that they tended to do this to borrowers that had equity in their property. I have approximately $ XXXX in equity. Of course having just started my job a month prior, I was unable to pay almost {$10000.00} up front. I pleaded for further options. The other option I was provided was to reinstate and pay approximately $ XXXX. So, I was unable to complete the loan modification trial period. I then submitted another loan modification in XXXX with all requested documentation. I knew it takes about 30 days to process, so when I didn't hear anything I thought they were processing and at any moment I was going to be contacted regarding the matter. I did receive a letter stating that I did not complete the trial modification. It stated that there was a possibility that I could be presented for foreclosure. Weeks later I received a call from my third Account Manager. I called back but got no response. Just last Friday, I received a call from my 2nd Account Manager telling me there was a sale date just weeks away. I questioned why no one called. I then found out that my loan modification was processed, but no one every called and gave me information. They stated that I did not have sufficient income. I still have not seen that letter, but do not know how that is possible. My income is restore, I am financially sound to make on time payments, but they have not presented that as an option. I have been in my home for 13 years and thought the desire of the mortgage company would be to help me retain my home. I am surprised that significant upfront payments are being required for people they know just experienced a financial hardship. When I inquired about the investor, who has these limitations, I'm provided with a trust number. So it seems that the investor is not a company you can contact and appeal to. Please assist. I have stable income, significant income and a home that I will retain. Thanks.