Consumer complaint received 2022-10-28
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (AZ)

I need your help. I'm really confused about the situation. I got behind on payments to Fay Servicing LLC. They are the loan servicer for the smaller loan on my property. I tried to get a modification with them in XX/XX/2022 after I had received the notice of trustee sale but found out in XXXX that the modification had been denied. When I found that it was denied, I requested a reinstatement quote. In XX/XX/2022 I received that reinstatement letter and it required that I pay {$9200.00}. At the time I only had {$8000.00} available so I was not able to pay the reinstatement. I spent the next month making sure I had enough money to pay reinstatement of the loan. I had gathered {$10000.00} ( almost {$1000.00} over the request from the previous month ). I called Fay Servicing on Thursday XX/XX/2022 and requested a reinstatement quote. They stated they would work on that and I asked them to rush it because of how close the sale date was. I called back that afternoon as well as the morning and afternoon of Friday the XXXX of XX/XX/2022. Each time they said the reinstatement quote was not ready. I couldn't wait as I know wire transfers take at least a business day to go through so I called my bank and initiated a wire transfer to Fay servicing in the amount of {$10000.00}. My bank went over the form with me and stated that everything looked good and submitted it. They told me it would be processed Monday morning. I checked Monday morning and it still had not left my account. I called my bank and they stated that the transfer takes a business day to transfer and that I should wait until end of business to see the transfer go out. I waited as requested but it did not go out. By this time I could not call back as it was end of business and the banks were closed. I called back on Tuesday XX/XX/XXXX in the morning and asked why the money had not left my account yet. My bank told me that the wire transfer had been rejected because it was missing my city and zip code of residence. The original rep that had gone over the paperwork with me on Friday did not tell me I was missing this information. If this had not been the case, my wire would have gone through on Monday and my loan would have been reinstated. In a panic I filled out another form and made sure all the information was in it and correct and the bank rep did the same. The wire was submitted and it went out of my account later that day. However, it did not reach Fay Servicing before the auction sale of my property. At this point I have Fay Servicing has not returned the money I wired to them. 

The larger loan servicer, XXXX XXXX XXXX XXXX XXXX, who maintains the {$180000.00} loan on the home, accepted and approved a loan modification application from me that I submitted in XXXX after having received the notice of trustee sale from Fay servicing. The next month in XX/XX/2022 I received the notice of trustee sale form XXXX XXXX XXXX services. XXXX XXXX XXXX XXXX stated that I resume payments on XX/XX/2022 and maintain those payments for six months to make the modification permanent. 

My Confusion in this is why Fay Servicing was not willing to work with a modification. Also Fay services appears to have taken their time and eventually never even created the reinstatement quote that I had requested on XX/XX/XXXX. I didn't go to the lawyers to request the reinstatement as the paper work that Fay sends out states to call Fay Servicing to request the reinstatement quote. In addition, why is it XXXX XXXX XXXX, the holder of the larger loan and larger percentage of investment in my home, approved the modification when they should have known about the Auction date of the smaller loan. I don't know what is going on now. I need help. 

I need to stay in this home as we have been here for over 16 years and we don't have any way to purchase another home in this new more expensive market. This is the only home that my XXXX have ever known. Please help me get this issue resolved and help us stay in our home.