Consumer complaint received 2019-05-09
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (NY)

Upon speaking with my account manager at Fay Servicing I was informed I can submit a loan modification paperwork to be considered for whatever available options I might be eligible for. I have submitted the application on XX/XX/2019. I was informed both verbally and in writing before submitting the application that for the servicing company to consider any available options " I would have to submit all documents well before at least 37 days of the scheduled auction date. '' In fact I have submitted all documents to Fay Servicing at least 55 days before the auction date of the upcoming sale date of XX/XX/2019. Please see dated application as attachment and proof. In fact 8 days later I have received an acknowledgement letter confirming the completion of my application. However, after 14 days later I have received another letter informing me that my application " was submitted at the time when auction date had already been scheduled, and therefore your application is denied. '' Upon receiving a letter disapproving the application I am writing to inform you that the company is going against company protocol as well as the rights of the consumer. I have included all files from the date of application. I have initiated the Borrowers assistance application on XX/XX/2019 which is over 55 days before the alleged scheduled auction date on XX/XX/2019. The application is denied for the following illegitimate statement : " To be eligible for this program, the investor that owns your mortgage loan requires that no Foreclosure sale date is scheduled. A foreclosure sale date has been scheduled. '' In fact, attached for your review on the top of the Borrowers assistance form it is indicated the following : " Certain restrictions apply if there is a scheduled foreclosure sale date. The owner of your loan does not offer loss mitigation options to borrowers who submit applications less than the applicable number of days before a scheduled foreclosure sale. Generally, all documents required to complete your loss mitigation application must be received more than 37 days before a scheduled foreclosure sale in order for you to be eligible for loss mitigation options. '' Please see 6 different email attachments as evidence contrary to their decision. 

Please note, I have submitted my application well before the minimum 37 days, which in this case approximately 55 days. I assert that the reason for the disapproval is baseless and unfounded as I have submitted the application well within the timeframe. 

Fay Servicing has been engaging in unlawful foreclosure practices for many years. Please see attachments as evidence of all their illegal practices. I am asking the company to give me the right to move forward with the loan modification option to sell the house in the open market and to stop the upcoming auction date on XX/XX/2019. 

I have included the following documents for your review : Borrowers Assistance Form Home insurance as per the request of Fay Servicing Residential Broker Price Opinion Letter Acknowledging the completeness of the application Letter Disapproving Short Sale Fay Servicing illegal foreclosure practices Fines and charges by the CFPB