Consumer complaint received 2023-06-14
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: MONEY SOURCE, INC., THE (IL)

The Money Source ( which is now known as XXXX as of XX/XX/XXXX ) failed to properly calculate my estimated mortgage amount, causing my mortgage payment ( which is now held by XXXX back ) to double. 

I received a notice from my new mortgage holder ( XXXX bank ) that my mortgage was increasing. After seeing that this increase was more than 50 % what I was paying before, I called XXXX. XXXX then helped me look into this problem, and suggested I call my old mortgage servicer as they had just picked up the mortgage somewhat recently. XXXX also told me they have never seen an error this bad, with someone who has a fixed mortgage and an escrow account, to cause a mortgage to increase by over 50 %. They also stated that it appeared the Money Source did not pay a portion of my taxes while they still held my account, causing XXXX to go back and pay them retroactively. This, on top of the error described later in this summary, is what caused my already negative escrow account to drop even lower, and why I am struggling to meet my payments now. 

After numerous phone calls and hours on the phone with The Money Source ( AKA XXXX ) customer service in XXXX of XXXX, I discovered ( via MANY clarification questions on my end ) that their accounting team did not include the following year 's tax payment into my estimated mortgage amount, which is why it was lowered the following year. This then lead me to question why I received a notice last year from The Money Source stating there was a surplus in my account of somewhere between $ XXXX {$5000.00}. They told me they did not know how this happened, but that I should have deposited my surplus check into my escrow account. When I told them I never received this supposed check, they looked into it even further, and saw that a check was in fact never sent to me. Being a first time home owner, I assumed that the surplus was added into my escrow account automatically, as I never received a notice or explanation that I should be expecting a check in the mail with surplus money. 

That same phone call, I asked for this to be escalated to a manager, as they told me it could take weeks to receive this check. That answer was unacceptable for me as I have already been without this check for over a year, and it could help me to lower my current mortgage payment. I asked for it to be express shipped to me so that I can put it into my current escrow account. I was told that it was escalated to a manager and I would receive a call the next day about it. I never received that call, so I called back. This next phone call, it was discovered that a manager looked at my message, but marked in the system that they did not call me back because the situation did not warrant it due to it being an accounting issue. I then had to explain once again the entire situation, was promised that a manager from accounting would call me the next day, but I still never received a call.

With a 4th phone call later that week, I explained that I was given multiple empty promises at this point and had been waiting on a phone call from accounting. This customer service rep was extremely helpful and called the accounting team essentially demanding they need to speak with me, explaining the situation on my behalf. She finally got me transferred to an accounting rep, and as soon as he was connected to the call, I was either hung up on or the call was coincidentally dropped. I called back right away, and was told the accounting department was now closed. I was then given another promise that someone would call me tomorrow. 

Needless to say, I STILL never received a call from accounting. After all of this, I went through a big personal/family issue and did not have time to keep calling The Money Source and essentially beg them to give me an explanation as to what happened and why I still have not seen that surplus check I am owed. 

Not only is it now the middle of XXXX and I still have not received that check for thousands of dollars, I have also still never received any type communication from the Money Source ( AKA XXXX ). I even asked if the transfer to XXXX would cause an issue for me, and they told me no. It is essentially just the name that is changing, and this issue would most definitely get looked into and solved. 

I do not know what else to do at this point. They are very clearly avoiding me and this issue. Unfortunately for me, their mistake has caused me an extreme amount of stress in that I have been struggling to meet my mortgage payments every month since they transferred my loan to XXXX. Despite XXXX working with me to lower my mortgage amount very minimally, it is still too high for my salary ( being greater than 1 paycheck ). XXXX said they can not go any lower due to the high negative my account is in because of the Money Source 's mistake. 

I am worried this mistake will cost me my home, as I am not sure how much longer I can keep up with these payments ( again, now doubled from what my original FIXED mortgage was ). I of course understand that mortgage payments can fluctuate slightly due to tax increases, insurance policy changes, etc. However, the amount that it increased by was completely out of any reasonable fixed mortgage payment range, given my initial mortgage estimate upon purchasing my home. I want to deposit that " surplus '' check that is now nearly 2 years late into my escrow account to try to potentially lower my mortgage payments, but I can't even do that because I never received it ( nor was I ever given an update as to whether it was sent out ). 

I explained all of this to the Money Source, and all they had to say was that they were very sorry and empty promised me more call backs. I realize it is not customer service 's fault, which I stated in every single one of my phone calls. However, it was the company 's fault and I believe I am at least owed an explanation as to exactly what happened and why. I also need for them to send me the money I am owed and discuss what can be done about this now ongoing 6 month issue. I am prepared to continue escalating this issue if needed, but am trying to avoid that.