Consumer complaint received 2022-08-25
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: PLANET HOME LENDING, LLC (PR)

In the past 30 years, my wife and I have lived in our single home, but economic and health reasons have prevented us from continuing to pay our mortgage. After a long process in court and trying to modify our loan, we realized that we would not be able to continue as my health has deteriorated and is at risk. Because of a lack of specialists in XXXX XXXX, I must be operated outside the island. We will move to the United States for my treatment and stay with our oldest son.In the midst of all these events, we found ourselves with the sad reality that we would have to leave our home, and our daughter offered to buy it for a " short sale '' with her husband. Our bank informed us that doing a short sale with a family member is not a problem since our loan is a portfolio loan. Following this information, we formally submitted the short sale offer to the bank on XX/XX/2022, through our broker.A short sale offer of {$39000.00} dollars was submitted ( appraisal value was {$39000.00} in XX/XX/2022 ). After the offer was sent, it wasn't until XX/XX/2022, that they notified our broker that they had received all the documents and that they would respond shortly.Despite constant communication regarding the offer, our broker received an email dated XXXX stating that the Short Sale offer was denied because they would not accept asale through a family member. It took us by surprise since at all times we were told familiarity wasn't an obstacle, a real deal had been offered and all documents had been sent. Our broker informed the bank that the second mortgage agreed to cancel the lien at a much lower value than the balance owed.Our broker requested reconsideration of the refusal after receiving the refusal, notifying us that familiarity was not a valid reason. A new title search was ordered by the bank ( we had never been informed about this ), which indicated that a new promissory note had to be canceled in order to submit the reconsideration.In response to the broker 's email regarding the promissory note, we informed them that we were not aware of the issue, but we were seeking the notary who signed the deed, and we are currently trying to identify the promissory note if the judicial route does not seem to cancel it. This new promissory note was not reported in the denial of the offer.So things immediately, our broker last XX/XX/2022, sent a reply to the bank by email indicating that the steps were being taken to obtain the promissory note that in what this was, we requested that the reconsideration be submitted and the offer be accepted. We promised to obtain the promissory noteor failing that, assume the expenses of ajudicial process in case of having to do it that XXXX XX/XX/2022, our broker has continued to take steps to obtain a response from the bank and it is only today that the attorney who is handling the case in Court submits a Motion to foreclose the property, even though the bank has not responded to our request for reconsideration and there is a negotiation in progress.This bank 's actions have been malicious, and we feel betrayed. Our case was under consideration, but we discovered that it is in the process of being foreclosed. There has been no compliance with the laws governing Loss Mitigation processes, including Law 184, 169, and Regulation X, which affect our rights to be treated fairly.We only want to avoid foreclosure and sell our property. We would appreciate if you could investigate the bank 's process in our case and assist us in getting the support we need to sell our home.