Consumer complaint received 2021-04-15
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: REGIONS FINANCIAL CORPORATION (AL)

Hello- Our property address is : XXXX XXXX XXXX XXXX. 
XXXX, Al XXXX And our loan is serviced by Regions and is loan number : XXXX My loan is owned by Fannie Mae and serviced by Regions. We entered a forbearance plan in XX/XX/XXXX with Regions, and in XX/XX/XXXX indicated we could begin making our normal mortgage payments again, but due to XXXX and also Hurricane Sally which we were greatly impacted by in XX/XX/XXXX, we could not repay the full amount, but would like a repayment plan or payment deferral option. The only option that Regions is giving us at this time is to repay the full amount due. We made our normal mortgage payment XXXX, XXXX and then again in XXXX, however, they returned the XXXX payment and indicated that we needed to pay the full amount due in order to prevent foreclosure proceedings. I dont feel like that is correct given what I have read on Fannie Maes website. We would like to resume our normal mortgage payments and would like to determine our options for either a repayment plan or payment deferral options. 

The only option weve been offered by Regions was to complete a modification package, which was not approved, and to pay the full amount due or they will begin foreclosure proceedings. As you will see in the attachments, I received a letter today, XX/XX/XXXX, that was shipped via XXXX on XX/XX/XXXX informing me that the full past-due amount has to be paid by XX/XX/XXXX or Regions will begin foreclosure proceedings. 

My first concern is that the letter states we must bring our mortgage current no later than XX/XX/XXXX. However, I just received this letter today, XX/XX/XXXX and it clearly states on the XXXX  shipping label the letter was sent on XX/XX/XXXX. Also, I received a different letter dated XX/XX/XXXX that stated Regions would not make notice or filing to commence foreclosure before evaluating the complete application AND allowing me reasonable time to respond. 

I understand we are not able to complete a modification. All I want to do is come up with a payment plan to get the mortgage current from the forbearance period. I am able to make payments now, but I cant pay the full lump sum back at one time and I cant travel back in time to do it by XX/XX/XXXX, especially when I received the first notice and status of our hardship application today, XX/XX/XXXX. 

This seems very unfair and unfortunate that a family that was experiencing hardship, but is able to resume payments now and pay extra each month to make up the forbearance amount is now being threatened with foreclosure because we cant pay the full amount owed with literally no notice. 

I have made all of our payments in XXXX, however Regions sent back the XXXX payment. I would like to pay the XXXX payment again, as well as the XXXX payment and set up a plan to repay the forbearance amount over a period of time. I am not trying to get out of the payment and I dont feel like anyone is trying to work with me. 

I started requesting a repayment plan in XX/XX/XXXX and have documented all communication. Here is a snapshot of what Ive been told, but never once was I ever offered the option to establish a repayment plan : deferral option. 

XXXX XXXX : XXXX XXXX, borrower, sent first message to follow-up on the Covid-19 forbearance re-payment options, specifically to find out if we are eligible for the Fannie Mae payment deferral option since we do have a Fannie Mae loan. 

XXXX XXXX XXXX, Regions, replied to request stating : Also for the payment deferral request, I will submit a request to have your account reviewed. If you are unable to do the payment deferral option, we have other options to assist. It typically takes about a week to get a response back. 

This was the last message I received from anyone at Regions. I was expecting an update based on the above statement that a request was made for my account to be reviewed and it Normally took a week to get an update. 

I followed up again on XXXX XXXX and XXXX XXXX to find out if there was an update or if anything was needed from me to complete the request. 

I did not hear back from Regions for weeks, but finally was told to submit a modification packet, which I did and this brings me today when I receive a letter stating it was denied, full amount was due XX/XX/XXXX, despite the servicer not sending the notice until XX/XX/XXXX according to the XXXX shipment, or they will begin foreclosure proceedings. 

Our property address is : XXXX XXXX XXXX XXXX. 
XXXX, Al XXXX And our loan is serviced by Regions and is loan number : XXXX