Consumer complaint received 2022-03-14
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: United Shore Financial Services, LLC (FL)

We purchased the house and signed all documents on XX/XX/XXXX, and we also moved into the house on the same day. We purchased the house for {$500000.00} and put down {$25000.00}, so the amount financed was {$470000.00}. As you know, covid hit the US pretty hard XXXX, so in XXXX the bank offered a covid relief program, which we decided to take advantage of, as I had just resigned my last corporate job right when we bought the house and go independent. Obviously, not knowing covid was coming our way, which really affected my new business venture. 

We were in the forbearance plan/relief program for 18 months. In XXXX of XXXX, our account was re-instated and we were given a few options on how to proceed regarding the 18 months we did not pay. Among the options, there was one that was the most appealing to us, a payment deferral. The way this was explained to us by several bank representatives was that the 18 months balance was going to be added to the duration of the long ( end of the long ). We will be responsible for paying the interest, taxes and insurance ( once they did an escrow analysis ), but the actual payments, which will not generate any more interest, were going to be paid eventually, and our loan duration was now going to be extended. 

Shortly after we accepted to enter into the payment deferral, I went online to make sure the auto-pay was activated, and it was when we realized our loan balance had increased significantly. We went from owning the bank around {$470000.00} ( balance right before we started the covid relief program ), to now having a balance of $ 510,000+. I immediately proceeded to contact the bank ( this is back in XX/XX/XXXX ), and nobody had a clear answer as to why our balance had increased. All bank representatives would say we needed to talk to a supervisor, but that they were not available at the time, that someone would contact us within 24 hours. This went on for several months ( XXXX to be exact ). Finally one representative said that unfortunately the payment deferral agreement did not explain how this option worked correctly. That we agreed to enter into a balloon payment, but he couldnt really explain it to us. He said the reason why we now had 2 principal balances was because the 18 months balance needed to be separated from the rest, as that amount will not accumulate interest, which makes total sense, however, it this was done correctly, our overall loan balance shouldnt have been increased. As you will see on the screenshot attached, the 1st principal balance does not only include the original balance before we entered in the program, but it also includes the 18 months balance, which should have been moved into a second principal balance. Instead, we are payment the 18 months balance double. Hope this makes sense. 

On the other hand, we also have a few issues with the escrow analysis they have conducted so far. The first one that was conducted back in XX/XX/XXXX, where we were told we were short almost {$8000.00} and that this amount was going to be divided in the next 24 months as we make payments. We dont have a problem with this, however, when you read the deferral agreement letter, you will see that the 18 months balance ( {$49000.00} ) includes interest, insurance and taxes, which we again, seem to be paying double, as the escrow shortage was added to the next 24 payments, but it has not been deducted from the principal balance. Again, we contacted the bank several times, and nobody seems to know why this is happening. 

Recently, we received another escrow analysis ( conducted in XX/XX/XXXX ), and the bank is saying we are short another $ 8000+. We called the bank as we were very confused with the # s, but spoke to 3 different people and nobody could help. It seems like the 2 escrow analysis overlap a bit. Anyhow, we wanted someone from the escrow department to break it down for us and to clarify the # s, and our monthly payments went from being $ 3300+ to $ 3600+ ( after 1st escrow analysis ) to $ 3800+ starting in XXXX. 

In other words, nobody from the bank has been able to provide us with a clear explanation on anything. All we know is that we are now payment more a month, and our loan balance is higher. Something is just not adding up. And the fact that nobody at the bank is able to clarify anything, is just very suspicious. Needless to say the amount of hours I have spent on the phone with the bank since XX/XX/XXXX. Somedays I actually cried. Extremely frustrating. They dont have any of their facilities open for us to go and talk to someone in person either. So we really dont know what else to do at this point. Our bank is United Wholesale Mortgage. 

For your reference, I am attaching : -Payment Deferral Agreement -Escrow analysis done in XX/XX/XXXX, which was conducted right after the account was reinstated ( it we are reading this correctly, this amount is also being included in the deferral amount, which is explained on the payment deferral agreement ) -Escrow analysis done in XX/XX/XXXX -County Taxes bills ( just in case ) -A screenshot of what we see online when we log into our account. This is just for reference, so you see how they are adding up the loans/principals, which makes NO sense