Consumer complaint received 2022-02-23
Product: Mortgage — VA mortgage
Issue: Struggling to pay mortgage — 
Company: MONEY SOURCE, INC., THE (WA)

The Money Source Inc. Failed to Convert Trial Payments to Fully Executed Loan Modification Agreement as per the Agreement with the previous Loan XXXX XXXX XXXX XXXX XXXX XXXX 

XXXX : XXXX Forbearance. Not delinquent prior to forbearance. 

XX/XX/XXXX : Approved for XXXX XXXXXXXX XXXX XXXX, Previous Interest Rate 3.875 %, new interest rate 2.75 %. Three ( 3 ) Trial Payments XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX by XXXX XXXX XXXX XXXX. 

XX/XX/XXXX : XXXX XXXX XXXX XXXX XXXX XXXX to The Money Source Inc . 

XX/XX/XXXX : Trial Payment ( 1 ) {$2400.00}. 

XX/XX/XXXX : Trial Payment ( 2 ) {$2400.00}. 

XX/XX/XXXX : Trial Payment ( 3 ) {$2400.00}. 

XX/XX/XXXX : Trial Payment ( 4 ) {$2400.00} - The Money Source Inc did NOT provide Final Loan Modification Agreement documents for signature and notary. 

XX/XX/XXXX : Received the Final Loan Modification Agreement documents for signature and notary from The Money Source Inc. New Payment beginning XX/XX/XXXX is {$2300.00}. 

XX/XX/XXXX : Returned signed and notarized Final Loan Modification Agreements to the Money Source Inc. for their signature - Final Execution of the XXXX XXXXXXXX XXXX XXXX via United States Certified Mail/Return Receipt XXXX/XXXX/XXXX : The Money Source Inc. received signed and notarized Final Loan Modification Agreement. 

XXXX : The Money Source Inc. acknowledged receiving the documents and were in the process of completing their end. Borrower on lengthy calls with The Money Source ... 1-3 hour calls due to long hold times, call transfers, etc. The Money Source Inc. says that they are NOT the Lender, the Loan Modification states that they are the Lender. 

XX/XX/XXXX : Received Denial of Loan Modification, Borrower did not return signed modification agreement within specified Timeframe - The Money Source Inc. letter dated ( XX/XX/XXXX ). 

XX/XX/XXXX : Received Notice of Default via United States Certified Mail - The Money Source Inc. letter dated XX/XX/XXXX ). 

XX/XX/XXXX : Contacted housing counselor, conducted three way call with The Money Source Inc . The Money Source Inc. confirmed that they DID receive the signed and notarized Final Loan Agreement from the Borrower via XXXX Certified Mail on XX/XX/XXXX and the documents were NOT sent over to underwriting for final execution because The Money Source lost the documents. The Money Source agreed to Re-Create the documents with the updated dollar amounts and resend the documents to the Borrower. 

XX/XX/XXXX : The Money Source Inc. states that they are not able to send new Loan Modification documents until they received the old Loan Modification documents. Told the Borrower that she will need to re-qualify for Loan Modification and emailed the Borrower a " TMS Mortgage Assistance Application ''. 

XX/XX/XXXX : Contacted housing counselor, conducted three way call with The Money Source Inc . The Money Source Inc. hung up. 

XX/XX/XXXX : Three-way call with The Money Source Inc. again , " With the modification agreement there is a deadline they still have that they have to honor to keep it but if they went past the deadline, they would have to start over and thats where it is. No matter what, that is the way it is because of the dates and the amounts cant send to the investor '' - The Money Source Inc .