Consumer complaint received 2018-12-25
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: Statebridge Company (NJ)

Our home purchase was initiated by XXXX, and financed through FHA. FHA only required 3 % down, we wanted a full commitment and our payments to be lowered and affordable so we provided a 15 % down payment of the purchase price of {$500000.00}. We used our life savings to buy this home, total down payment toward the purchase price was over {$70000.00}. 
For many years we made our payments on time did not have any problems. Our business was stable suddenly without warning we were facing a financial crisis, due to the competition and the internet not to leave out the falling economy, our sales depleted and were forced to close our family owned business, due to this drastic financial change caused us to to fall behind on our mortgage payment. by this time our loan was transfer to XXXX and thankfully with the help of my sister XXXX they help us qualify for a home retention program. We were set up on a loan modification agreement for {$3700.00}, we made our payments on time soon XXXX transfer our loan to a servicing company XXXX. 

We ask XXXX to help us lower our monthly mortgage payment and after several attempts and a year later they finally offered a reduction of payments from {$3700.00} to {$2700.00}, part of the negotiation XXXX required a lump sum payment for {$4600.00}, which we gladly agreed and applied toward our balance. Imagine the relief to have our monthly mortgage payment cut almost {$1000.00}, we signed the agreement began to make the new lower payments. 
We were very happy after so many hit and misses of irrational demands regarding retention options for my home. The loan was now transferred to Statebridge this is were our dream turned into a nightmare. Unfortunately to say the entire experience with Statebridge was the least favorable. 

Statebridges entire operation blind sided me and honestly felt bullied, when their speciality department for ESCROW reached out through their correspondence pin pointing the back log in missing escrow payments totally caught me by surprise, HOW COULD THIS BE??? 

Per Statebridge XXXX made an accounting error and that escrow account had a shortage of {$11000.00} and every month increasing until we get this resolved. 

Statebridge claims XXXX calculated our XXXX mortgage payment incorrectly when they offered us a lower payment eliminating big chunk of NJ taxes, Thus causing the escrow shortage and doubling now our un-affordable mortgage payment. Lets not kid ourselves, Statebridge wants us to fail I dont see a business logic in all this. Only common sense is to work on decreasing not increasing our mortgage payment. 

Our Mortgage payment is now is over {$4700.00}, this is your plan to help out??? its a plan but a plan for failure.

Statebridge deliberately put us in an unpredictable situation and now we are facing a double monthly mortgage payment, and acceleration to foreclose of our property.

Statebridge assigned a very efficient and caring XXXX XXXX XXXX XXXX, she is diligent and very supportive glad to see she is on our side, but she can not do this on her own, bottom line is we have to resolve this complicated issue, we are seeking your help or one of your constituents department to help us we will not lose our home because of lender negligence. 

Despite the bad treatment, we have constantly and continually show good faith by making first large lump sum down payment for {$70000.00}, the initial down payment for {$4600.00} offered for XXXX for the supposed loan modification and to Statebridge paying two months mortgage payments to toward the escrow shortage totaling {$5400.00}. 

CFPB Representative other borrowers will rather default on a home that is upside down but we have integrity and we have worked and fought too hard to give up and we will continue fighting for as you can well see not going to give up. 

If I may, Im not a real estate expert but what would make sense is that Statebridge place the arrears and escrow shortage to the back of the loan, differing the payment till the balloon payment is due. Please keep in mind the property value vs. The principal balance is at 150 % LTV. Regardless of the value we wish to keep our home for sentimental values. 



Statebridge has left me no choice than to engage elected officials and regulatory agencies to help me. I have reached out to the CFPB, the XXXX, and other local regulated agencies branched out by the CFPB. I do have the attorney General of the State of New jersey lined up. 

I would like for your office deal with my case directly, these lenders have proven that all they care about is nothing other than NUMBERS, PROFITS and MARGINS. without a care for the well being of their clients livelihood. I would be very interested in your office to see what can be worked out. Statebridge needs to provide my mortgage loan with a loan review for an affordable loan modification, deffer the arrears to the back of the loan. 
We are now financially stable, and would like to make mends with our lender to start making our mortgage payments. 
Things have been difficult, and our life is upside down we are very kind, but also tough and resourceful. We want to see the light at the end of the tunnel, we would like for you or the department that specializes in helping distress homeowners get involved, and assign an agent to walk us through so he/she can put an end at to this nightmare. 



Sincerely from the XXXX family,