Consumer complaint received 2019-05-27
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: PHH Mortgage Services Corporation (GA)

I purchased my home prior to the recession in XXXX. When financial hardship hit, we attempted to get a loan modification to help us through hard times. 

XXXX/ XXXX/ PHH mortgage company offered me in XXXX of XXXX an Interest only ARM loan that was supposed to be interest only for the first 120 months ( Ten years ) and then would be principle and interest for the remaining 20 Years of the 30 year mortgage. 

However, in XXXX of XXXX, no change was made to the mortgage to reflect principle and interest. On XX/XX/XXXX I called the mortgage holder XXXX ( XXXX had sold the Mortgage to XXXX ), and spoke to XXXX ( Employee ID XXXX ) around XXXX XXXX. I asked about the mortgage and when it would change to reflect principal and interest. He had no idea ; but said he would open a case with an escalation manager. He stated that the process would take up to 5 business days. I waited On XX/XX/XXXX I called back and was able to speak to two escalation managers XXXX ( Employee ID XXXX ) and XXXX  ( Employee ID XXXX ). The answer that was given to me at that time was that According to the origination document of my loan, it is not scheduled to change to principal and interest ( P & I ) until XXXX of XXXX. I didnt understand why since the mortgage documentation that I held said 120 months which should have been XX/XX/XXXX. 

Okay Maybe I didnt understand something in the legalesed jargon of the mortgage document. So, I waited until XX/XX/XXXX to see if anything would change. NOTHING My mortgage statements are still showing interest only and I owe more now on my home than the original mortgage price. I feel as though Im being had. 

On XX/XX/XXXX, I reached out to the mortgage holder ( Who is now PHH ) to  see if the new holder would be able to tell any more about my mortgage. In order to confirm that we were speaking of the same mortgage agreement I ask for an amortization schedule to see if they could show me specifically when, and how much my mortgage would be principal and interest so that I could see the balance go down ( Im getting old ). I was told that because I have an adjustable rate mortgage, they wouldnt be able to provide an amortization schedule because the payment could fluctuate at any time. ( Which they have over the last 14 years ). They were however able to provide me with a copy of the origination document that they have on file. Sure enough, it is the same one that I have that clearly says that my payments should have been P & I back in XX/XX/XXXX. 

At this point, I afraid that if they were to make the payment principal and interest to cover the complete mortgage by the maturation date ( XXXX ) that my payment would be astronomical! 

I feel as though I have been victimized. I had a contract with my mortgage holder ( who sold my mortgage several times ) and they have not held to their part of the agreement with no consequence to themselves. However, if I refuse to pay, then I will be penalized harshly - super high balloon payments, penalties, or worse foreclosure. 

In fairness, since they have not held up to their side of the agreement, I would like a zero-cost refinance to a 30-year conventional Fixed rate mortgage. Why should my family suffer due Sheisty business practices? 

PLEASE HELP!!! 

I have attached supporting documents to assist in resolution