Consumer complaint received 2017-08-23
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (MD)

Dear CFPB, My name is XXXX XXXX and I am writing this letter in reference to my current mortgage servicer, Fay Servicing. I have been attempting to obtain help from CFPB since XX/XX/XXXX. I am currently trying to save the house that my grandparents built before I was born in XX/XX/XXXX. I have been fighting to keep my home since XX/XX/XXXX. 

I was originally placed in a trial modification in XX/XX/XXXX and I made payments on my trial modification until it was sold to another bank and the new bank refused to take my payments. I have provided that documentation to you. The loan was sold around to several servicers for over XXXX years and I acquired {$180000.00} dollars in late fees and penalties. I have explained this to each bank that obtains my mortgage attempt to foreclose but they continue to push forward with modifying these late fees. I was offered a modification in XX/XX/XXXX by XXXX XXXX XXXX XXXX and the loan was sold and the same thing happened and it was sold again. I was offered a modification again by XXXX XXXX of {$580000.00} and I was represented by an attorney. I was advised that there was nothing I could do because the banks were allowed to do what they want and ca n't be stopped. I have been represented by attorneys since XX/XX/XXXX. I have spent thousands of dollars trying to save my home. Now, the current servicer is Fay Servicing, I have explained this situation to them on several occasions. The servicers keep pushing me to pay them {$600000.00} dollars or sell the home. This is the only home that my family knows. I have submitted documentation to Faye Servicing since XX/XX/XXXX and I was making {$4000.00} dollars a month XXXX income and {$700.00} dollars a month in retirement income. They told me it was not enough money. I am working as hard as I can to keep my home and they keep denying me. They have stated that they have not received documents that have been confirmed sent and received by their department. They have stated that they did not receive my bank statements and my XXXX income when it has been confirmed received. I had to get two roommates to move in to make my income higher and I finally received a modification. 

The trial modification comes with an interest rate 5.750 %. I received the documentation on Thursday, XX/XX/XXXX and I need to make a decision by XX/XX/XXXX. They are given me XXXX days to meet with my attorney and go over the terms and make a decision. This is stressful for anyone that is making a decision on taking out a loan. They further stated that they will hold the trial payments in an account until sufficient funds are in the account to pay towards my oldest delinquent payment. Well, I would not know what my oldest delinquent payment is because I have never received monthly mortgage statements from them or any other servicer that was servicing my loan prior to Fay Servicing. I  have asked each servicer to send me accounting information for my loan beginning with my original servicer so I can see the monthly mortgage payments I have paid so that I can compare it to my accounting information and until this day I have not received that accounting information from any servicer. 

I have received a trial modification in the past and I know that they do not have to permanently modify my mortgage. XXXX years later I am still trying to obtain a fair mortgage modification. I work side by side with lenders every day in my profession and on XX/XX/XXXX, the mortgage rates for Maryland is 3.625 % to 4.125 %. There are no banks giving mortgage loans with a 5.750 % percent interest rate.
I would like to have a modification of my mortgage so I can move on with my life and get the stress of this mortgage situation behind me. I think the interest rate is outrageous and I have already been placed on a trial modification and I have shown I can pay. My trial modification was {$1800.00} a month. The trial modification with Fay Servicing has gone up {$1000.00} dollars!!! My new trial modification is {$2800.00}. My home is worth XXXX with {$200000.00} dollars in late fees and penalties. 
Please help me to obtain a fair modification from Fay Servicing and I would like to have a reasonable amount I would like for Fay Servicing to reduce the interest rate to the current market interest rates in my state to help me with my modification. In addition, I would like for Fay Serving to give me a reasonable amount of time to make a determination about this modification. I would also like Fay Servicing to review the errors that were made in my previous modifications and reduce the amount of the late fees and penalties. I had to file a Chapter XXXX bankruptcy to save my home and I do n't think that the bankruptcy court helped me so that I could acquire a {$200000.00} dollar debt to keep my home. 

I called Fay Servicing on Friday XX/XX/XXXX and spoke with account manager, XXXX XXXX and asked them if the interest rate could be reduced to Maryland 's market value and they told me that I could appeal the decision and that was my only option. They also told me that the investor wo n't take anything lower than the 5.750 %. 

My attorney advised me today that a representative at Fay Servicing stated that if I do n't sign and accept the modification by Thursday XX/XX/XXXX, they will start foreclosure proceedings on my home. 

I would like to review the modification with my attorney so that I can understand all of the terms and agreements and not be stressed out about it.