Consumer complaint received 2021-04-23
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC (CA)

In XX/XX/XXXX when Covid hit and California was shut down, my wife and I lost our jobs because Covid shut our industry down. I immediately called our mortgage loan servicer Rushmore Loan Management and applied for deferment/forbearance. We were accepted for a few months of deferment and then forbearance through XX/XX/XXXX. We are very grateful for this assistance. During this time, we had a baby, my wife almost XXXX, she was in the hospital for quite some time and our Industry stayed shut down due to Covid. 

In XX/XX/XXXX we applied for a forbearance extension and as of last week ( XXXX ) we were DENIED. I asked if we could appeal the decision and was told NO. We were told very clearly by multiple people at Rushmore that we had ONLY 2 OPTIONS : 1-PAYOFF IN FULL or 2-SELL OUR HOME. I asked very nicely if there were any loan modifications or payment plans we could workout and the answer was always NO. 

Furthermore, they mentioned refinancing and we'd be happy to do it but it would be very tough because our earnings are low due to Covid and our industry is still shut down. Also, I told them it will be impossible to refinance if you report us as delinquent. I asked, " What can I do to keep you from reporting us as delinquent? '' and they said only to PAY IN FULL. I offered to add people and cosigners on to the loan and they said NO. I offered to pay the mortgage payments starting now but they said I would still be delinquent unless PAID IN FULL. I offered to work out a payment plan while I try to refinance and they said they would still report me as delinquent unless I PAID IN FULL. 

Rushmore told me they will REPORT US AS DELINQUENT IN MAY UNLESS WE PAY IN FULL. I therefore need assistance asap before they do this. I may be able to refinance if I make 3 payments and add a cosigner etc. but I won't be able to refinance if they report us as delinquent. 

I feel this is highly unethical as they are basically HOLDING US HOSTAGE for the FULL PAYMENT OF ALL FORBEARANCE. Additionally, throughout the entire forbearance process, both in writing and on the phone, they repeatedly laid out all the options we will have including deferment, forbearance, loan modifications, payment plans etc. and this week just abruptly told us our only option is to SELL YOUR HOME OR PAY IN FULL. 

The mortgage servicer RUSHMORE LOAN MANAGEMENT says it can't do anything because this is an investor decision and the investor is XXXX XXXX XXXX XXXX XXXX. Rushmore would not let us contact them and we were told they do not have a customer advocate team. 

WE NEED HELP! We want to stay in our home and pay our mortgage. We are willing to get started paying it asap with savings, loans, retirement, etc. We will have jobs once our industry opens up. I don't understand why we can't have a payment plan to catch up or why we can't add the forbearance payments to our loan or why we can't get any assistance or understanding at all. We have lived in our home for over 21 years and have well over 50 % equity but do not want to sell, especially during a pandemic with an infant while my wife is high risk. 

We consumers feel unfairly taken hostage. Can you offer some protection or assistance?

Is there anything you can do to protect others who may also abruptly find themselves in this awful situation? 

Thanks for any help, assistance or advice, Desperate homeowners and family affected by Covid