Consumer complaint received 2018-02-19
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — 
Company: 360 MORTGAGE GROUP LLC (GA)

We are having a big problem with our mortgage company, 360 Mortgage. We have an FHA streamline loan that we were convinced to take out by their agents in XX/XX/XXXX. We were misled at origination and told that if we took this new loan that our monthly payment would drop about {$300.00} per month. However, their agents were not telling us the whole truth. In fact, after we did this loan our payment went UP {$300.00}. Their agents led us to believe that their initial quote including the escrow and mortgage insurance, but that was all a lie. In that same year, I was laid off from my XXXX XXXX job after 15 years with the company. This loss of income, coupled with the increase in our mortgage payment ended up with me falling behind on the mortgage several months later. We tried to apply for loan modification assistance, but were told we had to wait until we were three months behind and in foreclosure before we could be considered for anything. After going delinquent, we tried to reach out and it has been a mess ever since. 360 Mortgage has denied us access to homeowner assistance programs that FHA offers and has passed us from department to department and continually lost our paperwork and given excuse after excuse. Now we are in foreclosure and they are telling us the only solution is to come up with $ XXXX to reinstate the loan. 

We bought our home in XX/XX/XXXX and I live here along with my wife and XXXX children as well as grandchildren. When we were solicited regarding the streamline loan we were only given a portion of the information, and we ended up increasing our monthly payment by {$300.00}. I have no idea how 360 got this to pass their Net Tangible Benefit standard, this mortgage did not HELP me! ( unless they doctored the paperwork or somethingwould not be surprised! ). As explained I had a good paying job but then got laid off so we had no income coming in for a year and a half. We hung on with the savings as long as we could but eventually we could not keep up with the mortgage payment and fell behind. At that time, the promised savings that we never got would have really made a big difference. 

I immediately reached out to the 360 to discuss options for homeowners who were currently unemployed. I was told that I had to wait till I was three months behind and in foreclosure before I could even send in an application. I dont believe this is an FHA guideline. Once I was behind 3 months we began trying to engage and were stuck in a paper chase with the agents at 360. Paperwork was repeatedly lost, then after acknowledging it was received we would be told that the paperwork had expired and that we had to send in all of the documents again. I know that there are FHA programs for homeowners who are unemployed that allow them up to a 1-year forbearance while they try to find work. However, their agents never considered me for this program or even discussed it. 

We were eventually told over the phone that we were denied but no reason was given, so we tried to make a good faith payment of {$5000.00} to show that we wanted to make good on this loan. They refused to accept this payment. Instead we were told that we needed to reinstate the full past due amount. I dont know why we were never reviewed for any of these FHA programs such as modification, partial claim, special forbearance or repayment plan. My financial circumstances changed many months ago and I am back at work ( albeit at a 67 % pay cut ). 

We have tried to re-engage with their loss mitigation department but cant get past the gatekeepers. We do not have an assigned point of contact, we do not have an open review of our current and correct financial information and we are told the only option is to come up with {$41000.00} to reinstate the loan.