Consumer complaint received 2016-08-19
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC (IL)

My Wife and I took out a mortgage loan with XXXX XXXX in XX/XX/XXXX. In XX/XX/XXXX we were approved for a loan modification, which we paid without issue until XX/XX/XXXX when my wife became ill and required XXXX in the summer of that year. At this time my wife was unable to continue her normal work schedule and became unemployed. Losing our dual income affected our ability to continue making payments on our loan. Additionally, my company at the time incorporated a freeze in wage increases and lessened significantly our bonus potential. All together this caused us to be unable to continue making payment on our mortgage. I later became unemployed in XX/XX/XXXX after my company enacted mass layoffs from XX/XX/XXXX through XX/XX/XXXX. 

Immediately following XXXX XXXX we began applying for second a loan modification with XXXX XXXX bank. 3 years later, this XX/XX/XXXX, the bank has not offered us a single opportunity for any kind of loan modification or work around to help our current situation. 

In XX/XX/XXXX XXXX XXXX sold our mortgage to Rushmore Loan Management. We applied for a loan modification with Rushmore and the trial modification agreement they proposed is as follows : - Initial loan payment through XXXX XXXX : {$1500.00} - Rushmore suggested new payment : {$2700.00}. 
- {$1200.00} more expensive than we had originally paid. 

We received Rushmore trial agreement on Thursday, XXXX XXXX and we had 14 days to consider their negotiation. I called to speak with their staff on Thursday, XXXX XXXX, Friday, XXXX XXXX and finally Monday, XXXX XXXX, each time asking for the company to reconsider the unacceptably high negotiated amount. Each time we were treated very rudely and the final answer was : - Take the offer or relinquish the home - Absolutely no short-sale - Deed -in lieu of foreclosure - 30 to 45 days to relinquish our home ( if we requested ) - 14 business days to return the agreement or the offer would be rescinded. 

Customer service confirmed " I will give you until Monday, XXXX XXXX, XXXX for the paperwork to be on my desk. If the paperwork and the required {$5500.00} down payment is not received then Rushmore will begin the foreclosure process. " I confirmed verbally on Monday, XXXX XXXX that we could simply not afford their offer and due to the fact that they too, like XXXX XXXX, refused to offer any relief, we would not be able to accept their terms nor would we put in a request to relinquish our home. 

On Thursday, XXXX XXXX, XXXX were received a memo of response of action taken by Rushmore Loan Management stating that we had been denied their proposed trial modification agreement because we failed to return the executed agreement and or the initial payment in a timely manner. My wife and I never agreed to their terms as their proposed negotiated rate was {$1200.00} more expensive than the amount we could already not afford. 

Please note that our home was purchased for {$330000.00}, an amount of which we paid in good faith and on time without issue for 7 years prior to our original loan modification with XXXX XXXX in XXXX. Even after their approval of our XXXX loan modification we continued to make good on the required payments until we faced financial hardship outside of our control. When the time came however for the bank to work with us due to financial hardships outside of our control we were denied any kind of compassion, understanding or fair financial assistance. It has been an extremely difficult and long drawn-out process to find any kind of fair solution with either company over the course of the past 3 years. As a consumer this is very frustrating and disheartening. Although we may lose our home, despite many continuous efforts to find a just solution to our situation, we hope that this case may go on record and be pursued to help regulate these companies and help other families.