Consumer complaint received 2016-08-17
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: Caliber Home Loans, Inc. (NJ)

I am an XXXX male. I purchased a Condominium unit in XXXX, FL in a project called XXXX XXXX, on XXXX XXXX, 2008. I purchased the condo based upon the following statements made to me by the XXXX XXXX XXXX Loan Officer : 1.That XXXX XXXX was a luxury condominium whose values would only go up.2. The condo market was strong in XXXX, and I would have no problem finding tenants to rent the unit.3. He wanted to make it easy for me to buy the unit, so the loans were processed using " stated '' income. I tried to give my income documents to the loan officer but they were refused. He said that I could more than afford to repay the proposed mortgage.4. I could refinance the loan to recoup my down-payment {$100000.00} investment, lower my rate and payments - he would handle it all for me. After closing on the Condo, the value began to drop significantly. I was required to repay the mortgages on my own. I soon discovered that my earnings were not sufficient to repay the mortgage debt I had assumed. I spoke with some of the unit purchasers and several told me that the developers had attempted to keep the prices of the units up, artificially by having straw purchasers buy units at above- market prices. Once this activity stopped the value of the unit dropped, became consistent with the values of the local condo market. My transaction was examined by a Mortgage Expert who found the following issues : 1. My income was over-stated on the loan application by {$1000.00} per month.2. My Back Debt Ratio totaled XXXX %. My monthly debts exceeded my monthly income by $ XXXX. Even using the lender 's overstated income figure, my back debt ratio totaled XXXX %. The lender knowingly placed me in a loans that I could not afford to repay, based upon my earnings.3. The value of one unit dropped to {$150000.00}, almost immediately, and I found myself to be seriously under-water on condo. As the condo-project was undersold, the Association was under-funded. My monthly association dues sky-rocketed. In an effort to keep from losing the down-payment I made, I used my savings and retirement funds to pay the mortgage. I exhausted all of my savings and the loan is now in default. The Bank will not modify or refinance the loans due to the huge decline in value. I have applied several times for modification with XXXX XXXX XXXX and Caliber Home Loan and have received the run around. I have submitted documents again and again and have been denied for one reason or the other. I was in the middle of modification when XXXX XXXX XXXX sold the loan to Caliber Home Loan. So I tried to get modification through them. Both banks have no one point of contact and after submitting documents we get no response just foreclosure notice. Caliber Home Loan took all modification documents and said our loan is in modification documents and we will hear from them soon. But after a month we received denial letter for no specific reason along with foreclosure notice. There is no one person contact with Caliber Home Loans and representatives are rude to me and my family. They call odd hours for collection on the loan and hares me and my family with hate words. Also the unpaid balance on the loan is incorrect and in dispute with Caliber Home Loan. Bank increased my payment from {$2300.00} per month to over {$4600.00} per month even the loan is a fixed rate that was the reason for me falling behind because they miscalculated the escrow. XXXX XXXX XXXX also heaped fees & penalties upon me. I am under threat of losing my property and my Hard Earned {$100000.00} down Payment. I believe that both XXXX XXXX XXXX the original lender and my mortgage Caliber Home Loan Servicing regarded me as a " target of opportunity '' due to my National Origin & have both treated me in a manner that has been discriminatory and financially harmful to me.