Consumer complaint received 2015-09-13
Product: Mortgage — Other mortgage
Issue: Loan modification,collection,foreclosure — 
Company: Fay Servicing, LLC (NJ)

I had try several ways to get a loan modification on my property first with XXXX XXXX XXXX but we git rejected more tan XXXX times because of low income and the XXXX time in the middle of the modification they send to us letter letting us know that they had transfer our mortgage to Fay Servicing , LLC the account manager XXXX XXXX XXXX contact us and told us that we have a new loan # XXXX and explain that there was already a Sheriff Sale date scheduled for XXXX/XXXX/15 and it was going to be postponed only if we turn in a complete modification package because by law they had to give us that opportunity and that once they confirm a complete package they will start the modification process. We turn in the modification package on XXXX XXXX 12 days before the sheriff sale scheduled date and even XXXX XXXX XXXX confirm that as long we had turn in a complete package 8 days before the sheriff sale were where on the legit process requirement by the regulations of Fay Servicing , LLC and also confirm that the committee had confirm a complete package and no other documents were needed and that they will postponed the sheriff sale date during the process of the modification. XXXX XXXX XXXX confirm to make sure to put our request to all the programs to see which one will be the more suitable one also set a telephone meeting with us in order to explain our financial situation I was honest and told him that we were on a more stable financial situation my husband have XXXX jobs and i also have a job with a much higher salary than 3 years ago. He ask both of us what was our desire mortgage payment and we told him {$2500.00} since our mortgage was to high and variable mortgage of {$3200.00} we were not asking for much reduction since this is a XXXX family rental and we leave at a rent control city with regulations we only collect {$2800.00} in rents on a monthly basis and out of these we have to pay sewer and taxes does not allow us to complete the monthly mortgage payments at a higher monthly mortgage. In this property and is hard to get much rents as other cities in NJ. We also ask for 40 years mortgage with a lower interest and a set monthly mortgage payment. After the interview XXXX XXXX XXXX told us to wait for a decision we were nervous since the time was against us and finally on Friday XXXX XXXX at XXXX in the afternoon XXXX XXXX XXXX me at my Job and told me that the committee was asking for {$30000.00} in order to give a us a modification I told him that i felt they where just playing with us that i never heard any servicing agency asking for money at front in order to revaluate our case I felt very disappointed and told XXXX XXXX that I felt was not a fair determination on our case since I turn in my modification package on XXXX XXXX and on the XXXX was confirm how could they made such a decision in a matter of 3 days. He had nothing else to say only that he was not the one making the decision that he was only the account manager mediator and it was the committee asking for {$30000.00} at front and that we had to wire the money on the same exact date in order to stop the sheriff sale date XXXX/XXXX/15. I told XXXX XXXX that i felt they made that decision because I had send our bank statement from the month of XXXX and they saw the ending balance of {$27000.00} we are saving money for a XXXX plan since after the sale day we will be ending without a home since we leave at the investment property a suggestion that first XXXX XXXX XXXX told us to do to make this property base as our principal home. I told XXXX XXXX that the money was not money saved from the rents is from our jobs and also offerto him {$10000.00} in order to give us a trial modification offer. He told us that it was not accepted by the committee and there was nothing else they could do for us. I am devastated by law have the right to postpone the sheriff sale.