Consumer complaint received 2022-02-11
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SUMMIT FUNDING, INC. (CA)

My original complaint with XXXX against Summit Funding was closed without proper investigation or response from Summit Funding. Summit Funding DID NOT address the issue as to why they did not honor the modification terms I agreed to per satisfying my trial payments with XXXX. AFTER completing the trial modification with XXXX, Summit took over my loan and DID NOT honor the terms of the modification. Summit 's " excuse '' was that XXXX did not supply the details of those terms within enough time for Summit to adopt those terms. Hence, that is not a consumer issue, that is a bank issue. XXXX and Summit did not do their due diligence to ensure proper transfer of my status when Summit took over my loan. As a result, I lost the opportunity to have my mortgage significantly reduced. 

I re-applied for a modification with Summit and the terms they offered are in no way comparable to what I agreed on with XXXX. In fact, Summit 's terms have put me at a severe disadvantage financially. Below is my initial plea to XXXX that was closed after Summit 's improper response. 

-- -- -- - XX/XX/XXXX - I applied for a home load modification through XXXX due to my income being impacted by Covid. My mortgage was $ XXXX for 30-years. My home at this time is valued at {$480000.00} XX/XX/XXXX- XXXX put me in a trial modification where I had to complete ( 3 ) trial payments of $ XXXX. Trial payments were scheduled for ( XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX ). 

XX/XX/XXXX - I successfully completed the terms of the modification agreement by making all ( 3 ) trial payments on time. XXXX acknowledged that I had completed the trial and let me know they were prepared to permanently modify my loan. 

XX/XX/XXXX - I receive a letter from Summit Funding stating they have taken over my loan. The mortgage documents they send do not reflect the modification terms agreed on with XXXX NOR did it include the payments I had made during my trial period with XXXX. 

To date, the $ XXXX I paid in trial payments to XXXX  HAS NOT been applied to my account. 

I contacted XXXX XXXX about the missing payments and the modification. I was told they did not receive any details from XXXX regarding the payments or the modification. 

XX/XX/XXXX- Summit Funding still states they received no documents from XXXX. I called XXXX and they explained to me they had sent all of the documentation regarding my modification to Summit Funding. 

XX/XX/XXXX- Summit Funding wrongfully stays AGAIN that they received nothing from XXXX. At this rate I went to XXXX and physically pulled the documents from them and sent them to Summit Funding myself. I uploaded those documents via the Summit Funding portal.

Summit Funding then insists there is a specific letter they were missing in those documents that they would need to collect from XXXX. They would not reveal what this " letter '' was, only that it had to come directly from XXXX. 

XX/XX/XXXX- Summit Funding states that since they could not get the " letter '' from XXXX, I would need to re-apply for a modification through them. I refused. I already went through this process with XXXX and at this point did not feel Summit was working in my best interest. 

XX/XX/XXXX - With no luck regarding XXXX, Summit Funding instructed me again to do a modification through them. This time I agreed and applied for a modification. 

XX/XX/XXXX- I received a modification trial from Summit Funding, 7 months after applying. Summit was offering payments of {$3500.00} for 40-years. 
( 1 ) This offer is significantly higher than the terms that were agreed to with XXXX ( 2 ) This offer was more than my original mortgage. 
( 3 ) This offer does not support or help reduce my mortgage payments which is the whole point of the modification. 

Summit stated that since I had missed payments between XX/XX/XXXX- XX/XX/XXXX, the modification payments would be higher. Summit could not answer why mathematically 12 months of missed payments resulted in my mortgage going from {$3400.00} over 30 years to {$3500.00} over 40 years. 

Since Summit could not explain the discrepancy in their offer, I asked that I be placed on a deferral instead. I understand that I am currently in the process of being approved for that program. 

In the meantime, there needs to be more accountability from Summit on how this process has cost me a severe amount of time and money. Summit had every opportunity to honor the initial modification process I was in with XXXX but chose not to. 

Based on the number of issues I've experienced, it is clear to me Summit Funding is intentionally setting me up for their own profit. 
( 1 ) By not honoring the modification process I was in with XXXX  ( 2 ) By not applying the trial payments ( $ XXXX ) I made in the modification process to XXXX towards my account ( 3 ) By not taking appropriate action to ensure my pending modification with XXXX was transferred with my loan. 
( 4 ) By pushing me to redo the modification through Summit only to offer a higher mortgage under longer terms ( 5 ) By refusing to submit written documentation and correspondence of these matters per my request.

( 6 ) By telling me that I could not pay off the deferred amount of my loan until the end of my term AND stating I will not be able to refinance my loan until the deferred amount is paid off. ( Make that make sense. ) I will also mention that I have experienced a long and extensive history of what I suspect to be discriminatory practices with Summit Funding. When I first received my loan with Summit ( before it got transferred to XXXX  ) I had agreed to a fixed APR of 3.8 %. Just as I was preparing to sign my documents, they changed the APR to 5.1 %. I did not realize at the time they could not do that and ultimately signed the loan papers.