Consumer complaint received 2021-05-05
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (WI)

THIS HAS GOT TO BE ON THE VERGE OF ILLEGAL!!! 

I've lived in my home for 25+ years. My last mortgage payment ( approx {$970.00} to include escrow ) was in XX/XX/XXXX at which time I was " current '' on everything. Due to Covid-19 and having a chronic condition ( XXXX XXXX ), it wasn't appropriate for me to continue to work in XXXX in a hospital setting due to having a weakened immune system. With that, I went into a 12 month forbearance on my mortgage from XX/XX/XXXX thru XX/XX/XXXX. During this time, I was collecting Pandemic Unemployment ( PUA ). 

As my forbearance period was ending in XX/XX/XXXX, I received a notice from my current mortgage servicing Co ( XXXX XXXX XXXX ) that my loan was being transferred effective XX/XX/XXXX to Fay Servicing. I contacted Fay Servicing in late XX/XX/XXXX to check on available options for repayment of the past 12 months payments while in forbearance which totaled {$11000.00}. At the time, I was told to call back in a few weeks ( early XXXX ) as my loan had just been transferred and Fay was uploading my account in their system. 

In early XX/XX/XXXX, I submitted a loss mitigation packet to Fay in an attempt to see what options were available for the repayment of the past 12 months payments. In my letter to the packet, I outlined all the facts of my hardship ( medical condition ), that I had just received the second does of the XXXX vaccine and would be returning to work within weeks. Additionally, I stated it was difficult to fill the income portion out accurately as I was between unemployment and resuming my regular job in XXXX due to being vaccinated. 

I additionally stated I was open to making a payment for all 12 months of escrow ( around {$2600.00} ) and was seeking what options I had for repayment of the remaining balance whether thru adding it to the back end of the loan OR paying it monthly over 12 months. 

In late XX/XX/XXXX, I received a appraisal that had apparently been done on my home as part of the loss mitigation application. It was a " shoddy '' appraisal showing a value of " As is quick sale '' of {$190000.00}. 
I was a bit baffled by this. Firstly, why a " As is quick sale '' appraisal, secondly it was a drive by only with a camera picture from the road over 280 feet away, thirdly it made no mention of the Lake which adds tremendous value to the property, fourthly even the appraiser wrote it was difficult to get a accurate value and fifth, the appraiser was from over 100 miles away and was not familiar with this market. 

On XX/XX/XXXX, I received a letter from Fay Servicing dated XX/XX/XXXX that I was not eligible for any assistance programs due to insufficient income. Never received a single phone call to address the situation. 

In the XX/XX/XXXX letter, I was offered an option to turn my home over to them via a Deed in Lieu of Foreclosure and stated I have until XX/XX/XXXX to let them know my intentions. Really? 8 days to make a decision to turn my home over to them all over {$11000.00} of missed payments during forbearance? Not once in their response did they mention a thing about repayment or anything. They do not even know/or asked if I have the funds or can come up with them to repay. 
STRAIGHT TO FORECLOSURE!!! They didn't even factor in that I am back working. Since when can't a {$65000.00} a year job support a {$970.00} a month mortgage payment? Yet they stated my income was insufficient to offer me any options. 
If they had actually read my cover letter, they would've seen I was returning to work within weeks being I was vaccinated. 

This is wrong and on the verge of illegal and at this point they may pay a price for their actions!