Consumer complaint received 2015-04-02
Product: Mortgage — Other mortgage
Issue: Loan servicing, payments, escrow account — 
Company: Ditech Financial LLC (TX)

After researching laws and analyzing my situation, I now feel that for the last 15 years, I 've been a victim of predatory lending on my mortgage. At the time of signing the contract, I was targeted as a XXXX year-old vulnerable XXXX XXXX women with limited resources, who was not only young, but inexperienced and uneducated in purchasing what I thought was a home at a good deal. 

In regards to being vulnerable, I explained that I was married, a mother of XXXX small children, and my husband could not be in attendance because we were struggling to make ends meet and it would cost if he missed work. Also, I explained that I had been going back and forth to the doctor w/my husband who had recently been informed that he had XXXX. XXXX. 

Prior to gaining this knowledge, I explained to the salesman that we had moved out of our apartment which we had being living w/a family member for quite some time in hopes of purchasing a from this manufactured home dealer in XXXX, TX. I also mentioned we were not getting along with the family member. In the mist of this situation, the dealer in XXXX was giving us the run around for so long - we did n't know - until one day the dealer moved all their homes from the premises and never told us anything. We went to check on the status of our new home, only to find they were gone. The gate was locked down and all our information and/or money we had put down, if any was taken also. 

It was approximately 1 to 2 weeks later when I went to XXXX, TX and entered into this mortgage contract I am speaking of. After explaining this situation and what I had gone through with the previous manufactured home dealer, I feel the salesman and/or Mortgage Company ceased the opportunity to take a negative advantage of my financial needs. I was presented w/a deal to buy a used trailer " As Is '' with " No Warranty '' at a fixed simple interest rate of 17.75 w/a XXXX month mortgage term and XXXX being the amount financed. I was pretty much told that because of my credit situation, I did n't qualify for a " New '' trailer, but a " Used '' trailer and more than likely ; no one else would give me a deal. I now owe approximately {$34000.00} due to deferments tacked on to the end of the note when I had financial hardships as well as legal fees from delinquent taxes and for homeowner 's insurance purchase through the Mortgage Company. Also by signing this contract, I was unaware that I was being misled into what you call " Forced Arbitration ''. 

My benefit of true homeownership and/or making a good investment was misleading and it 's been destroyed. Over a 15-year period, I 've paid approximately {$84000.00} already for this home and I still have 10 more years to pay ; this is nearly triple the amount I purchased the home for. My mortgage note is {$460.00} ; on an average, I roughly pay {$400.00} to {$430.00} in interest monthly. In order for the mortgage to decrease on a reasonable basis, I would have to almost double my mortgage payment which I can not afford nor was I told this when I signed the contract. 

Unfortunately, with the information that I 've presented, I feel that I was clearly taken advantage of. It was unfitting, not necessary nor realistic and/or fair to impose this type of mortgage terms and/or interest rate at simple interest on an individual regardless of their credit situation on a new or used trailer that only cost {$31000.00}. In reality, this is a car note that could 've been paid off in 72 months had the interest rate and terms been fairly set forth.