Consumer complaint received 2018-01-12
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Fay Servicing, LLC (WA)

On XX/XX/XXXX, we submitted documents to Fay Servicing for a short sale, including a live offer for sale of the property at {$200000.00} - hard money, cash. On XX/XX/XXXX, Fay Servicing confirmed the file was complete, put the foreclosure sale date on hold, and began the 30 day review process. On XX/XX/XXXX, the file was sent to the Short Sale Department for review, but nobody had been assigned yet. I requested the file be escalated to get someone assigned to the file, and on XX/XX/XXXX, was told XXXX XXXX ( XXXX was the point of contact. After speaking with XXXX, I learned that XXXX XXXX ( XXXX ) XXXX was the negotiator on the file. XXXX told me on XX/XX/XXXX that the lender had conducted a valuation of the property which came back at {$190000.00} and because our offer was {$200000.00} we should be looking for a quick approval. XXXX requested updated documents and on XX/XX/XXXX had confirmed that all documents were received and the file was under review for investor approval. On XX/XX/XXXX, XXXX told me that the approval letter should have come in on XX/XX/XXXX and agreed to escalate the file for a response. Later that day, XXXX responded that the investor had countered requesting items to be removed from the HUD and we requested an updated HUD with those changes that same day. Then, on XX/XX/XXXX at XXXX, XXXX wrote us to declare that the investor now countered at {$220000.00}. On XX/XX/XXXX, we made our first written request for the identity of the investor on this account. We commented that the stated counter offer of {$220000.00} was unsupported by the lender 's own valuation at {$190000.00}, and that we intended to move forward with our acceptance of the counter wherein we edited certain specified items on the HUD ( reduction in agent commissions to 5 %, etc. miscellaneous items ) that we had agreed to on XX/XX/XXXX before the $ XXXX demand was made. As requested, we attached the updated HUD and the utility bill statement to the correspondence. XXXX called me to discuss the same. On XX/XX/XXXX, we discussed our agreement with XXXX, the fact that the later $ XXXX demand was a " statistical outlier '' and was unsupported by the lender 's own valuation, as well as a Comparative Market Analysis we had performed on the property at the time of listing, which came in at {$190000.00}. A copy of the same CMA report was provided to XXXX during that conversation for his review. On XX/XX/XXXX,  XXXX XXXX ( XXXX ) XXXX contacted us by telephone, and engaged in a tirade of abusive and demeaning rhetoric directed at myself, personally. XXXX XXXX reminded me of the fact that he and I had worked on a file previously for XXXX XXXX XXXX, in which we similarly had a live cash offer at the lender 's reported Fair Market Value, and which the investor countered over XXXX XXXX dollars ( {$90000.00} ) above their own stated valuation. He reminded me that that file ended in foreclosure of the home despite the buyer being ready, willing, and able to perform and despite all requested documents having been submitted, reviewed, and marked complete by the lender. We have also filed a CFPB complaint with regard to XXXX XXXX 's handling of the XXXX XXXX matter. 

I attempted to resolve this matter with XXXX XXXX 's manager, XXXX XXXX ( XXXX ) however he has not responded to me at this time. 

I have also spoken to the listing agent, who has informed me that XXXX XXXX called him directly and told him that his relationship with my office is hindering his clients and that he would be wise to cease doing business with my office and with me, personally. We believe that XXXX XXXX has shown a track record of deceptive and abusive lending practices in which he is using approaching foreclosure sale dates to demand excessive payments out of cash buyers because the cash buyer is unlikely to take subject to a third party bank appraisal. It appears that XXXX XXXX is paying for a BPO and regardless of the outcome, artificially inflating the demand price of the property, which undermines the fair market real estate transaction, and results in wrongful foreclosures of properties, unnecessary damage to their borrower 's credit reports and scores, and other direct and indirect economic, actual, and emotional damages that affect the borrower for years to come. Because of the foreclosure of his home, XXXX XXXX was unable to get approved to rent an apartment and was forced to move into his mother 's basement, humiliating him and causing him great emotional distress. With XXXX XXXX, as with XXXX XXXX here, we have made several written requests for the identity of the investor and all have been denied. At this time, I have made two follow  up calls to XXXX XXXX and have not received a response. I am concerned that XXXX XXXX has instructed XXXX XXXX not to answer or respond to my calls in an attempt to undermine my ability to serve my clients.