Consumer complaint received 2022-08-24
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — 
Company: MONEY SOURCE, INC., THE (NJ)

To Whom It May Concern : I kindly request your assistance in investigating this matter on my behalf, and on behalf of other members of the community who may now experience entities in the mortgage industry taking advantage of clients in the wake of the mortgage issues brought on by the pandemic in XXXX. I can see signs that some of these mortgage companies will begin to prey on clients with the current increase in interest rates. I lost my job in XXXX and was able to take advantage of the Federal Forbearance Program under the company that owned my loan at the time, XXXX XXXX XXXX. In XXXX, I received a letter from The Money Source, with offices in Arizona and Connecticut, informing me they had taken over my loan. My property is in XXXX, New Jersey. In XX/XX/XXXX, I asked to begin repayment of my loan, and simultaneously submitted a Loan Modification application, which they approved. My interest rate was decreased to 3.5 %, and there was also a Partial Claim document for the amount that had accrued over the period of the deferment. In XX/XX/XXXX, I followed the instructions of the Notary sent to me by The Money Source and signed the documents per her instructions. She verified my signature in person and took a copy of my fingerprints because according to her, that would ensure there is no claim of mortgage fraud. SHE instructed me on how to complete and sign the documents. Around that time, there was beginning to be sporadic news about the potential for interest rates to increase. I was therefore suspicious when the notary only appeared with the Partial Claim documents, but not the Loan Modification documents with the lower interest rate noted. I was forced to print my own copy of the Loan Modification document, which I then submitted. When I followed up with The Money Source, I was informed that the way I was instructed to sign by the Notary could not be accepted. I had signed and dated some of the pages the previous day not the signature the Notary was witnessing however, the Notary instructed me to change the date so they would be consistent with the page she was witnessing and notarizing. I did that and initialed them in front of her. Despite having the Notary witness me perform that in front of her, and adding my fingerprint to the document, The Money Source informed me they would not accept it and that I must redo all the signatures and notarization. I got new documents notarized and resent them to The Money Source. An employee called to inform me they received the documents before the deadline. However, they are now claiming that I printed double-sided and that is not acceptable. I have asked for instructions and documentation outlining that the double-sided documents can not be accepted. However, I have received none to date. I submitted yet another set of notarized documents. The Money Source has acknowledged receiving the document in time, and I have the XXXX tracking information showing it was received on time. However, after acknowledging receipt of the documents, they are again claiming they will not accept the documents, this time falsely claiming they did not receive the documents on time at the correct office, and/or that there was a date typed in instead of handwritten in. The documents were sent to the same office as the previous double-sided documents. I asked for a copy of these rules or instructions, but none was produced. It is clear that every time I submit documents to the Money Source, they will find an excuse to deny until they are in possession to take my property. My balance keeps increasing due to these delays. I've been asking to commence payments since XXXX. I have completed every document The Money Source has asked me to complete and submitted as instructed. I therefore must conclude that there are nefarious intentions at play here. They are telling me that I must reapply, but they are not able to guarantee the previous terms. Not only will reapplying waste more time and increase my arrears, but it is also clear that despite my compliance on every count within the prescribed timelines, The Money Source wants to withdraw the terms of the loan modification agreement because interest rates have increased. That is unethical, predatory, and wrong. The Money Source employees are now advising me to do a short sale of my property, despite my asking to make payments. They are deliberately allowing my arrears to increase beyond a point I can afford, and then seek possession of my property. Advising me to do a short sale when Im asking to begin payment is unconscionable. I must believe that there are other people in the same situation, and I kindly ask you to investigate and intervene before there is a crisis. 

Thank you, XXXX XXXX