Consumer complaint received 2025-04-24 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
Company: ARVEST BANK GROUP, INC.
State: CA

Complaint narrative:
XXXXI am writing to formally address the denial of my recent loan modification request and to seek further clarification and reconsideration based on the circumstances surrounding my application.\nIn XXXX and XXXX, my business faced significant financial hardship due to the State of Californias closure of XXXX XXXX. To mitigate the impact, I applied for state disaster relief, which has been delayed and is now expected to be disbursed in XXXX XXXX. To sustain my business and cover personal expenses during this period, I secured a Small Business Administration (SBA) loan as XXXX XXXX. However, with the disaster relief funds still pending and the SBA loan depleted, I have fallen three months behind on my mortgage payments.\nFollowing guidance from Arvest Bank, I submitted a loan modification package to explore options for retaining my home. I proposed a payment reduction through a combination of a term extension, interest rate reduction, or principal reduction, with a particular emphasis on a term extension. This approach, I believed, would preserve the investors interest while enabling affordable payments to maintain homeownership.\nDuring initial discussions, two Arvest representatives indicated that all proposed options, including a term extension, would be considered. However, during the modification process, I was informed that a term extension was not available, as this option is limited non private, XXXX XXXX  or XXXX XXXXbacked loans. My loan, I was later told, was a non-XXXX lender, a lender chosen without my consent. Additionally, I was informed post-denial that my loan had been modified three times previously, rendering further modifications ineligible. I find it concerning that the modification specialist did not review the loans history prior to processing my request, given the three-modification limit.\nFurthermore, I have encountered inconsistent communication from Arvest Bank. For instance, I was initially told the loan was funded by XXXX XXXX, but later informed it was XXXX XXXX. Additionally, an automated system approved me for a loan forbearance, which Arvest declined until I provided a recording of the approval. While Arvest staff have been courteous, these discrepancies have created confusion and placed an undue burden on me to navigate conflicting information during a critical financial matter.\nGiven these circumstances, I respectfully request a thorough review of the modification denial, including an explanation of the loans history, the transfer to a nonXXXX-backed lender, and the modification processing protocols. I also ask that Arvest reconsider viable options, such as a term extension or other modification structures, to help me retain my home while ensuring the investors interests are protected.\nThank you for your attention to this matter. I look forward to your prompt response and am available for further discussion or to provide additional documentation as needed.\nSincerely,XXXX XXXX XXXX

Company response to consumer: Closed with explanation