Consumer complaint received 2024-03-01 00:00:00
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: EQUITY LOANS LLC
State: NY

Complaint narrative:
We bought our home with a government backed FHA mortgage loan and there are several programs that are designed to help FHA homeowners with hardship get back on track. Equity Prime Mortgage has never considered us or reviewed us for any of these programs and instead has started the foreclosure process. Our family has had an extremely difficult time ever since we purchased our home in XX/XX/2022. My wife XXXX started a new job in order to help the family with more money but the position ended up not working out. Not long after that the overtime at my job got cut, and about 7 months after purchase we found ourselves struggling with the mortgage payment and tried to get the bank to work with us. Instead of help we got obstruction by EPM and false promises about sending us paperwork and it put us in a bad position.

My wife started a new job right after we bought the house because it paid more. Unfortunately, it did not work out as planned because the commute was much farther and she did not receive the hours she had been promised. She tried to stick it out hoping it would get better but it did not, and then my overtime got cut and we were in trouble. We have XXXX kids in our house as well as my wife and oldest son and the cost of food, gas, and utilities were going up and we were in over our heads and could not make the XXXX mortgage payment. That is when we started trying to get Equity Prime to work with us but my wife had difficulty getting anyone to speak with her or help and they kept promising to send out paperwork but never did. I work as a welder and I am not allowed to have a phone on the job site and my son XXXX works on the train, so neither of us were able to call in during business hours to try and get help from the bank, so my wife XXXX would call in. She told the agents that we were in trouble and wanted to make a partial payment but they said sorry we cant speak with you. They said they were going to send us paperwork for mortgage assistance and third party authorization forms so that they could talk to my wife but these never were sent. My wife continued to try to get someone to speak with her about our mortgage situation and finally in XXXX ( after 4 months of trying ) was able to get someone to send out the mortgage assistance and third party paperwork. We sent this in but have never heard back from the bank, even though my wife has called several times to get updates. Now we are being told that our mortgage loan is in foreclosure. This should not be happening. 

Our hardship is resolved as my overtime is back and my wife went back to her old job. We tried to resume making mortgage payments a couple of months ago but EPM refused to accept them. We submitted the borrower assistance paperwork but have no idea if it was received or if anyone even looked at it. When my wife calls to ask they tell her they will call back and let us know but they never do. Then we were blindsided by a foreclosure letter from your company.

Company response to consumer: Closed with explanation