Consumer complaint received 2024-11-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Foreclosure
Company: SN SERVICING CORPORATION
State: CA

Complaint narrative:
Morgage company refuses to review loan mod package or send to the investor they deny the package constantly and offer unaffordable excessive suprime repayment plans!!! 

Here is their latest communication : Your loan is not impounded/escrowed for SN Servicing to pay the Property Taxes or Homeowners Insurance as thats your responsibility. Unfortunately the property taxes were delinquent/unpaid to the point where the investors decided in order to protect their interest in the property and avoid the possibility of a tax foreclosure and there be legal fees & costs that would have to be paid as well as the delinquent taxes the investors made the decision to advance and pay the delinquent XXXX and XXXX County Taxes to XXXX XXXX County in the amount of {$34000.00}, which was paid in XX/XX/year>. The tax advance needs to be repaid. 



The XX/XX/year> through XX/XX/year> mortgage payments are currently due. Your monthly Principal & Interest payment is {$5700.00} so just in payments youre looking at {$57000.00} through XX/XX/year>. If you combine the {$34000.00} XXXX XXXX it bring just for payments and tax advance to {$92000.00}, but thats not even full reinstatement, since theres legal fees & costs, NSF charges and late charges. The investors had previously offered a 6 Month Repayment Plan, but it was declined. The investors are not offering anything else other than a 6 Month Repayment Plan. If youre interested Ill order a reinstatement quote, which will be e-mailed to you so youll have the default amount needing to be cured. 

Here is my response- XXXX we are asking that you send this to the investor and asking that you send a denial letter for the requested loan modification which you keep stating it was denied but have never given a reason why? What is the reason for the denial when it can not be income. The income was sufficient. We feel you have NO VALID reasons once again. We have tried every possible way to work with SN servicing and have exhausted all resources besides superior court complaints and imminent bankruptcy XXXX. 



I received your inconsiderate email stating that the investors paid delinquent property taxes on my behalf and are demanding repayment on top of arrears. I understand the importance of paying property taxes but we were in a California relief program that they denied us due to lack of funds. All the while saying that we were approved. They also made contact with SN and sent a form and you failed to communicate! You could have moved the paid taxes to the back of the loan. You cant harm the homeowner who is already delinquent with a demand to pay XXXX. I was not informed about the tax payments until after you made payment and was not given a chance to pay them myself!!! Why? Seems like you enjoy working against homeowners at SN servicing. This is why your company has so many lawsuits against you. 



According to your email, the total amount owed is {$92000.00}, which includes the tax advance and accrued interest. I understand that this amount is due, but I CAN NOT afford to over the short six month payment timeline!! 

It is unacceptable, unreasonable, excessive and extreme. 



To propose a repayment plan, I offer the following : - For the next 6 months, I will pay {$7700.00} per month, which will cover the arrears and a portion of the accrued interest. - After 6 months, I will resume making my regular monthly payments of {$5700.00}. To calculate the total number of months needed to pay off the arrears, I have divided the total amount owed by my monthly payment : {$92000.00} ( total amount ) {$7700.00} ( monthly payment for 6 months ) = 12 months ( approximately ) However, since I will be paying {$7700.00} for only 6 months, the total number of months needed to pay off the arrears will be longer!!! You as the servicer are nit offering true loss mitigation if you are listening to what a homeowner can afford. 



To estimate this, I have calculated : {$92000.00} ( total amount ) - {$46000.00} ( total payments for 6 months ) = {$46000.00} ( remaining balance ) {$46000.00} ( remaining balance ) {$5700.00} ( regular monthly payment ) = 8 months ( approximately )! 



Therefore, it will take me approximately 14 months ( 6 months at {$7700.00} + 8 months at {$5700.00} ) to pay off the arrears. 



Please confirm if this repayment plan is acceptable to the investors. If not, I request that you provide a detailed breakdown of the reinstatement quote, including all fees and charges, so I can understand the total amount and negotiate a feasible repayment plan through immediate XXXX  XXXX workout. 



I look forward to the response of the investor and not your made up responses and unofficial notes. 



Reply all to ALL government agencies and counsel. I agree to all recipients on this thread to receive the communication. Each email address is authorized by XXXX XXXX. M My advisory group wrote this- XXXX XXXX , We intend to come up with a solution for XXXX XXXX to resume her mortgage payments and save her home, and we need your cooperation. We are here to make arrangements for this to work out for the homeowner using every means possible. She knew her responsibility and obligations when she acquired this mortgage loan but did not expect her financials to be affected when the COVID-19 financials caught her off guard, and she was just recently approved for a loan modification 2 years ago. Having said that, it's unnecessary to remind her of obligations on the mortgage, nor are you in a position to suggest a motion in a Bankruptcy court since you are not an attorney. Please refrain from suggesting that since you are unaware of her financial distress. When she began falling behind on the mortgage payments, she also began falling behind on the property taxes. Still, she took the initiative to apply to the state program that assists homeowners affected by COVID-19 financial distress to have their property taxes resolved. Unfortunately, we found out later that she was qualified, but the state and the government ran out of funds. Naturally, as stated on the loan documents she received when she acquired this loan, the investor paid the property taxes since they are also the loan owners, as you understand. XXXX XXXX has agreed to a reasonable payment plan but with you adding the taxes to the plan it makes it unaffordable. You suggested a payment of over XXXX, which falls in a subprime lending category. This does not sound as if you are seeking to help the homeowner. XXXX mentioned several times the offer for a repayment plan and why she qualifies for it. We are greatly thankfull for the opportunity but its a monthly payment that the homeowner wont be able to keep up. 

We are requesting that the investor give her the chance to revise her income and expenses for a loan modification or a repayment plan where she can affordably catch up over 5 years or more. If that's not an option for her, according to what you have mentioned in the past, we need an actual denial with reasons why on a letter so XXXX XXXX can reach out to other options. 









XXXX XXXX Senior Case Specialist XXXX XXXX XXXX

Company response to consumer: Closed with explanation