Consumer complaint received 2024-11-02 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — Paying off the loan
Company: Point Digital Finance, Inc.
State: CA

Complaint narrative:
Dear cfpb, In XXXX I was stuck between a rock and a hard place which has since been rectified to some degree, but then, I needed to access some funds anyway I could, to work on an invention, and pay bills because I wasnt employed due to service-related injuries. 
Then late in XXXX early XXXX, I couldnt pay my bills, had to defer my mortgage payments by way of forbearance. For the past XXXX years all my bill have been in excellent standing. 
So, I performed a web search in XXXX, and found a company, Point.com. They were very quick to call me back after explaining my situation and needs. I believe that Point preyed on my situation due to having my sole income coming from having a 100 % service-connected XXXX. Point was eager to help me with the amount I needed, I was asking for {$60000.00}. Point tried hard to get me to increase the amount, but I didnt need that much. There are no monthly payments, and I dont have to pay the loan back for 10 years. How do they make money? They say they invest in the equity of my home with me, if my home increases in value, so does the amount I am required to pay Point at the end of the 10 years. If my home decreases in value, the amount I owe Point decreases too. 
was hoping that Id be in a better place in a couple years and have the funds from my invention to pay Point back ASAP. That didnt quite work out, but I havent given up yet on that dream.

Point wouldnt except monthly payments to pay down the amount even when I was able to work. Point stated it was an all or nothing payback.

So, If I cant pay Point back by the end of the 10 years from funds on hand, I would need to refi my home or sell it to pay Point back. My home was purchased by my father, also a retired XXXX, back in XXXX. I purchased the house from my father in XXXX I refinanced my home XXXX with XXXX VA variable percentage mortgage which started at 2.75 %. Today its currently 3.75 %. XXXX interest rates are in the 6 % range, which I cant afford that new monthly payment. Let alone pulling funds from the equity to pay XXXX back. XXXX added to the refinance mortgage. 
Point targeted me, my situation, and my homes location evaluated the worth of my home about {$300000.00} less than its market value in XXXX, essentially padding their initial investment by that amount from day XXXX of signing. So as of a few days ago XXXX and XXXX both state that my home is worth around $ XXXX. Thats very close to the amount it was in XXXX, but Point states its worth $ XXXX, and if I was able to pay them back today, Id owe them around {$140000.00}. Thats insane. Point is exploiting me, my home is only 1288 square feet, a 2 bedroom/2 bath on 4500 sqft lot.

I dont have an issue paying back my debts, but not when I believe what they are doing is dishonest, and fraudulent, taking advantage of a 100 % combat disabled Marine Corps Veteran . There has to be a way to significantly lower the amount I owe them. If not, I will lose my family home.

Thank you for your time and assistance in this matter, Retired US Marine, and 100 % Disabled Combat Veteran.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation