Consumer complaint received 2024-10-31 00:00:00
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: Freedom Mortgage Company
State: WI

Complaint narrative:
Certainly! Heres a concise version of your situation : ________________________________________ Ive had a mortgage since XXXX and was consistently ahead on payments until COVID-19 impacted my income. In seeking assistance, I aimed to protect my XXXX XXXX interest rate and maintain my monthly payment of {$1500.00}. As of XX/XX/XXXX, my payment is {$1500.00}, with {$910.00} allocated to principal and interest. However, under the new program, my principal and interest payment will be {$1300.00}, resulting in an increase of {$440.00} a month. How is this supposed to help me? 
I was approved for a " Repayment Plan '' starting in XX/XX/XXXX, designed to help me catch up on my mortgage, with the final payment due in early XXXX. I made my first payment of {$1900.00} on XX/XX/XXXX. However, when I contacted Freedom Mortgage on XX/XX/XXXX, to inquire about the consequences of possibly missing a payment, they strongly recommended that I go through loss mitigation. 
Unsure of my options, I decided to wait until the end of the month to see if I could make the payment, as I was expecting sales commissions. When I called at the end of XXXX to make my payment, I was informed that my repayment agreement had been canceled by an agent during my XX/XX/XXXX call, without my authorization. I was now forced to navigate loss litigation again. I sent in a formal complaint and asked for help from management and got nowhere. 
Due to the lengthy process, my initial trial payment was applied to a missed payment, leaving me over XXXX months behind and on the verge of foreclosure. On XX/XX/XXXX, I received an offer from loss litigation that included a payment higher than I could afford and raised my interest rate to XXXX XXXX, putting me in a precarious position. I immediately called Freedom Mortgage, and a loss mitigation specialist suggested I reject the offer and request further review.

I insisted on reevaluation to avoid losing my home and submitted a letter outlining my concerns, which Freedom Mortgage refused to acknowledge. In XXXX, I received the same paperwork and offer again. Despite my efforts, no one was willing to help, and I was pressured to sign the offer. paperwork or face the start of foreclosure proceedings. 
Ultimately, my only option was a modification that would refinance my loan, increase my payment by {$440.00} in interest only, and extend my term to a XXXX note at the new interest rate of XXXX XXXX 

I believ this is unaccteable. I was encourge to seek leagla ation by my loacla HUD office. I am begining somene to care the rude and gorilla tactics taht are taking place now that covid protection is over. 

Sent Date : XX/XX/XXXX ( this letter was sent by certified mail too on XX/XX/XXXX by XXXX ) Account : XXXX ... XXXX Dear Freedom Mortgage, I am writing to express my deep concern regarding the new payment offer that has been presented to me by loss mitigation in the mail yesterday. I appreciate the offer, but the increase of interest payment of {$440.00} a month, increasing my loan payoff to XXXX  years, is simply not affordable for me. Plus change my rate from XXXX XXXX to XXXX XXXX, adding {$160000.00} in interest to my loan. This would cause a significant burden that I am unable to bear and set me up for failure. I kindly request a revisit and reconsider the terms of the loss litigation payment plan to find a solution that is more manageable for me and keeps my interest rate the same at XXXX XXXX. and potentially keep my payment at or close to {$1500.00}. Please review all FHA options including the one I learned about a new offering, called the Payment Supplement. I value our relationship and hope that we can come to a mutually beneficial arrangement that keeps me in my home and keeps my payment the same at {$1500.00} Sent Date : XX/XX/XXXX ( this letter was sent by certified mail too on XX/XX/XXXX by XXXX ) Account : XXXX ... XXXX Dear Freedom Mortgage, I am writing to express my deep concern regarding the new payment offer that has been presented to me by loss mitigation in the mail yesterday. I appreciate the offer, but the increase of interest payment of {$440.00} a month, increasing my loan payoff to XXXX years, is simply not affordable for me. Plus change my rate from XXXX XXXX to XXXX XXXX, adding {$160000.00} in interest to my loan. This would cause a significant burden that I am unable to bear and set me up for failure. I kindly request a revisit and reconsider the terms of the loss litigation payment plan to find a solution that is more manageable for me and keeps my interest rate the same at XXXX XXXX  and potentially keep my payment at or close to {$1500.00}. Please review all FHA options including the one I learned about a new offering, called the Payment Supplement. I value our relationship and hope that we can come to a mutually beneficial arrangement that keeps me in my home and keeps my payment the same at {$1500.00}

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation