| 07/27/2016 |
Yes |
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- Loan modification,collection,foreclosure
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Web |
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We went to look for a home in late XX/XX/XXXX. We happened upon a place that sold manufactured homes, and we decided that this would be the best option for us. We agreed to purchase a manufactured home for {$77000.00} with an additional {$30000.00} for basement. When the company came to do the basement work, they started doing it wrong, so we told them to stop and ended up bringing our own excavator to do the work, who only charged {$15000.00}. Our initial construction loan ended up being for {$120000.00} anyway, and when we asked what happened to the {$15000.00} that we did n't use, no one would provide us an answer. The rider to our original loan information stated that we were to have 60 days interest only and after that time it would be prime + 3 % - somehow we ended up being charged 12 % interest. We were first time homebuyers and did not know any different, so we signed the documents as we did not want to lose our home. They filed a mortgage dated XX/XX/XXXX, with a maturity date of XX/XX/XXXX. For XXXX years we paid them {$1400.00} per month. After XXXX years they told us there had been no principal reduction. We consulted an attorney at that time, and he got them to do a modification down to 6 % but we somehow ended up owing {$120000.00}, so we went backward on our loan, which did n't make any sense to us, but we were so scared to not sign it as we did n't have a lot of extra money to pay an attorney to fight the lender, and we were afraid of losing our home. We have constantly been lied to by this company. We asked for an overview of everything that we have paid and they have not provided any itemized statements beginning in XX/XX/XXXX, or an overview of what was paid out on the construction and placement of our manufactured home. About XXXX months ago, I consulted a different attorney. She advised us that unless we stopped paying we would not be able to get any answers from the lender. We just received foreclosure paperwork from the lender and they are now saying that we owe {$120000.00} of principal plus over {$4000.00} of interest, which is crazy as we only stopped paying in May..how does over {$4000.00} accrue in XXXX months??? We are tired of being badgered by this company. We do n't want to refinance because we do n't want to pay them that amount. We admit that we owe them something. We also do n't know if we can refinance because as of XXXX months ago this company had reported XXXX to the credit bureaus to show that we were making regular payments. What concerns me more is that this company has been know as XXXX different names over the course of our dealings with them, so we rarely get straight answers. We have asked our attorney to file for a settlement conference ( that is what I think it is called XXXX, to see if we can come to an agreement, but I think this company has taken advantage of us since we were first time homebuyers, and blue collar workers who did n't know our rights.
I also want to note that we entered into an agreement with XXXX, and the company has changed into XXXX XXXX Inc. and XXXX ( I could not submit all of those names under lender name ).
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| 04/11/2018 |
Yes |
- Mortgage
- Other type of mortgage
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- Struggling to pay mortgage
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Web |
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My mortgage loan is currently being serviced by XXXX XXXX XXXX XXXX ( XXXX ), operating as a financial arm of Baird Home Corporation. XXXX has refused to complete a loan modification, stating that it is a retail installment contract. However, the loan is tied to a single family residence, so general RESPA and HUD law apply. Any contractual agreement instituted outside of a HUD and RESPA complaint mortgage would be a clear violation of the law. Furthermore, when the loan was in default three years ago, XXXX issued a claim with the XXXX XXXX XXXX XXXX. XXXX received over {$41000.00} from the Hardest Hit Funds. The U.S. Department of the Treasury established the XXXX XXXX XXXX XXXX XXXX for the Hardest-Hit Markets ( Hardest Hit Fund ) in early XXXX to provide financial assistance to families in the states most impacted by the downturn of the housing market. In XX/XX/XXXX, U.S. Treasury announced that Indiana would receive {$83.00} XXXX to help *unemployed homeowners pay their mortgage. In XXXX, an additional {$130.00} XXXX was added to this funding making the total investment for XXXX over {$220.00} XXXX.
XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) who oversees the XXXX XXXX XXXX XXXX ( XXXX ) will administer the program as an additional tool offered to troubled borrowers through XXXX and will offer individuals who are unemployed and eligible for unemployment insurance benefits. This assistance consists of a monthly benefit to cover a portion of their first mortgage and related expenses while the individual seeks new employment. Assistance in bringing mortgage payments current is also available for those individuals who were unemployed and eligible for unemployment insurance benefits but are now re-employed and able to make monthly mortgage obligations moving forward. Additional underwriting criteria may apply.
The distribution of these funds is designated for mortgage loans and not retail installment contracts. Since XXXX collected funds directly from a government agency fraudulently, they have violated the False Claims Act ( FCA ), 31 USC 3729 - 3733, since they knowingly withheld information and reported false records to a Federal Government Agency.
I owned the land separately, prior to closing on this loan in XXXX. The loan was closed in a Home Owners Funding home show room, where proper 48 hour RESPA and TIL disclosure prior to closing was never performed. I was initially advised that the rate would be 7 %, but when the loan documents were issued the rate was switched to 13 %. The 13 % rate violates the High Cost Mortgage Law, TILA Act and RESPA ( Regulation X ). I was also advised that I had to borrow {$7000.00} from my father, in order for the loan to fund. This is a clear violation of RESPA law as well.
Since XXXX is now pursuing foreclosure action and has set foreclosure sale dates, I am seeking your assistance on this matter.
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