Complaint #1725755 submitted on 01/03/2016 relating to Residential Credit Solutions. Complaint relates to Mortgage Conventional fixed mortgage - Loan modification,collection,foreclosure .
Complaint was submitted via Web and sent to the company on Sunday 3rd January 2016.
Our mortgage company, XXXX XXXX ( previously owned by XXXX XXXX ) sold our mortgage to Residential Credit Solutions in XXXX, XXXX. Our payments were roughly $ XXXX/month at 9.95 % interest. My husband lost his job in XXXX. We knew our payments were going to be impossible to maintain, so in XXXX, began the process of applying for a modification. XXXX XXXX, and then Residential, made it impossible for us to receive a modification which would make the payments more affordable by continuously delaying the process for about 18 months, then finally gave us a " Supplemental Modification. '' This did not lower the monthly payments, kept the interest rate at 9.95 % and extended our mortgage to 40 years. Since they had already begun sending us foreclosure letters, we had no choice but to accept. We contacted several government agencies and representatives, to include CFPB XXXX XXXX XXXX ( who, by the way, did not listen and were very rude ), and no one would help or listen. I am attaching several documents to support our complaint. After giving up actual living necessities and cashing in our retirement to bring everything up to date, we applied for and received a new variable rate mortgage through a XXXX 2.75 %. Of course, this interest rate will go up ; however, our current monthly mortgage payment is now a little over {$700.00}. We had to incur closing costs, legal and appraisal fees, etc., in addition to the more than {$20000.00} in interest payments over the lifetime of the " modification '' as a result of Residential 's predatory practices and other agencies ' lack of consideration towards us.
| Company | Residential Credit Solutions |
| Complaint ID | 1725755 |
| Date Received | 01/03/2016 |
| Product | Mortgage Conventional fixed mortgage |
| Issue | Loan modification,collection,foreclosure |
| State/ZIP Code | NY 145XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 01/03/2016 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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