Fay Servicing, LLC

2019-06-10

Vab, VA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-09

Jacksonville, FL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Untimely Response

2019-06-07

Colts Neck, NJ

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: In XX/XX/XXXX my XXXX XXXX mortgage was turned over to Fay Servicing. In the two years it took Fay Servicing to complete my paper work I was charged {$36000.00} in interest. That comes to {$1500.00} a month. My entire monthly payment was {$1600.00}. I want a monthly breakdown of this and where the calculation came from. What is a corporate advance? {$4000.00} I was charged for that. Also, want a breakdown of the escrow. When Fay completed an evaluation of the documents I submitted, the unpaid principal balance on your account was {$190000.00}, with {$36000.00} in interest, {$10000.00} in escrow advances, and {$4300.00} in corporate advances, for a total of {$240000.00}. My case worker at Fay will not answer me. I have sent 4 emails and not one answer. Fay servicing still has not explained all the extra money they are stealing. And I want it resolved or it will become a court case. This is illegal to tack on all this money that I do not owe. I want the extra money taken off my balance and also the extra interest that I have been paying for the last year and a half. below is their answer to me. I asked questions and wanted an explanation back but my case was closed. XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX , NJ XXXX XXXX : Account Number : XXXX Property Address : XXXX XXXX XXXX , XXXX , NJ XXXX CFPB Case Number : XXXX Dear XXXX XXXX : Fay Servicing , LLC ( Fay ) has received and reviewed the complaint that you submitted to the Consumer Financial Protection Bureau ( CFPB ) portal on XX/XX/XXXX, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below. a. In your complaint, you state that you started the loan modification process with Fay in XX/XX/XXXX and it took two years to complete. Now you owe more money on the home than when you originally purchased the home and dispute the total amount owing. Fay began servicing your loan on XX/XX/XXXX and at the time ; your account was due for the XX/XX/XXXX mortgage payment and there were active foreclosure proceedings on the loan. The unpaid principal balance on your account was {$190000.00} at the time. Fay received a complete loss mitigation application from you on XX/XX/XXXX and foreclosure proceedings were suspended pending the outcome. When Fay completed an evaluation of the documents you submitted, the unpaid principal balance on your account was {$190.00}, XXXX, with {$36000.00} in interest, {$10000.00} in escrow advances, and {$4300.00} in corporate advances, for a total of {$240000.00}. You were approved for six month Trial Period Plan on XX/XX/XXXX, with the first payment due on XX/XX/XXXX. The evaluation letter dated XX/XX/XXXX, advises that the foreclosure proceedings will remain suspended during the trial period and the current terms of your current mortgage note and mortgage will remain in effect and you will comply with those terms. The evaluation letter also provided the approximate terms of the modification if you successfully completed the trial plan. As such, interest continued to accrue on the unpaid principal balance, as well as, advances were made for taxes and insurance as required. When your loan was modified, effective XX/XX/XXXX, the unpaid principal balance became {$240000.00}. This amount consisted of the unpaid amounts owing for escrow advances, attorney fees, corporate advances, plus any interest, and other amounts capitalized. As a result, after your loan was modified, you do owe more on the loan than the original loan amount of {$220000.00}. After a review of your loan, Fay has determined no errors have occurred with the processing of your loan modification. Foreclosure proceedings were dismissed once your loan was modified. As of the date of this letter, your account is due for the XX/XX/XXXX mortgage payment. If you have any further questions or concerns, please contact your Account Manager, XXXX XXXX, at ( XXXX XXXX XXXX. Sincerely, Fay Servicing , LLC Enclosures cc : CFPB
Company Response: Closed with explanation

Timely Response

2019-06-06

Abbeville, SC

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I had a mortgage with XXXX XXXX who put my loan into an escrow loan which paid my property and insurance premium. In XX/XX/XXXX I received a notice the taxes had not been paid on my XXXX 27X64 XXXX Home located at XXXX XXXX XXXX XXXX XXXX SC XXXX. Map # XXXX. Taxes due on XX/XX/XXXX were {$380.00} which are now {$500.00} with the penalties of nonpayment. I have contacted XXXX XXXX and got a rep who informed me they had sold my mortgage and transferred it in XX/XX/XXXX and they did not have my escrow anymore. Since it was not longer under them did they want me to pay the taxes out of their pockets. Rude Representative for this company since they are the ones that did not pay my taxes. I contacted Faye Services the same day and was told they would look into it and call me back which they have not. I called Faye Servicing again when I received another late notice and was told the same thing. I called the XXXX Tax Assessor 's office and spoke with XXXX, she informed me the taxes had not been paid and that someone called on XX/XX/XXXX to inquire about them from the mortgage company. I called Faye Servicing today and spoke with XXXX XXXX the Acct Mgr, she told me she would check on it and call me back. Once again I have been told that again. I have now received a certified letter stating if the taxes are not paid by XX/XX/XXXX my home will be placed up for sale. This means that a Notice will be placed on my property for everyone to see that my taxes have not been paid. That will cause embarrassment to me and my family. This has cause loss of time from my job to follow up with Faye Servicing, XXXX XXXX and XXXX County, I have also had to make unnecessary trips to the PO to sign for registered letters. This company has me pay {$340.00} monthly to my escrow account and they can not take time to service their customers properly to insure they do not loose their homes. Faye Servicing XXXX is the customer service #. XXXX is the Account Manager 's email address. Faye Servicing XXXX XXXX XXXX XXXX IL XXXX and Faye Servicing XXXX XXXX XXXX XXXX TX XXXX
Company Response: Closed with explanation

Timely Response

2019-06-06

CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-04

Plymouth, FL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: In XX/XX/XXXX I filed chapter XXXX bankruptcy to save my home from foreclosure. Over the years my loan transferred from XXXX XXXX to XXXX to XXXX XXXX XXXX to Fay Servicing to XXXX XXXX. Somewhere between XXXX and XXXX XXXX XXXX I lost my buydown set at 3.5 year one, 4.5 year two, 5.5 year three for the life of the loan. I sought explanation from XXXX only to be told that it was given to me in one lump sum. No evidence of such credit ever provided. I then sought modification from XXXX. After weeks/months of repeated " lost '' documents and one week prior to my anticipated modification my case was closed with the excuse that my loan had transferred to Faye Servicing. After filing bankruptcy my attorney sought a modification on my behalf. The only thing Faye Servicing offered was amortizing {$37000.00} to the back of my loan, and increasing my interest rate by half a point. Upon completing Bankruptcy Fay Servicing has been utilizing my Escrow payments to cover " {$4000.00} Escrow Shortage. '' This has been ongoing Since XX/XX/XXXX when I started paying my own mortgage. I have been Paying nearly {$4000.00}. annually for Escrow only. My taxes and Insurance total under {$3000.00}. Other charges Fay has been collecting is Corporate Advance Charges, Legal Fees, Property preservation, Suspense, escrow shortage etc. I have attached convenants and conditions of modification agreement.
Company Response: Closed with explanation

Timely Response

2019-06-03

Hesperia, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-06-03

IL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I have provided all the documentation to Fay Servicing regarding full coverage of homeowner insurance. As well as both Insurance companies. However Fay still feels that there was a lapse in coverage however the documents that we have provided shows that there was not. They are charging me over XXXX month for hazard insurance when they know I have full coverage and have had full coverage for the last 20 years. They will not allow me to make a payment online at this time and when I call in to make a payment they try to refuse to take my payment unless I pay the XXXX extra for the hazard insurance. I have tried to contact them again today and I can reach them!
Company Response: Closed with explanation

Timely Response

2019-05-31

Tarzana, CA

Closing on a mortgage

Mortgage: Conventional home mortgage

Complaint: My husband and I refinanced our home through XXXX XXXX. Funding occurred on XX/XX/XXXX. Funds were wired to XXXX ( 1st mortgage ) and XXXX XXXX XXXX XXXX ( 2nd mortgage ) on XX/XX/XXXX. Despite the fact that I provided XXXX XXXX a copy of the letter that my loan with XXXX was being service transferred to Fay Servicing on XX/XX/XXXX, the funds to satisfy the loan were sent to XXXX on XX/XX/XXXX. As of today, Fay Servicing has not received the funds and show the loan due for XX/XX/XXXX. I have been going back and forth with both lenders since XX/XX/XXXX with no resolution ( XXXX calls on XX/XX/XXXX spoke with XXXX, XX/XX/XXXX spoke with XXXX, XX/XX/XXXX spoke with XXXX, who didn't even know her own phone number and also said she had escalated the call and that I should receive a call back in 2 hours. It has been 2 1/2 days ) ( Fay calls XX/XX/XXXX XXXX, XX/XX/XXXX didn't write down the man 's name that I spoke with but he was RUDE, MEAN, VERBALLY ABUSIVE and hung up the phone on me, XX/XX/XXXX XXXX who wasn't much nicer but at least he didn't hangup on me, XX/XX/XXXX XXXX, XX/XX/XXXX XXXX XXXX ). I have tried everything possible to get this situation resolved with numerous phone calls and hours on the phone. In fact the people at Fay have been VERY VERY MEAN to me. Both companies have caused me tears, anger and frustration Despite having proof of the wire that was sent to my previous lender XXXX, I have nothing that says the money was forwarded to Fay despite the fact that XXXX claims they mailed me a letter stating the same on XX/XX/XXXX. I have been verbally abused, brought tears, told that the matter has been escalated, promised calls and emails and here I sit filing a complaint because my loan still shows unpaid and due for XX/XX/XXXX. I need to know where my money is. Someone has it but absolutely no one wants to help me find it. And so help me XXXX, if my credit is ruined because of this, I will sue all three companies involved for negligence. I am already considering legal action for the pain and suffering that this whole situation has caused me. How can these companies remain in business when they treat their customers like this??? XXXX ( loan # XXXX ) and Fay Servicing ( loan # XXXX ) Please help me find my money. XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX XXXX
Company Response: Closed with explanation

Timely Response

2019-05-29

Acequia, ID

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-29

Fort Worth, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-28

Lk Buena Vis, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-23

Lakeshore, LA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-23

Stamford, CT

Struggling to pay mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2019-05-22

Bellaire, TX

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: Att : : XXXX XXXX XXXX From : XXXX and XXXX XXXX Date : XX/XX/2019 RE : True loan modification ( XXXX Intake Dept ) We have questions about this loan modification. We want the real estate attorney to review the modification in detail and documents we sent to the XXXX XXXX XXXX. We want the Attorneys that viewed the document phone number, email, and their state bar number. We want the attorney to sign off on all documents personally. XXXX XXXX or XXXX XXXX are they attorneys? Our current monthly payment is XXXX The paper work that XXXX XXXX sent for us to sign is a blind modification, without any payment plans, monthly payment, escrow, taxes and insurance. We need the number break downs of years and monthly payments. The purpose of the loan modification program is to lower our monthly payment making our home more afford. According to our case manager, XXXX XXXX stated that Fay Servicing should return to us XXXX that they did not give us credit from last year. We received a phone call from XXXX XXXX resprened himself as the first Vice- President of Fay Servicing XXXX stated that Fay Servicing did us wrong and how could they make it right to us. The date that he called was the XX/XX/2019. He stated that he was going to send to us certified mail. He called two times. This the same tactic Fay Servicing did to us less than a year ago. Our attorney at that time name is XXXX XXXX. Her number XXXX. We would like the retainer from all Attorneys including XXXX XXXX XXXX ; the retainer should be paid by Fay Servicing. We want the escrow break down, of the loan modification, terms of taxes, insurance and payments. Why do we have to accept Fay Servicing loan modification only? Why is it taking so long to get the loan modification? We need an attorney to call or engage us by email concerning loan modification. We want the attorney to seize and stop this tactic concerning our loan modification. We want all these questions answer by the attorney personally by letter or email. XXXX XXXX XXXX, ( case manager XXXX XXXX XXXX ) assured us a loan modification we qualify (
Company Response: Closed with explanation

Timely Response

2019-05-20

Jupiter, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I worked with XXXX to modify my loan with XXXX. From what I can recall, my loan was transferred to Fay Servicing and via the transfer process I was a month behind on payments and Fay had offered to put the payment toward the back of the loan. I had done this before with XXXX and there was no material changes to the modification agreement with XXXX when a payment was placed to the rear of the loan, other than the payment was now added to the end of the loan. When I received Fay 's paperwork, I inquired if this would alter the principle forgiveness modification I had made with XXXX and I was told no by the previous account manager who was handling my account at the time. In addition the paperwork from Fay states " Providing for Fixed Interest Rate. '' at the top and center of the first page and does not indicate any other changes. I already had a fixed interest rate. A review of the Fay documents showed the same interest rate as I already had and payments remaining the same, so I took their word that their document only shifted the payment to the end of the loan. When I was assigned a new account manager, after being with Fay Servicing for some time, I inquired with him about the modification I had done with XXXX including the principle forgiveness and he confirmed over the phone that it was all in place. Eventually I remembered that the time has come to began receiving the principle forgiveness and inquired with my Fay account manager, and he told me I didn't qualify because I had been late with payments. I told him I was never 3 months late on the last day of the 3rd month since getting the XXXX modification so I should still be eligible. I asked him to review the documents and my account and call me once he had better information. I worked hard over the period of many years since XXXX to finally get the modification terms I received under the XXXX modification and would never knowingly sign terms away which benefited me, for terms that do not benefit me, but benefits the loan provider and servicer. I believe I was intentionally misled and lied to. Never were the terms of the Fay Servicing modification explained other than it would place a payment to the end of the loan and I would be current with my loan once a normal monthly payment was made. This is predatory loan practices that Fay Servicing has engaged in against me. From what I can recall, I was a month behind on payments and Fay had offered to put the payment toward the back of the loan. I had done this before with XXXX and there was no material changes to the modification agreement with XXXX when a payment was placed to the rear of the loan, other than the payment was now added to the end of the loan. When I received Fay 's paperwork, I inquired if this would alter the principle forgiveness modification I had made with XXXX and I was told no by the previous account manager who was handling my account at the time. In addition the paperwork from Fay states " Providing for Fixed Interest Rate. '' at the top and center of the first page and does not indicate any other changes. I already had a fixed interest rate. A review of the Fay documents showed the same interest rate as I already had and payments remaining the same, so I took their word that their document only shifted the payment to the end of the loan. When I was assigned a new account manager, after being with Fay Servicing for some time, I inquired with him about the modification I had done with XXXX including the principle forgiveness and he confirmed over the phone that it was all in place. Eventually I remembered that the time has come to began receiving the principle forgiveness and inquired with my Fay account manager, XXXX, and he told me I didn't qualify because I had been late with payments. I told him I was never 3 months late on the last day of the 3rd month since getting the XXXX modification so I should still be eligible. I asked him to review the documents and my account and call me once he had better information. XXXX called me to tell me I signed a modification with Fay that nullifies and supersedes the XXXX modification. I told him if that was the case then I was mislead. I worked hard over the period of many years since XXXX to finally get the modification terms I received under the XXXX modification and would never knowingly sign those terms away which benefited me, for terms that do not benefit me, but benefits the loan provider and servicer. I believe I was intentionally misled and lied to. Never were the terms of the Fay Servicing modification explained other than it would place a payment to the end of the loan and I would be current with my loan once a normal monthly payment was made. I sold my home due to this issue in XX/XX/XXXX. I owned my home sine XXXX. I believe this is predatory loan practices that Fay Servicing has engaged in against me. Please help me make this right. The documents from XXXX and Fay are available and I will attempt to attach them. Thank you, please me make this right. Thank you.
Company Response: Closed with explanation

Timely Response

2019-05-16

Bayway, NJ

False statements or representation

Debt collection: Mortgage debt

Attempted to collect wrong amount
Complaint: I have been negotiating with Fay Servicing since XXXX of 2019, they informed me that the property has been appraised for $ XXXX and made my client get insurance on the property in order to get this short sale approved. They informed me 3 weeks prior to the sale date that the investor wanted an offer of $ XXXX and I emailed my client right away asking them if they were willing. They agreed, and soon after I spoke back to the agent managing this deal, he raised the price from XXXX and asked " how bad does your buyer want it? '' to now netting $ XXXX, so the offer would have to be around $ XXXX. This was not reasonable for the appraisal on this property came back as $ XXXX. They would not give me the name of the investor, this is the third time a short sale has gone through the whole entire process, only to be shut down at the very last minute because the agents aren't truthful about the numbers. I do not believe they are communicating with the investor because traditionally in a short sale an offer for fair market value is acceptable. I have recording and proof that my clients have been misguided and bullied into letting their properties go into foreclosure, when all they want to do is avoid auction. Very poor management communication, the managers would never call back or reply to emails.
Company Response: Closed with explanation

Timely Response

2019-05-15

Los Angeles, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-15

Buda, TX

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-14

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-13

Cape Coral, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-09

NY

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: Upon speaking with my account manager at Fay Servicing I was informed I can submit a loan modification paperwork to be considered for whatever available options I might be eligible for. I have submitted the application on XX/XX/2019. I was informed both verbally and in writing before submitting the application that for the servicing company to consider any available options " I would have to submit all documents well before at least 37 days of the scheduled auction date. '' In fact I have submitted all documents to Fay Servicing at least 55 days before the auction date of the upcoming sale date of XX/XX/2019. Please see dated application as attachment and proof. In fact 8 days later I have received an acknowledgement letter confirming the completion of my application. However, after 14 days later I have received another letter informing me that my application " was submitted at the time when auction date had already been scheduled, and therefore your application is denied. '' Upon receiving a letter disapproving the application I am writing to inform you that the company is going against company protocol as well as the rights of the consumer. I have included all files from the date of application. I have initiated the Borrowers assistance application on XX/XX/2019 which is over 55 days before the alleged scheduled auction date on XX/XX/2019. The application is denied for the following illegitimate statement : " To be eligible for this program, the investor that owns your mortgage loan requires that no Foreclosure sale date is scheduled. A foreclosure sale date has been scheduled. '' In fact, attached for your review on the top of the Borrowers assistance form it is indicated the following : " Certain restrictions apply if there is a scheduled foreclosure sale date. The owner of your loan does not offer loss mitigation options to borrowers who submit applications less than the applicable number of days before a scheduled foreclosure sale. Generally, all documents required to complete your loss mitigation application must be received more than 37 days before a scheduled foreclosure sale in order for you to be eligible for loss mitigation options. '' Please see 6 different email attachments as evidence contrary to their decision. Please note, I have submitted my application well before the minimum 37 days, which in this case approximately 55 days. I assert that the reason for the disapproval is baseless and unfounded as I have submitted the application well within the timeframe. Fay Servicing has been engaging in unlawful foreclosure practices for many years. Please see attachments as evidence of all their illegal practices. I am asking the company to give me the right to move forward with the loan modification option to sell the house in the open market and to stop the upcoming auction date on XX/XX/2019. I have included the following documents for your review : Borrowers Assistance Form Home insurance as per the request of Fay Servicing Residential Broker Price Opinion Letter Acknowledging the completeness of the application Letter Disapproving Short Sale Fay Servicing illegal foreclosure practices Fines and charges by the CFPB
Company Response: Closed with explanation

Timely Response

2019-05-07

Vero Beach, FL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-05-07

Colts Neck, NJ

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: On-going complaint against FayServicing, LLC Loan # XXXX Property address : XXXX and XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX, SC XXXX Re : 4th complaint Due to our medical conditions and the fact my wife is on her retirement and I stopped working last year, we have filed a loan modification with Fay Servicing , LLC our mortgage company over 6 months ago and have had nothing but difficulty with them. They are deceptive and use fraudulent practices including lies, deception, stalling, losing documents, losing packages we send, misplacing items and then constantly telling us they did not receive what we sent in twice. We are not able to make our payments and we have to borrow to make them on the 30th day of the month and last month was again difficult for us. I have contacted them on over 30 different occasions and lately I have contacted them 7 times and they completely ignore all my communications and wont even get back to us despite our efforts to communicate fairly. We sent them in all the paperwork they requested even though they had everything once already and they lost it all. This is now the 6th month we have been struggling with them to no avail and no response from them. We have submitted our paperwork to an independent banker who has agreed we qualify for a loan modification and he stated it should only take 60-90 maximum to get it accomplished. He stated he saw over 1 million complaints against Fay Servicing , LLC and they were in an lost several lawsuits about defrauding people.
Company Response: Closed with explanation

Timely Response

2019-05-04

Eddyville, NY

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: The servicing of my mortgage has been transferred to Fay Servicing, according to the previous servicer, XXXX. Fay Servicing should have sent me a letter to facilitate the transfer. They did not. I attempted several times to register on their website, but the website rejected my information. I attempted to call several times, but without an account number that they recognize, they will not put a human on the phone. If they don't recognize my account number, I have no way to pay my mortgage, which is due on XX/XX/19. I have no one else to call, since I don't even know who owns the mortgage anyway. When the payment becomes late, I will be penalized and my credit will be affected. Can you get them to process all the accounts which they now service, but are not even in their database?. By not doing the job they are presumably being paid for they are in effect defrauding both parties to the mortgage.
Company Response: Closed with explanation

Timely Response