RUSHMORE LOAN MANAGEMENT SERVICES LLC
Consumer Complaints
There are over 2172 complaints on file for RUSHMORE LOAN MANAGEMENT SERVICES LLC. Dated between 2019-12-11 and 2012-10-01.
Complaints Page 3
2019-10-24
Fort Worth, TX
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Closed with explanation
2019-10-23
Ivalee, AL
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Information is missing that should be on the report
Company Response: Closed with explanation
2019-10-23
Little Rock, AR
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-22
N San Juan, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-22
N Plainfield, NJ
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-22
Discovery Bay, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-22
NJ
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-22
Stratford, CT
Applying for a mortgage or refinancing an existing mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-21
Trouble during payment process
Mortgage: Other type of mortgage
Company Response: Closed with explanation
2019-10-21
Oxford, GA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-19
Santa Ysabel, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-18
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-16
Blackbird, DE
Closing on a mortgage
Mortgage: Conventional home mortgage
Complaint: I have been pleading and sending letters to Rushmore to no avail. They just toss me around from their company to their investment company they represent. But the XXXX XXXX or XXXX XXXX tells me that I should be in touch with Rushmore.
I have paid this company over 80K in the last 3 years that they took over my loan from XXXX, another crook of a company. I have paid every month to the various banks and lenders from the time I bought my house. I owe more today!!!! than I did 15 years ago. This is just preposterous. I am asking them to give me a lower balance or at least deduct the arrears. I am not even sure how these arrears have happened. Banks can not forever act to take people 's belongings.
I need an answer sooner than later. Rushmore also gets terrible reviews.
Company Response: Closed with explanation
2019-10-16
La Mesa, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-16
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-14
Newark, NJ
Struggling to pay mortgage
Mortgage: FHA mortgage
Complaint: I fell behind on my mortgage because of major home repairs that were urgent and mandatory, in order to keep my home in good condition. I applied to Rushmore Loan Management for a modification, so I can get back in good standing with my mortgage. After several months of the process, Rushmore approved me for a payment of {$3600.00}, a payment that was {$1100.00} MORE than my previous payment, AND also asked me for a down payment of {$6000.00} as a condition for the modification.
They asked me before if I had any money for down payment and I told them I did not, yet they still asked me for over {$6000.00}!
I asked them why are they giving me a payment of {$3600.00} MONTHLY, and what calculation they used to come up with that ridiculous payment, on a house in the ghetto, worth under {$20000.00}, and was shocked at the explanation. So, I have a rental property in Pennsylvania, and THEY USED THE RENTAL INCOME FROM THAT PROPERTY, BUT DID NOT TAKE INTO ACCOUNT, THE MORTGAGE PAYMENT AND EXPENSES ON THAT PROPERTY!!
So they used the income and didnt care that that mortgage company for that property should be paid with the income from that property. This is insane!
Company Response: Closed with explanation
2019-10-12
Greenwood, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I have received a loan modification packet from Rushmore Loan Management Services and have submitted all documentation they have requested to them fax. Im in review but my foreclosure sale date is still showing online as active on XX/XX/XXXX. Im scared and do not know what to expect from the company. Im working with them but do not know if they are willing to do the same and follow the California Homeowners Bill of Rights Act.
As part of this bailout, on XX/XX/XXXX, the United States Government took over XXXX XXXX and pumped billions, which in XX/XX/XXXX, then Treasury Secretary XXXX XXXX said as much as {$200.00} billion would be pumped into XXXX XXXX and XXXX XXXX, each, which was separate from the {$700.00} in TARP funds given out to other lenders.
1. The guidelines issued by the United States Treasury set forth a detailed process whereby a participating servicer, either action or not acting through its subsidiary, must : a. identify loans that are subject to modification under the HAMP program, both through its own review and in response to requests for modification from individual homeowners ; b. collect financial and other personal information from the homeowners to evaluate whether the homeowner is eligible for a loan modification under HAMP ; c. institute a modified loan with a reduced payment amount as per a mandated formula, that is effective for a three-month trial period for borrowers that are eligible for a modification ; and d. provide a permanently modified loan to those homeowners who comply with the requirements during the trial period. Whether the homeowner qualifies for a modification or not, participating servicers are also required to provide written notices to every mortgage borrower that has been evaluated for a loan modification, whether or not the borrower has been found eligible.
HAMP and its associated directives also set prohibitions against certain conduct including demanding upfront payments in order to be evaluated for a loan modification, instituting or continuing foreclosures while a borrower is being evaluated for a loan modification, assigning a single point of contact, maintaining an adequate level communication with borrowers, maintaining proper caseload to ensure HAMP objections are met, and restrictions on the way a servicer may report the borrower to credit reporting agencies.
All servicers have systematically failed to comply with the terms of the HAMP directives and has regularly and repeatedly violated several of its prohibitions. Now that HAMP is over and expired due to servicers prolonging these modifications they are now proceeding with other alternatives.
Under HAMP, the federal government incentivizes participating servicers to make adjustments to existing mortgage obligations in order to make the monthly payments more affordable. Servicers receive at least {$1000.00} for each HAMP modification. However, this incentive is countered by a number of financial factors that make it more profitable for a mortgage servicer avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans toward foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by the servicer. However, this incentive is countered by a number of financial factors that make it more profitable for a mortgage servicer such as Rushmore Loan Management Services , LLC to avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans toward foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by Service companies because Service companies do not carry a significant risk of loss in the event of foreclosure.
California Business and Professions Code 17200 et seq., also known as the California Unfair Competition Law ( UCL ), prohibits acts of unfair competition, including any unlawful, unfair, or deceptive business act or practice as well as unfair, deceptive, untrue or misleading advertising. Rushmore Loan Management Services , LLC and all other previous servicers and their Investors conduct was unlawful in that : They illegally began and prosecuted the non-judicial foreclosure based on the lien to the 1st Deed of Trust, despite i was not in breach of payments on said lien ; They engaged in the uniform practice of requesting unnecessary documentation, seeking repetitive submissions of the same documents, and never rendering a decision, and in doing so, such activity provides the basis for an unfair inquiry and could deceive the public because it places burdensome requirements on me that served no purpose but to provide a basis for either engaging in Dual Tracking by selling my home and by denying loss mitigation options, such as loan modifications ; They failed to properly consider loan modification applications before trying to sell my home.
1. On information and belief, Rushmore Loan Management Services , LLC does not own a significant majority of the loans on which it functions as servicer.
2. Economic Factors that discourage Rushmore Loan Management Services , LLC from meeting its obligations under HAMP by facilitating loan modifications include the following : a. Rushmore Loan Management Services , LLC may be required to repurchase loans from the investor in order to permanently modify the loan. This presents a substantial cost and loss of revenue that can be avoided by keeping the loan in a state of temporary modification or lingering default.
b. The monthly service fee that Rushmore Loan Management Services , LLC, as the servicer, collects as to each loan it services in a pool of loans, is calculated as a fixed percentage of the unpaid principal balance of the loans in the pool. Consequently, the modifying of a loan to reduce the principal balance results in a lower monthly fee to the servicer.
c. Fees that Rushmore Loan Management Services , LLC charges borrowers that are in default constitute a significant source of revenue to it. Aside from income Rushmore Loan Management Services , LLC directly receives, late fees and process management fees are often added to the principal loan amount thereby increasing the unpaid balance in a pool of loans and increasing the amount of the servicers monthly service fee.
d. Entering into a permanent modification will often delay a servicers ability to recover advances it is required to make to investors of the unpaid principal and interest payment of a non-performing loan. The servicers right to recover expenses from an investor in a loan modification, rather than a foreclosure, is often less clear and less generous.
e. Fixed overhead costs involved in successfully performing loan modifications involve up-front costs to the servicer for additional staffing, physical infrastructure, and expenses such as property valuation, credit reports and financing costs.
3. Rather than allocating adequate resources and working diligently to reduce the number of loans in danger of default by establishing permanent modifications, Rushmore Loan Management Services , LLC has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted billions of dollars from the United States. Rushmore Loan Management Services , LLC delay and obstruction tactics have taken various forms with the common result that my loan serviced by Rushmore Loan Management Services , LLC, in which im eligible for permanent loan modifications, and have met the requirements for participation in HAMP, have not received permanent loan modifications to which iam entitled.
4. By failing to comply with the California Homeowner Bill of Rights ; specifically, by engaging in the unlawful practice of Dual Tracking, Rushmore Loan Management Services , LLC has left me in a state of despair and panic as I seek a loan modification from Rushmore Loan Management Services , LLC, only to have my home wrongfully, oppressively and illegally sold out from under my feet.
Here is some information from previous servicers and what has happened.
I received a loan modification package from XXXXXX/XX/XXXXwith a proposal trial period payment for 3 months in the amount of {$3600.00} which is around {$1700.00} over the amount i used to pay before to XX/XX/XXXX XXXX XXXX. My payment was {$1900.00}. How can i afford to pay more then what i couldn't pay before in the first place?
I have spoken to a lot of my close friends who were in the same situation as me and around the same loan amount and property size, they have received a very good loan modification of around {$980.00} a month, another friend received a loan modification in the amount of {$660.00} a month. How can this be that they are receiving loan modifications to help them stay and pay for their home while i can not even get a close amount to my old payment of {$1900.00}?
Please help me as this is getting out of hand and Im worried for my family and losing my home to this banking scam. It seems to me that they are just transferring loans to get away from giving out a loan modification.
I have sent Rushmore Loan Management Services my full Request for Mortgage Assistance package and they have received it with no error. I called them asking if there is anything else needed and what the status was, Rushmore representative replied that they do not need anything else and that the loan modification is under review. But while in review I still show that the sale is scheduled and coming up on XX/XX/XXXX.
Company Response: Closed with explanation
2019-10-12
CA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: It is astonishing to me that my previous complaint ( XXXX ) was closed and deemed resolved on the basis of a completely unsubstantiated and UNRESOLVED response from the Mortgage Company ( Rushmore ), without ANY feedback from me, as to my level of satisfaction.
The response involves statements which are inaccurate, to which I am given no opportunity to respond, and the issues are in no way resolved.
I am, therefore, re- opening this complaint and will continue to do so until it is resolved to the satisfaction of all parties concerned.
Company Response: Closed with explanation
2019-10-11
Staten Island, NY
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-11
Arvada, CO
Took or threatened to take negative or legal action
Debt collection: Mortgage debt
Seized or attempted to seize your property
Complaint: We have been dealing with Rushmore Loan Management Services Manager XXXX XXXX ( direct phone XXXX ). On XX/XX/XXXX he informed me that a letter was sent out in XXXX of XXXX with an offer of XXXX to settle a second mortgage lien that was discharged in a bankruptcy. He asked me to get proof of funds and allow him to settle for up to XXXX. I sent him proof of funds from our bank that day. After that he never got back to me and I was never allowed to talk to him. Then we received a letter dated XX/XX/XXXX stating that Rushmore was transferring our loan to XXXX XXXX XXXX as of XXXX XXXX, XXXX. We then contacted XXXX XXXX who was our new Manager at XXXX and explained that we were in the process of setting with Rushmore when they suddenly transferred the account. She informed me that if we could get a copy of the offer letter from XX/XX/XXXX that they would accept and settle for that amount, I asked her if she didn't have that in her history and she said they did not get any information from Rushmore and we needed to request that directly with Rushmore. I did this repeatedly and was told each time that it would go out in the mail that day. It never came on any of the requests. I then went back to XXXX and was informed I had a new Manager XXXX XXXX. I explained all to her and she again said they would accept the XX/XX/XXXX offer if we could get a copy. She even did a conference call with Rushmore and me stating who she was and what we needed. Again no copy went out. On XX/XX/XXXX we called and faxed a request for all correspondence and a script of all calls. They acknowledged this request and said we would receive information within 30 business days. We called them today and they said they had transferred all information to XXXX and we would have to get it from them. XXXX if still claiming not to have gotten this information. We demand to receive this. Rushmore dragged their feet on this. If they were never going to send it they could have told us this right away. I think there is a conspiracy between Rushmore and XXXX.
Company Response: Closed with explanation
2019-10-10
Brooklyn, NY
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: Mrs. XXXX applied for a modification w Rushmore loan management. She applied several months ago n has submitted all the required documents. As time went on they ( rushmore ) kept requesting more n more documents saying the previous ones were outdated. Mrs.XXXX complied n submitted the reqired updates. I ( XXXX XXXX ) called rushmore numerous times to ask for updates n to ask if anything else was needed. Sometime in early XXXX i reached out to rushmore knowing that the 37 days prior to the auction date was nearing n talked w XXXX she identified herself as the processor handling the file. She told me on or about XX/XX/19 that all necessary docs were in n that she was going to move the file to the next phase for approval.keep in mind this was still 37 days prior to auction date. On or about XX/XX/19 i reached out to rushmore bc i hadnt received the loan modification requirements for mrs.XXXX n was told i needed to speak w XXXX, who was the underwriter n she informed me that even though everything requested was in, that Rushmore hadnt sent out an approval letter to mrs.XXXX n it is now too late to stop the auction bc it was less then 37 days until auction date. Mrs.XXXX more then qualifies for the modification has submitted all necessary documents n because rushmore hasnt generated the approval letter in a timely fashion they are now going to decline her application n sell her home. This is beyond unacceptable. I ask that you please intervene on Mrs.XXXX behalf n allow her this opportunity to modify her mortgage. Rushmore has been playing games w this file for months.i believe they are doing this bc they know MrsXXXX 's property has equity. My name is XXXX XXXX i have been assisting mrs.XXXX with her modification. My phone number is XXXX Thank you
Company Response: Closed with explanation
2019-10-10
Adelphi, MD
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-10-10
OR
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Loan was sold to Rushmore Loan Management Services. During the change of loan management I received a letter from the original loan service company telling me the loan would be changed to Rushmore Loan Management Services and they gave me a new account number and address to send the payments to. I use bill pay on XXXX and did just that. Got an automated call today XXXX from Rushmore Loan Management Services telling me to contact them. I did. The person asked if I planned to keep the home and then asked for the payment information. I provided the info I was given and was told the account number had been changed. Rushmore Loan Management Services rep said my check would be mailed back to me and I would have to submit a new payment with the correct account info. I have no issue with that except that they said I would be charged late and other fees since the loan would be considered late after the XXXX. There is no way I will get the check, bill pay another one and have it posted by the XXXX, that is only 5 days. I asked them why I would have to pay fees on a new loan and asked if they could not be charged or waived since this is a new loan in transition. They were unwilling to discuss or work with me on it. What options do I have, if any to deal with this.
Company Response: Closed with explanation
2019-10-10
Maynard, MA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I applied for a loan modification on XX/XX/2019 and my request was denied approximately 30 days later.
I completed a second application for loan modification on XX/XX/2019. I am now in receipt of another denial letter dated XX/XX/2019
Both letters provide the following reasons for denying my request for modification : 1 ) Monthly income of {$6600.00} is " insufficient to sustain any payments under any available loan modification program ''. The value of my home is {$650000.00} as determined by the lender. I do not understand how my income can possibly be insufficient to sustain any modified payment program.
2 ) Current obligations are " excessive in relation to income ''. I do not understand what qualifies as " excessive '' and why it is a measurement for qualifying for loan modification.
3 ) The amount of good faith payment is " insufficient to offer a loan modification ''. I do not understand why a good faith payment is a requirement for modification especially when it is not mentioned in the application for a loan modification. None of the lender 's documentation indicates that a good faith payment is required or what the minimum requirement is. I offered {$20000.00} from my 401k plan as a good faith payment with the second application.
Along with the latest denial letter, I also received a letter stating that I can not make any more modification requests, that the lender 's decision is final, and that my only options going forward are a short sale or deed in lieu of foreclosure.
Company Response: Closed with explanation
2019-10-10
MA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I have had a mortgage on my condo in XXXX XXXX FL for many years, and in recent years it has been serviced by Rushmore Loan Management Services of XXXX CA.
Recently, I had enough money to pay off the loan in full so requested a payoff statement from Rushmore. They sent me one, dated XX/XX/2019, indicating that the total amount to pay the loan in full would be {$4600.00}, provided the funds were paid before XX/XX/2019.
I paid them that full amount of {$4600.00} on XX/XX/2019. The next day, I checked the online loan system and it told me that I owe another {$350.00}. I raised a query on their online messaging system on XX/XX/XXXX and got back a response saying only the query was under review. I chased it with another online message on XX/XX/XXXX, and got back a message saying I should call them.
So I called them today XXXX XX/XX/XXXX ) and they left me on hold for a very long time, attempted to brush me off with unconvincing explanations, and then only when I persisted, agreed to submit a " request for research to their cashiering department ''. But they are still unable to resolve the situation or give me a firm timetable for resolution.
It's very simple - I paid the full amount in their payoff statement and I paid it on time. They need to acknowledge that I don't owe them any more money and they need to stop giving me the runaround. This loan should have been completed already.
Company Response: Closed with explanation