Fay Servicing, LLC Mortgage Complaint

Fay Servicing, LLC Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure Florida

This complaint is being filed against FAY SERVICING ( Lender/Investor/Servicer '' ) on behalf of - - ( Borrower '' ). This complaint is being filed due to violations to the HAMP guidelines concerning the lack of procedures on the bank 's operations. A complete file with all supporting documentation was faxed on - -, -. The homeowner received a loan modification on - -, -. In the modification - - - forgave $88000.00


amount with - - -. All we ask for is for the servicer and their attorney to conduct themselves under the HAMP guidelines and have a competent underwriter work on the file and activate the loan for modification review. These actions constitute HAMP VIOLATIONS of guidelines including Chapter I Section 4 Single Point of Contact and Section 4.1 Relationship Manager Responsibilities. Also violation of Chapter II Section 4.5 Acknowledgement of Initial package ; Section 4.6 Review of Initial Package ; Section 5 Verification and Chapter II Section 6 underwriting. Fay Servicing ( Lender '' / '' Investor '' /Servicer ), as recipient of TARP ( Troubled Asset Relief Plan ) funds under the Economic Stabilization Act of -, has failed to offer any modification or an alternative option beneficial to the Borrower for the loan in question. The purpose of the TARP funds as stated in Public Law 110-343, known as the Economic Stabilization Act of -, is as stated below : Sec. 2. Purposes. The purpose of this Act are- ( 1 ) To immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States ; and ( 2 ) To ensure that such authority and such facilities are used in a manner that- ( A ) Protects home values, college funds, retirement accounts, and life savings ; ( B ) Preserves homeownership and promotes jobs and economic growth ; ( C ) Maximizes overall returns to the taxpayers of the United States ; and ( D ) Provides public accountability for the exercise of such authority. Pursuant to the plans and the authority provided by H.R. 1424 Title I 109-110, the United States Treasury has ordered as follows : Mortgage Foreclosure Mitigation : All recipients of capital investments under the Financial Stability Plan will be required to commit to participate in mortgage foreclosure mitigation programs consistent with guidelines Treasury released as part of its Making Homes Affordable Mortgage Modification Program. '' By submission of this complaint, we expect a thorough expedite review of our request and the re-establishment of the communications. Loan # -