Fay Servicing, LLC Mortgage Complaint

Fay Servicing, LLC Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure California

On - -, -, My family and I am in receipt of the proposed loan modification from Fay Servicing, which is my servicer and this was what they offered : they want me to come up with $8600.00 up front, they are increasing my interest rate to - percent and my payment is going to be bumped up to $ -/month ( principal, interest, taxes and insurance ) and my trial payments period is going to be - months before they permanently modify my loan and they want this documents to be signed and delivered in their office no later than on the - -, -. If it goes beyond - -, they automatically continue with the forclosure. Now, please do n't get me wrong, I appreciate the opportunity to modify this loan but this was what I was originally paying - : They asked $0.00 upfront, I was originally paying a 2 and 1/4 percent interest, my payment was about $1400.00 ( PITI ) for the next - years and increasing very slightly after the - year. - only made me make - months trial payments, before they permanently modified my mortgage. Now, we understand that we fell behind


I ) such that we fell behind some credit card bills and came back to haunt us in -/-/-. If we had $8600.00 to give up we would have gladly started paying this for our mortgage. We currently have - kids in college we are trying to support and another - in - this - - and going to - in the fall. We do not have that kind of cash nor do we have any other resources to pay this amount. My wife and I have our credit both shot and we also have to maintain a lot of old vehicles that are starting to conk out and appliances in our house we have been trying to nurse for we are unable to replace these at the moment. We want to keep our home but we will be unable to come up with $8600.00 up front. We feel that Fay Servicing and - -, who is the owner of our mortgage, is trying to show in the surface that they are offering to modify the loan with very steep conditions and requirements but really the end result is a foreclosure