Attorneys: I would love to tell you about our case. We have documentation of all that I am alleging. Based on other stories I have read, we are not alone. Class action suit?
Members of the press: I would be more than happy to give you our story. If we can help you expose this corrupt lender, please leave your information. I will be posting this on other consumer web sites, and filing reports with every consumer advocate group and government organization who will listen. I may lose my home, but I will work to save another family this same heart break.
Based on our case, I have good reason to believe that PHH seeks to lend mortgages to people with equity, only to try to foreclose as quickly as possible so they can cash in on their "investment."
We only used PHH as a temporary solution when we were relocated over 2 years ago. Normally we get all of our funding through a VA loan, but because we owned another property at the time, we did not qualify. PHH gave us a predatory rate of 8.9%. Since we relocated over 1,000 miles, and had already been sent on our "house hunting" trip by my husband's company, we did not have the time or the money to pick another home, or lender.
We got a great deal on a lovely home. We bought it under market value, and we put $27k down on the home. (PHH knew this).
When we tried to make our first payment to PHH, we were told that there had been an overage paid into our escrow account, and we did not owe a payment for two more months. We then made our first payment (as told) two months later. When we tried to make our second payment, PHH said we owed them three payments, as we were two payments behind. After investigating the situation, PHH admitted it was their error, but demanded the payments in full, or they would foreclose. We borrowed money from our retirement and made the payments. We do have a letter from PHH admitting their fault though.
A couple of months later, our entire state was in a state of emergency, due to flooding, and our walk out basement flooded. We were not insured for enough to cover the damage, so we used some of our own money, and labor to make our home safe for us and our three kids. This further depleted our resources.
We were then scammed by a company who agreed to lower our interest rate. We fell behind on our payments. HOPE now got involved, and PHH kept saying that they had not received our papers from HOPE now. They offered to communicate personally with us, and take our hardship package without HOPE now. I believe PHH orchestrated this so that there would be no government accountability. We communicated with PHH, and begged them for a modification. We have submitted everything that they asked for. We are the perfect examples of people who could make their loan payment if it were at a reasonable interest rate. My husband has worked for the same company for over 11 years. He was active duty military prior to that. We have always made our mortgage until this point. Of course, we have never had an 8.9% interest rate until now.
We have called PHH several times a week for more than a year now trying to get this resolved. We have been told that our modification was "in the final stages of review, and call beck next week." We were even sent letters stating that this was the case.
Only when we were served with a sale date on our home, and my husband pushed and pushed for an answer were we given one.
PHH told us that we do not qualify for a modification because we have too much equity in our home. How sad. They strung us along, and ran us out of options so they could take our American dream. Our home, because they can make money off of our equity!
Read their web site folks. Do your homework! The web site caters to investors. They will take your home if given the chance. I never thought this would happen to our family...Well, now I have to look at my kids, and tell them they have to leave their home, and possibly their belongings so that we can become renters.
Investors: I would think twice about investing with PHH. Their corruption will be exposed. I certainly would not want my money connected with these liars and cheats.