Complaints

This profile includes complaints for Fay Servicing LLC's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Fay Servicing LLC

  5426 Bay Center Drive, Suite 300 Tampa, FL 33609

• 

  Fay Servicing LLC

  8001 Woodland Center Blvd STE 100 Tampa, FL 33614-2438

• 

  Fay Servicing, LLC

  440 S La Salle St STE 2000 Chicago, IL 60605-5011

• 

  Fay Servicing, LLC

  1501 E Woodfield Rd STE 100W Schaumburg, IL 60173-5447

• 

  Fay Servicing, LLC

  1801 S Meyers Rd Ste 210 Oakbrook Terrace, IL 60181-5265

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:12/08/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Named business continues to cash check taken from my bank account, but say they didn't receive payment,and I have a bank statement showing that they cash check

  Business Response

  Date: 12/12/2023

  Please see the attached response.

  Customer Answer

  Date: 12/12/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:12/06/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This is my second attempt to ask Fay Servicing for assistance as I am vehemently trying to catch up with my mortgage payments due to unforeseen hardship circumstances. It should be noted that I am a disabled veteran who recently underwent spinal/lower back surgery, which rendered me unable to work for an extended period of time. It should also be noted that Fay Servicing sent the denial letter regarding my first loss mitigation application when it was nearly at the end of the 14-day expiration period. Further, Fay Servicing failed to address my subsequent appeal in writing. I understand that Fay Servicing has had a troubled history of "failing to provide mortgage borrowers with protections against foreclosure." See story: ******************************************************************************************************************************************************************************************************. Other links of negative reviews of Fay Servicing: ************************************************************* *************************************************************** ********************************************************************************************************************** with 285 complaints closed in 3 years and 58 complaints closed in last 12 months!Unfortunately, Fay Servicing's latest action leaves me with no choice but to seek remedy with the **** ************************************** since you are unwilling to help me with the foreclosure protection and loss mitigation under the ****-******************* Street Reform and Consumer Protection Act. I have attached a copy of the filed complaint against Fay Servicing to ****. Thank you.

  Business Response

  Date: 12/13/2023

  December 13, 2023
  
  *****************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000352709
                                  Property Address:                           *********************************************************
                                  BBB Complaint Number:               20964952
  
  Dear *****************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on December 6, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  Please recall on December 10, 2008, you obtained a loan from ************************** whose address is ********************************************************,in the amount of $417,000.00. In exchange for the loan, you gave, as security,an interest in the subject property located at **********************************************************
  
  *** is the current servicer of the loan, and the holder of the note is UMB *************************** not in its individual capacity, but solely as legal title trustee for PRL Title Trust I. Their address is *************************************************************
  
  As way of background, effective March 28, 2023, the servicing rights of your mortgage loan transferred from **************** to Fay Servicing, LLC (***).Upon transfer, the loan was contractually due for April 1, 2023. Please find attached a copy of the Fay Servicing Account History. The one-time draft in the amount of $4,353.76 was scheduled and made effective for April 28, 2023. On that same day, April 28, 2023, we received the payment in the amount of $4,353.76 which was applied towards the contractual installment due for April 1, 2023. However, the payment was reversed because our records indicate that a stop payment was placed on the check. The next payment in the amount of $4,353.76 was received on *** 10, 2023, and applied to the contractual installment due for April 1, 2023. As of June 12, 2023, the loan was contractually due for the *** 1, 2023 payment. *** sent the attached loss mitigation solicitation letter dated June 12, 2023, to advise of potential options that *** be available to avoid foreclosure.
  
  Our records indicate that no payment was received during the month of June 2023. On July 7, 2023, *** sent the initial Notice(s) of Default and Intent to Accelerate, which we have attached for reference. Pursuant to the notices, the total amount of $13,321.28 was required to cure the default by August 11, 2023. On July 24, 2023, we received the next payment in the amount of $4,456.81 which was applied to the contractual installment due for *** 1,2023. However, the next payment received in the amount of $4,353.76 received on August 7, 2023, was placed into the unapplied funds account, and not immediately applied because the funds were insufficient to cure the default amount owed and the loan was in a status of active and/or pre-foreclosure. The unapplied funds amount and the difference required to satisfy the attached default letters dated August 4, 2023, were discussed during an inbound telephone call we received on August 11, 2023. The *** representative offered a 5-month repayment plan which was approved on August 14, 2023. *** sent the informal repayment plan notice dated August 24, 2023, to the mailing address on file which we have attached for reference. The notice confirms the details of the short-term repayment plan discussed with you. Under the payment arrangement, you were provided additional time to repay past due amounts on your mortgage by making supplemental payments in addition to your regular monthly payments. The repayment plan consisted of five (5) monthly payments in the amount of $5,225.90 each, beginning August 1, 2023.
  
  The one-time draft in the amount of $3,000.00 was scheduled and made effective for August 29, 2023. On that same day, August 29, 2023, we received the payment in the amount of $3,000.00 which was placed into the unapplied funds account. On that same day, we withdrew the unapplied funds of $4,353.76 and applied them to the contractual installment due for June 1, 2023. Then, the one-time draft in the amount of $2,225.90 was scheduled and made effective for August 31, 2023. On that same day, August 31, 2023, we received the payment in the amount of $2,225.90 which was placed into the unapplied funds account. On that same day, we withdrew the unapplied funds of $4,353.76 and applied them to the contractual installment due for July 1, 2023.
  
  Our records indicate that no payment was received during the month of September 2023. As a result, the repayment plan was broken and *** sent the Notice(s) of Default and Intent to Foreclose dated October 5, 2023, which we have attached for reference. On October 9, 2023, you verbally notified the Account Manager of a medical hardship and requested an extension on the informal repayment plan. Unfortunately, we were unable to fulfill your request as the informal repayment plan was already broken and the demand letter was already issued. The loan was contractually past due for three (3) months during the time of the call. The Account Manager offered to accept a payment that would cover two of the three months past due and informed you of your option to pay the default amount by November 9, 2023.  
  
  During the call, the Account Manager also presented the option of applying for loss mitigation assistance and guided you to our website for further assistance. Please note however, there was no guarantee made to you that a loss mitigation program would be offered. *** sent the attached loss mitigation letters dated October 10, 2023, through December 1, 2023, to work with you to achieve a loss mitigation resolution to the account. The letter dated October 9, 2023, was sent in response to the discussion held with the Account Manager and lists the required documentation. *** subsequently received documents for review on or about October 10, 2023. The October 10, 2023 letter indicates what documentation was still necessary for review at that time. *** subsequently received documents for review on or about October 11, October 18,October 26, and October 27, 2023. The letter dated October 27, 2023, was to inform you that we received your complete loss mitigation application on October 26, 2023.
  
  *** completed an initial evaluation of the account for all available loss mitigation assistance options on November 3, 2023. According to the loss mitigation evaluation letter dated November 3, 2023, we determined the account is not eligible for an alternative to foreclosure. Your right to appeal our decision is referenced in the loss mitigation evaluation letter on Page 2. The Right to Appeal section states you must contact us in writing at the address provided or by email at *********************************** no later than 14 days from the date of the notice. In your complaint, you indicate that *** attempted to restrict the appeals process by sending the loss mitigation evaluation letter with our determination to deny the loss mitigation application for a loss mitigation program, near the end of the 14-day appeal period. However, our records show that the loss mitigation evaluation letter was sent to the mailing address on file on the date of November 3, 2023. The Account Manager placed an outbound call to you on November 10, 2023, and explained the loss mitigation denial. During the call, you inquired about ***********, stating that you only needed a short-term workout solution for six (6) months and then afterwards you could reinstate the loan. The Account Manager escalated your concerns to an Assistant Vice President but also explained your right to appeal and/or reapply for loss mitigation assistance if there was a change in circumstance. Please note however, there was no guarantee made to you that a loss mitigation program would be offered.
  
  We subsequently received additional loss mitigation documents for review on or about November 14, 2023. The November 14, 2023, letter indicates what documentation was still necessary for review at that time. *** subsequently received documents for review on or about November 17, November 18, November 21, and November 23, 2023. The letter dated November 23, 2023, was to inform you that we received your complete loss mitigation application on November 22,2023.
  
  *** sent the loss mitigation letter dated December 1, 2023, to inform you that we received and reviewed your appeal of the determination to deny the initial loss mitigation application for a loss mitigation program. After carefully reviewing the initial determination, the appeal, and any documentation submitted with the appeal, we affirmed the original evaluation outcome as outlined on the evaluation letter dated November 3, 2023. *** completed a second evaluation of the account for all available loss mitigation assistance options on December 5, 2023. Please find attached a copy of the loss mitigation evaluation letter dated December 5, 2023. We determined the account is not eligible for an alternative to foreclosure.
  
  The section titled Attachment Aon Page 3 of the loss mitigation evaluation letter dated December 5, 2023,lists the programs for which you were reviewed for eligibility and the reasons the programs were not offered. Please note that *** can only review the account for the loss mitigation options offered by the investor of your loan.Unfortunately, the investor that owns the mortgage does not participate in the large amount Deferment program. The Repayment Plan and Fay Servicing Modification programs were not offered since based on the income information and documentation provided, the current income is insufficient to achieve a payment that would qualify for the programs. The limited Deferment program was not offered because the delinquent balance on the mortgage exceeds program guidelines. The account was not approved for any home retention options and the non-retention options such as the Fay Servicing Short Sale and Fay Servicing Deed-in-Lieu programs were not offered because the value of the subject property exceeds the balance on the loan. We understand a lack of available retention options currently is disappointing news; however, please note you are free to reapply for loss mitigation assistance if there has been an increase in income and/or change in circumstance. However as previously mentioned, *** is unable to guarantee a loss mitigation solution will be offered.
  
  On December 7, 2023, the Account Manager discussed with you the loss mitigation appeal denial and the secondary loss mitigation evaluation which was unsuccessful. During the discussion, you demanded that *** explain the required income numbers that need to be presented for approval. However, *** is unable to provide any information or documentation considered confidential and/or proprietary. Furthermore, we are unable to steer or push borrowers in a certain direction when they are filling out income and/or expenses. Fays loss mitigation policies, procedures and practices are built in accordance with the letter and spirit of the law. Despite your reference of the undesirable experiences and/or reviews from customers unrelated to the above-referenced mortgage loan, our records show that *** has attempted to work with you to achieve a loss mitigation resolution to your account and prevent foreclosure. While *************** a multitude of borrowersloans, both residential and commercial, we value our relationship with all customers and strive to ensure the level of service expected from us is met. We can assure you that *** conducts extensive research and full investigation into all servicing errors that customers notify us of. After conducting a reasonable investigation, we concluded that *** has not committed any servicing errors pertaining to your loan.
  
  If you have any questions, please contact your Account Manager, *********************** at **************.Additionally, Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (19)

• Initial Complaint

  Date:12/06/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hello, I've paid over $12000 in November 2023 on my principal amount of my loan in an attempt to get this paid off. I requested a payoff amount. I received a payoff dated November 16, 2023 with my principal amount being $1550.45. Then there are other fees listed as Recoverable Corporate Advancing. I called to ask them what these fees were for and they could not give me a definite answer other than it came from the company before them. I asked them what does that mean and they couldn't tell me other than it may have been for bankruptcy or court cost, neither of which I had regarding this loan. I requested another payoff. This one dated November 24, 2023 and it appears that they have added those fees to my principal amount. How is that possible and they can't tell me what these fees are for.

  Business Response

  Date: 12/07/2023

  Please see the attached response.

• Initial Complaint

  Date:12/01/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We have a property that consists of 3 lots that have been combined into 1 parcel. The house itself sits on 2 of the lots while the 3rd is vacant, raw land. We want to split the parcel so the vacant lot only can be separated and released from a lien. In July I submitted all of the documentation requested by *** for a partial lien release, including a $250 partial release fee, a complete survey, and an appraisal which stated the additional lot held no value. The response from *** said the value of 2 of the lots was $104,182.55 each and the 3rd was $105,234.90, and I would need to pay the value towards the principal balance to release it from a lien. It made no sense why the lot with the actual house would be valued the same as a vacant lot, especially after I submitted an appraisal that stated such, so I requested an elevated review and further explanation and still have not received a legitimate response. I asked if that meant I could pay ANY of those values assigned to the respective lots and have the lien removed from that lot and was told the other lots were not reviewed. Conveniently, that email came on a different thread that removed the previous emails from *** that provided the value of each lot, which I believe is foul play and borderline fraudulent (both threads are attached). I pointed that out and quoted their previous response back to them and then my request was immediately denied with no explanation. I requested an explanation in writing but have not received one. I would like a refund of the $250 fee I paid. It appears everything I submitted was neglected and not reviewed, including the survey that I paid $1,100 for. I would also like a written explanation why I was told the other lots were not reviewed when they clearly were and assigned values. I would also like a written, reasonable explanation of why the vacant lot would be given the same value as a lot with the house on it, especially when I submitted an appraisal that stated otherwise.

  Business Response

  Date: 12/06/2023

  December 6, 2023
  
  Green Meadow LLC
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000306914
                                  Property Address:                           ************************************************************
                                  BBB Complaint Number:               20932748
  
  Dear ***************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 29, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you submitted all the documentation requested for a partial lien release, including a $250.00 partial release fee,a complete survey, and an appraisal which stated the additional lot held no value. You state that *** responded stating two of the three lots were valued at $104,182.55 each, and the third lot was $105,234.90, and as the case, you would need to pay the value towards the principal balance to release the lien in question. However, you state it is illogical that the lot with the property would be valued the same as a vacant lot. You further inquired if you could have the lien in question removed if you were able to pay any of the assigned values to the respective lots and *** stated that the other lots were not reviewed.
  
  After our investigation, we concluded that on August 15, 2023, your request for a partial lien release of lot 69 at ********************** was approved, however a payment of $104,182.55 was required to proceed with this request. As of the date of this letter, these funds have not been received therefore *** has been unable to proceed with the partial lien release. As you are aware,the lots release value was $104,182.55. This value was determined based upon a Broker Price Opinion (***), which was further reviewed by the investor of the loan for final approval. Please find attached a copy of the *** associated with each lot. Please note that at that time, the additional lots, 70 and 71 were also valued at: $104,182.55 for lot 70 and $105,234.90 for lot 71. Since the release value was not previously received as indicated above, the investor of the loan has declined moving forward with the partial lien release. Please note that the lender of the loan is ********* LLC, a ********** limited liability company, whose address is ****************************************************************************************. We have reviewed your request to refund the $250.00 fee associated with the partial lien release request. We are unable to fulfill your request to refund this fee, and while we understand the request was not completed as expected,our office still incurred expenses because of this matter.
  
  Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (3)

  Customer Answer

  Date: 12/13/2023

   
  Complaint: 20932748
  
  I am rejecting this response because: the response states that the lot values were determined based upon a ***, which is not accurate.  Nowhere in the *** does it give the lot values of $104,182.55 for Lots 69 and 70 and $105,234.90 for Lot 71 as stated so I still haven't received any justification for those values.  The *** also valued each lot as if it had a single family home on it, which is not correct.  It shows Lot 69 as a 1 acre lot, Lot 70 as a **** acre lot and Lot 71 as a 1 acre lot.  None of those lot sizes are accurate either, as shown by the survey which also shows that Lot 69 is vacant land.  If the value was assigned based off the *** then it should be invalidated because it valued Lot 69 as a 1 acre lot with a single family home on it when it is in fact just vacant land and less than a quarter of an acre.  However, I do think it's important to note that the *** shows that there is no change in value between the lots (except for Lot 71 that was valued $5,000 higher) even with largely different lot sizes, which would show that the lots dont hold any additional value and the value is only in the home itself, which was my explanation and argument from the beginning.    

  The response also didn't explain why I was told that Lots 70 and 71 were not reviewed even though *** had previously told me they were.  Because of that I also didn't get an answer to my question about being able to receive a lien release on either of the other two lots if we paid their assigned lot values.  I would like responses to both of those questions. 

  I also believe we unfairly paid the $250 review fee when it doesn't appear like the details were actually reviewed.  I understand if *** incurred costs, however the review wasn't properly completed which I don't believe should be at my expense.  If *** paid the $250 for the *** then *** should be responsible for the *** inaccurately comparing each lot.  And *** should also be responsible for reviewing the *** to see that and rectify it.  I shouldn't have to pay for a review that was done incorrectly so I would still like a refund since I don't have the faith that a re-review would be completed properly or at all.       
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 12/21/2023

  December 21, 2023
  
  Green Meadow LLC
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000306914
                                  Property Address:                           ************************************************************
                                  BBB Complaint Number:               20932748
  
  Dear ***************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on December 14, 2023, regarding your above-referenced business purpose loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state you are rejecting the previous response dated December 6, 2023, because it inaccurately stated the lot values were determined based upon the Broker Price Opinion (***) and you further state the response did not address conflicting information previously received. You state that *** has not provided any justification for the release values and if the value was assigned based off the *** then it should be invalidated due to further discrepancies within the *** values. You state that the partial lien release view was improperly conducted, and you request a refund of the $250.00 partial lien release fee since you are not confident that a secondary review will be properly completed.
  
  We sincerely regret that you feel your personal experience fell short,and we are going to address what has occurred to ensure the same experiences you encountered are prevented moving forward. Upon receiving the $250.00 fee to initiate the partial lien release review, *** reached out to the investor of your loan to determine the partial release values for each lot. We explained that the property currently contains three (3) lots, lot 69, 70, and 71, and you were requesting to release lot 69 as it is not being used, and the value of the property lies in the permanent structures, lot 70 and 71. *** provided supporting ***s for each lot to be considered in the investors review. The values of the lots were then determined by the investor of the loan and the ***s were utilized in their review. The investor determined lot 69s release value as $104,182.55,lot 70s release value as $104,182.55 and lot 71s release value as $105,234.90. Because you requested to release lot 69, *** explained that the investor was set with moving forward with lot 69s partial lien release if the release value amount of $104,182.55 was paid. You then inquired and requested further information about selling the other two lots. However, we could only assist at the time with your initial inquiry related to the approved partial lien release request for lot 69, and any additional requests would need to be further reviewed by the investor. We apologize if this was not clearly explained at that time. Subsequently, the investor denied the partial lien release request for lot 69 because we never received the funds to pay down the loan. We understand you have noted further discrepancies within the ***s completed; however, as the partial lien release request was denied, the process will need to be re-started and reviewed for approval by the investor of your loan. Upon a secondary partial lien release request, you can then provide additional supporting values to be considered in comparison to the previous ***s *** completed. It is important to understand however, that to sell a portion of the property and get a partial release completed, you will have to send release value funds to be credited to the loan so we can release that lot.Your current mortgage would remain in effect but reflect the partial release payment and actions taken once those are funds are received.
  
  Currently, we are in the process of refunding the partial lien release fee paid as you requested and the funds in the amount of $250.00 will be placed in your unapplied funds account. *** will provide a follow-up response in relation to this matter within **** business days.
  
  We sincerely regret any inconvenience this matter may have caused you. If you have further concerns regarding this experience, please contact us at the telephone number listed below. We value your relationship and look forward to servicing any of your upcoming financial needs as well as working to ensure the level of service you expect from us is met in the future.
  
  Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC

• Initial Complaint

  Date:11/22/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  So after many attempts to call Fay Servicing due to a increase in my house payment. Their auto answering service always call fails or says incorrect number pushed. I was able to reach them and found they claimed i had no house insurance. They charged me a $1266.92 fee for what they called a Wind coverage. It increased my monthly payment $216.I had to show proof of a home insurance that they pay every year from my escrow account. So after a 2 hour call it was fixed but i still had to pay the $1266.92 payment. I was told they needed to do a Escrow Analysis to fix the problem.Here it is the 3rd month in of a $1266.92 payment with no fix or change. I have tried 2 phone number they have a Resd. and a Commercial. Both auto answers call fail or just hang up. So all i ask is to fix the service and fix my account. Its close to Christmas and this payment is draining my account.

  Business Response

  Date: 11/28/2023

  Please see the attached response.

• Initial Complaint

  Date:11/20/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Fay Servicing has charged me force placed insurance on my home when I maintained it myself . I had a modification years ago before my loan was sold to them that they will NOT honor -They have refused my payments- Ive had money placed in suspense that was never applied to my account that was reported to credit ************* been called a liar - this company is NOT any company this is an absolute nightmare !

  Business Response

  Date: 11/27/2023

  November 27, 2023
  
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000240196
                                  Property Address:                           **********************************************
                                  BBB Complaint Number:               20893343
  
  Dear ***************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 20, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you have received poor customer service.
  
  Customer Service is of the utmost importance to us, and we regret you did not receive the excellent level of service for which our firm is known. Please be assured that this is not typical of our operating procedures, and we sincerely regret any inconvenience and/or frustration that this matter has caused.
  
  In your complaint, you state that *** purchased lender-placed insurance coverage when the property was adequately insured.
  
  After our investigation, we concluded that lender-placed insurance was added to the account by Fay Servicing in October of 2019, and we have attached a copy of the Fay Servicing **************** Disbursement History for reference. In August of 2019, *** sent the first warning letter advising that the hazard insurance policy had expired, and we had not yet received evidence that new coverage had been obtained. In September of 2019, *** sent the second and final notice advising that we would purchase the necessary hazard insurance if evidence of coverage was not provided. On October 26, 2019, *** deducted $1,341.00 from the escrow account to be disbursed towards the lender-placed hazard insurance policy and sent the notice of lender-placed insurance coverage advising that we paid the insurance premium due to the hazard insurance required for the property. We were scheduled to renew the lender-placed insurance coverage in 2020. However, we received evidence of insurance, and we were able to cancel the lender-placed insurance coverage we were intending to purchase, as well as partially cancel the coverage that we purchased in the prior year. Please find attached copies of the hazard insurance cancellation notices that were sent during this ******.
  We received an insurance refund in the amount of $546.00, which was properly credited to the escrow account on August 11, 2020. However, our records indicate that there was a lapse in coverage for the ****** of August 6, 2019, to March 10, 2020.
  
  For *** to attempt to flat cancel the lender-placed insurance premium charged for the lapse in coverage, please provide written confirmation of coverage, in either hard copy or electronic form. *** will accept a copy of the declarations page of your insurance policy, which must show your policy number, the name and contact information for your insurance company or insurance agent; or you may provide your insurance policy itself. You may submit proof of insurance by fax to ************ or e-mail to ******************************************
  
  In your complaint, you state that the loan was modified years ago prior to the transfer to ***, and we are not honoring your loan modification.
  
  Please note that we are in possession of the Adjustment of Terms Agreement dated        February 19, 2009. You claim that *** is not honoring the terms of that agreement. Our records indicate that the loan was most recently modified pursuant to the terms of the Adjustment of Terms Agreement dated October 7, 2010, which we have attached both copies from 2009 and 2010 for reference. You further expressed concerns that you did not sign this agreement and feel we should be honoring the prior agreement that was signed.Please be advised that *** is limited in our abilities to assist since the loan modification was implemented several years prior to *** acquiring the loan for servicing. *** must service the account based on the most recent terms implemented.
  
  In your complaint, you state that *** has refused payments, and/or held them in an unapplied funds account, then reported payments as late to the credit reporting agencies.
  
  We were unable to find any recent record evidencing that *** has refused to accept payments;however, you may provide the exact date and the payment amount you attempted to pay when this occurred for us to further investigate this matter. Please find attached a copy of the Fay Servicing Account History for reference. The last occurrence where funds were held in an unapplied funds account for an extended ****** occurred when *** received the payment in the amount of $2,578.81 on June 7, 2021. During this time, the loan was due for the contractual installments from March 6, 2021, through June 6, 2021. Of the payment received,we applied $943.61 to the contractual installment due for March 6, 2021, and the outstanding late charge. The remaining funds of $1,635.20 were placed into the unapplied funds account.  On June 19,2021, *** withdrew the unapplied funds of $1,558.20 and applied them to the contractual installments due for April 6, 2021, and May 6, 2021. There were funds remaining in the amount of $77.00, which were applied to outstanding late charges and fees.
  
  Subsequently, this account was reported to the credit bureaus from May 2021 to February 2023 as current.Please note that if the monthly payment was received beyond the ten-day grace ****** established on your account, that payment is considered late and can be reported as such to the credit reporting agencies. If your credit report reflects different information, please send a valid copy of your report obtained from one of following reporting agencies, Equifax, Innovis, Experian,and TransUnion to:
  
  Fay Servicing, LLC
  ****************************************************************************************
  
  Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (6)

• Initial Complaint

  Date:11/16/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have made several calls to **** Serving LLC to obtain my mortgage payoff. Each time I've called they say legal will give me a call. I have a buyer to keep my home out of foreclosure. Need the payoff.

  Business Response

  Date: 11/22/2023

  Please see the attached response. 

• Initial Complaint

  Date:11/16/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been calling *** for the last two weeks for a payoff statement. I was told I needed to pay a default interest amount so that I can refinance with a new lender. I paid the amount on the last payoff that had that amount ($2011.44). I get a new payoff finally and the amount is now $999. Why is there a new deferred interest amount? I cannot reach anyone and they will not return my calls. This process has been going on since August with their customer service. What is the amount of time allowed for a returned call? I should not have to wait weeks before I receive a call about a question regarding interest when interest is accruing daily. This company is scamming me out of money daily and wont even answer my questions. Please call me ASAP at ************ so I can get this resolved.

  Business Response

  Date: 11/16/2023

  November 16, 2023
  
  Jewels Legacy &Investments, LLC
  La *****************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0888016692
                                  Property Address:                           *******************************************************************
                                  BBB Complaint Number:               20871179
  
  Dear La *****************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 14, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that during the last two weeks, you have called in to inquire about the amount needed to pay off the loan in full and you were informed of a default interest amount owed. You state that *** presented the default interest amount in the prior payoff statement and the amount was then paid. However, *** sent an updated payoff statement reflecting a default interest amount of approximately $999.00.
  
  After our investigation, we concluded that *** has not assessed default interest since the prior default interest amount of $2,011.44 was assessed on October 5, 2023. On November 10, 2023, we received the payment in the amount of $2,012.44 which was intended to cover the default interest owed. Of this payment, we applied $1,011.45 towards the default interest owed and $1.00 was applied as a principal curtailment on that same day, November 10, 2023. On that same day, November 10, 2023, we submitted a request for an updated payoff quote which was completed on November 14, 2023, prior to *** fully applying the remaining amount intended to cover the default interest owed. However, on November 15, 2023, *** applied the remaining amount of $999.99 towards the default interest owed. We have attached a copy of the Fay Servicing Account History and the Fee History which confirms that no additional default interest has been assessed. We apologize for any inconvenience this may have caused.
  
  If you have any questions, please contact your Account Manager, *********************************** at *************. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (2)

  Customer Answer

  Date: 11/17/2023

   
  Complaint: 20871179
  
  I am rejecting this response because:

  I need a new payoff request that shows $0 in the default interest line. I cannot move forward with new lender but this. I have called again today and no one has yet to return my call. 
  
  Sincerely,
  
  La *****************************

  Business Response

  Date: 11/21/2023

  November 21, 2023
  
  Jewels Legacy &Investments, LLC
  La *****************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0888016692
                                  Property Address:                           *******************************************************************
                                  BBB Complaint Number:               20871179
  
  Dear La *****************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 17, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you are rejecting our previous response because you need a new payoff statement that shows no default interest.
  
  Please find attached a copy of the payoff statement for reference.
  
  If you have any questions, please contact your Account Manager, *********************************** at *************. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (1)

  Customer Answer

  Date: 11/22/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  It is a shame I had to go through this process in order to receive any call back or response for this company. I hope they can learn to do better and have better procedures for the next customer. 
  
  Sincerely,
  
  La *****************************

• Initial Complaint

  Date:11/16/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Mortgage loan #********** originated in 2020 with monthly payments between $4,000-$5,000.In early 2023 they did not apply payments even though I have sent them copies of canceled checks. NUMEROUS times I have requested assistance and am told my "request has been submitted" but I never receive a response. I periodically get calls stating my account is past due (which it is not). They deposit my monthly check but fail to apply it to my mortgage.

  Business Response

  Date: 11/21/2023

  Please see the attached response.

• Initial Complaint

  Date:11/13/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I'm getting legal notices saying that my account is late and that my loan is in default and will be accelerated. I sold one of the properties and the proceeds were wired by my title company on August 25th, 2023 to take care of the partial payment and any outstanding monthly payments and interest that was accessed. **** (rep) said she sees the wire but it was not credit and was going to investigate it and get back to me. She has not reached out in 2-3 weeks.I've attempted on multiple occasions to call and talk to someone but I am not able to reach anyone. I've been placed on hold for over 40 mins every time I call. I've also emailed my account manager and no reply. I have documentation stating that the balance is $186,058.45 that time stamped on 9/21/23, 10:23:58 AM. This issue needs to resolved and all late fees/interest fixed.

  Business Response

  Date: 11/15/2023

  November 15, 2023
  
  30A ************* LLC
  *************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0050007644
                                  Property Address:                           *************************************************************************
  ************************************************************************
  ***************************************************************
                                  BBB Complaint Number:               20855499
  
  Dear *************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 10, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state you have received Notice(s) of Default and Intent to Accelerate stating that the payments are late, and the loan is in a status of default. However, you sold one of the above-referenced properties and the proceeds were wired on August 25, 2023. You state that this amount was to cover the partial payment and any outstanding monthly payments and interest that was accessed; however, your Account Manager informed you that the amount was not credited.
  
  After our investigation, we concluded that the last contractual installment paid prior to Fays application of the partial payoff was *** 1,2023, therefore the loan was due for the June 1, 2023 payment, and all subsequent payments when *** initially received a partial payoff request in August of 2023.
  
  On August 18, 2023, *** completed a payoff quote and we have attached a copy of the payoff statement for reference. The total amount of $254,343.84 was required to pay off the loan for the property located at *******************************************. On August 25, 2023, we received a wire in the amount of $255,224.34 which was applied to the loan on August 31, 2023.
  
  We have attached a copy of the Fay Servicing Account History, and the chart below provides a breakdown of all contractual installments that were satisfied within the last six months as well as Fays application of the partial payoff received.
  
  Applied Date Payment Amount Principal Applied Interest Applied Escrow Applied Suspense Applied ******* Applied Month Paid
  10/10/23 $1,554.96 $891.80 $1,937.10 -$4,383.86 July 2023
  10/9/23 $4,383.86 $4,383.86
  9/11/23 $1,547.48 $899.28 $1,937.10 -$4,383.86 June 2023
  9/7/23 $4,383.86 $4,383.86
  8/31/23 $180.00 $180.00
  8/31/23 $609.66 $609.66
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $381.89 $381.89
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $999.99 $999.99
  8/31/23 $21,321.00 $20,320.02 $0.99 $999.99
  8/31/23 $100,999.99 $99,999.99 $0.01 $999.99
  8/31/23 $108,732.03 $99,999.99 $7,528.05 $1,173.99 $30.00
  5/8/23 $4,383.86 $480.28 $1,966.48 $1,937.10 *** 2023
  
  *** executed and recorded the Partial Release of Lien and we have attached a copy of the executed lien release for reference. After the application of the partial payoff, the principal balance was reduced to $186,058.45. *** then received the payment in the amount of $4,383.86 on September 7, 2023, which was applied to the contractual installment due for June 1, 2023. After the application of the June 1, 2023 contractual installment, the outstanding principal balance was reduced to $184,510.97 as seen in the subsequent billing statement dated September 11, 2023, which we have attached for reference.
  
  *** updated the tax lines to discontinue tracking of the parcel that was satisfied with the partial payoff and on September 18, 2023, *** completed an updated escrow analysis which we have enclosed for reference. The analysis completed reflects a decrease in the monthly payment from $4,383.86 to $3,630.85 effective with the November 1, 2023 payment. At the time of the analysis, the loan had an escrow balance of $13,461.09, with a required escrow cushion of $9,472.56, resulting in an escrow surplus in the amount of $3,988.53. It should be noted that *** previously purchased lender-placed insurance for the property located at *******************************************. However, the lender-placed insurance we purchased on your behalf was partially cancelled after we received evidence of your insurance coverage.On September 21, 2023, we received a hazard insurance refund in the amount of $474.60 which was properly credited to the escrow account. Unfortunately, the surplus funds in the escrow account at the time of the analysis were not released and issued to you in the form of an escrow refund check because of the default status of the loan.
  
  *** sent the legally required notice dated September 27, 2023, which we have attached for reference. The notice indicates that if the default amount was not cured by October 10, 2023, *** would proceed with foreclosure proceedings. On October 9, 2023, the next payment we received in the amount of $4,383.86, was applied to the contractual installment due for July 1, 2023. However, because the default amount was not cured, the loan was referred to foreclosure on October 13, 2023. On October 27, 2023, *** completed a payoff quote and we have attached a copy of the payoff statement for reference. The principal balance of the loan was reduced to $182,956.01 and total amount of $200,230.47 was required to pay the loan in full by November 1,2023. The foreclosure attorneys office assigned to the account, ******** and ***** ****, sent the Notice of Default and Intent to Accelerate dated November 1, 2023, which we have attached for reference. The default balance owed as of the date of the notice is $25,001.13. An updated payoff quote was completed on November 8, 2023, and we have attached a copy of the payoff statement for reference. The total amount required to pay the loan in full by November 30,2023, is $205,841.53. There was an increase in the amount needed to pay the loan in full due to the additional days of interest calculated through November 30, 2023, the default interest accrued and the recoverable corporate advance balance. We confirm there was no recent assessment of late charges; however,there was default interest accrued of $9,342.06, as well as corporate advances incurred due to the costs and attorney fees associated with the foreclosure. We determined that the amounts are valid as the charges were assessed pursuant to the terms of your Note and Deed of Trust. A copy of both is enclosed for reference.
  
  As of the date of this letter, the loan is due for the August 1, 2023 payment, and all subsequent payments. Please note we have currently submitted a request for an updated escrow analysis to be conducted, which will be sent under separate cover.
  
  If you have any questions, please contact your Account Manager, ********************************** at *************. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing,LLC
  
  Enclosures (11)

  Customer Answer

  Date: 02/08/2024

   
  Complaint: 20855499
  
  I am rejecting this response because:

  I've requested a payoff letter for the past few months and they have not sent to me. No one has contacted be about it and I need it ASAP! I had this same issue where they took forever and when I had called no one could have helped me. Loan #**********
  
  Sincerely,
  
  *************************

  Business Response

  Date: 02/14/2024

  Please see the attached response.