Mortgage -- Struggling to pay mortgage -- Complaint #19509772

Complaint Overview

Complaint ID: 19509772

Company: Loancutters INC.

Product: Mortgage

Sub-Product: Other type of mortgage

Issue: Struggling to pay mortgage

Sub-Issue: Foreclosure

State: California

ZIP Code: 95212

Date Received: 2026-02-14T12:00:00-05:00

Date Sent to Company: 2026-03-30T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

In XXXX of XXXX I accepted a loan that I now wish I would have had a better understanding of. I entered a two-year contract with XXXX XXXX XXXX XXXXXXXX through Evoque Lending. It was a hard-money Business Purpose loan for {$350000.00} that had a balloon payment at the end of the two-years. The payments were for {$3200.00}, which were interest only payments at an interest rate of 10.99 %. Included in the {$350000.00} were twelve prepaid payments. In XXXX after the twelve prepaid payments, I went through a separation which resulted in me needing to go to family court to obtain a XXXX XXXX XXXX XXXX and request for full custody of my child. My attorneys fees and the lack of money to pay for the payments resulted in me getting behind on my payments. I asked XXXX XXXX XXXX XXXXXXXX if I could plan to get caught up on my payments and they refused. I also asked if I could utilize mortgage funding resources to get caught up on my payments, again they refused to collaborate with me. I also reached out to a HUD counselor for assistance, and again XXXX XXXX XXXX XXXX refused to allow me to get caught up on my payments. It was in XXXX of XXXX that I had no other choice but to file for XXXX XXXX XXXXo save my home. In the initial filing my payments to the Trustee were set at $ XXXX a month. I found this to be outrageous considering this was triple the amount of my original payments. I was able to make few payments but was financially a huge struggle for me. In XXXX of XXXX, I collaborated with my attorney to get a new plan to lower my trustee payments. The new plan was approved for $ XXXX a month. Again, I was able to make a few payments, but it is still a huge financial struggle to pay. With being forced to file for bankruptcy to save my home, I have been unable to secure a loan with better terms and a lower payment to keep my home. From talking to several different lenders and a few different attorneys it was explained to me that I should never have been put into this loan. Looking at the terms and conditions along with my income and equity, this was not the best solution for me to get funding. I am now faced with having to sell or foreclose on my home. From researching other complaints, it seems that Evoque Lending along with XXXX XXXX XXXX XXXX have put other people like me into similar loans. This loan was set up as Business Purpose loan, which I have now found out should not have been disclosed as such. This property is my primary residence and has never been for business or investment purposes. It seems as if I was set up to be in the situation that I am in now. I am hoping that with this complaint something can be done to help me along with others that have endured the same type of suffering unfair lending practices.

Frequently Asked Questions

Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

Related Pages

• Loancutters INC. Company Profile
• Mortgage Complaints
• Struggling to pay mortgage Complaints
• California Complaints
• Company Rankings
• Company Directory
• Search Complaints