Mortgage -- Trouble during payment process -- Complaint #5173326
Complaint Overview
Complaint ID: 5173326
Company: Fay Servicing, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Maryland
ZIP Code: 21117
Date Received: 2022-02-01T12:00:00-05:00
Date Sent to Company: 2022-02-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XXXX of XXXX, we had a house fire and the insurance company paid myself and the mortgage company, Fay Servicing, a lump sum of {$530000.00} in order to rebuild the home. I began construction in XX/XX/XXXX after delays due to covid, permits, and material shortages and I personally have invested {$200000.00} from my own funds in order to start building my home. Fay Servicing inspectors have come out to inspect the home and according to them the home is more than 50 % complete which warrants the mortgage company to release my funds. The inspector was told to purposely downgrade the inspection from 50 % to 39 % ( I have text message proof from the inspector ). Until today XX/XX/XXXX, Fay Servicing has only released {$60000.00} of the funds in order to build my home and is refusing to release the rest of my funds to rebuild the home. They have held my funds for such a long timeframe that at this point my insurance company is no longer paying for my temporary housing. I have explained to them on multiple occasions that because of their lack of urgency to release the funds I am in a situation where construction has halted, and I can not afford to pay the mortgage and pay for my own temporary housing. I feel that Fay Servicing is purposely engaging in deceptive practices so that I go into foreclosure and they can keep the funds that were meant to rebuild my home. I desperately need help and I can not afford to hire attorneys, pay for my mortgage, or temporary housing because all of my funds are invested into rebuilding my home.
Frequently Asked Questions
What is Complaint #5173326 about?
Complaint #5173326 was filed against Fay Servicing, LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-02-01T12:00:00-05:00.
How did Fay Servicing, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Fay Servicing, LLC?
Yes, visit the Fay Servicing, LLC company profile at readthecomplaint.com/company/fay-servicing-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.