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My mother received a registered letter with a default notice on her reverse mortgage without the benefit of receiving written notice before this month, June 2021. I called PHH on 6/11/2021 to ask why we did not receive written notification about this matter until now, THE DEFAULT PERIOD. The customer service representative explained that we were sent letters in January and March--not true. We check every piece of mail that comes to our mother's house, and no such correspondence regarding verification of residential occupancy came. They allege that phone calls were made; another joke. We received no phone calls from this company, and if they made calls, the name of the firm did not show up on the caller ID and they left no messages.
In fact, the whiz kids at PHH did not deign to include this crucial form with the recent default notice. They did, however, include a Letter of Intent form, replete with options to list the property, obtain finances to keep the property, requesting a short sale, requesting deeding back to the owner of the loan, or proceeding with the foreclosure on the property. Still, NOTHING regarding a verification of occupancy form was enclosed. How convenient for PHH...
Thus, I asked the rude customer service representative at 866-654-0020 to refer me to someone who could help me, and she cited 1-866-446-0026. It was nothing more than an automated response giving me a fax number to which we could submit the (wait for it...) verification of occupancy form. I called back to the CSR number, and she--equally curt and rude as the first one--told me that she could not give me the name of any supervisor.
A financial company not providing a managerial upline for its customers? Strange, and not good customer service, I might add. I asked if I could acquire an electronic version of the occupancy verification form online, have my mother sign it, get it notarized, and submit it to PHH by FedEx Overnight: I was told 'no'. I asked why I could not, and she flatly replied that PHH does not do it that way. Check the site for yourself--there is no occupancy form available there for customers to download or fill out electronically.
I contacted the parent firm's PR with a similar complaint letter, citing their CEO Michael Nierenberg as one who would be interested in knowing about one of his subsidiaries' lousy service and fishy stalling tactics. I told them I am involving the Consumer Financial Protection Bureau, Better Business Bureau, and a buffet of other watchdog organizations on this. No publicly traded company wants bad publicity. I demanded they resolve this within this working week.
Desired outcome: I want for my mother's home to be taken out of default status, as she did not get appropriate correspondence and the proper forms in a timely manner to avoid it. This is unethical and unfair to all borrowers.
As of 7/19/2021, the matter has been resolved. It took my procuring the help of a HUD counselor to accomplish this feat. Once all was said and done, contacting The Consumer Financial Protection Bureau was the best thing we did. They are a government agency created for consumers to fight back when lenders and other financial firms are acting shady or refuse to hear your side of the story. No company wants the CFPB climbing up their behinds--they don't want the negative reports or publicity.
PHH has resumed issuing my mother her reverse mortgage payments, and the calls pertaining to her property have ceased.
Take-aways:
ALWAYS open every piece of mail, not matter how trivial or solicitous it looks. It might be very important paperwork, and time sensitive. This applies especially if you have older parents. Often, they need our assistance but are too proud to ask or to admit they are having trouble. Life happens to us all, and sometimes we all forget to check the important things like this.
Furthermore, contact the CFPB and your local HUD representative if you ever run into a mortgage payment or reverse mortgage paperwork issue.
As of 7/19/2021, the matter has been resolved. It took my procuring the help of a HUD counselor to accomplish this feat. Once all was said and done, contacting The Consumer Financial Protection Bureau was the best thing we did. They are a government agency created for consumers to fight back when lenders and other financial firms are acting shady or refuse to hear your side of the story. No company wants the CFPB climbing up their behinds--they don't want the negative reports or publicity. PHH has resumed issuing my mother her reverse mortgage payments, and the calls pertaining to her property have ceased. Take-aways: ALWAYS open every piece of mail, not matter how trivial or solicitous it looks. It might be very important paperwork, and time sensitive. This applies especially if you have older parents. Often, they need our assistance but are too proud to ask or to admit they are having trouble. Life happens to us all, and sometimes we all forget to check the important things like this. Furthermore, contact the CFPB and your local HUD representative if you ever run into a mortgage payment or reverse mortgage paperwork issue.