Complaint
PHH Mortgage/ ERA PHH Mortgage /PHH Corporation/PHH Mortgage Services
(collectively “PHH Mortgage”)
Corporate Office
PHH CORPORATION
3000 Leadenhall Road
Mt. Laurel, New Jersey 08054
Loan No. 0039569041
This Complaint falls under your jurisdiction as this company is an asset-backed finance company whose corporate office is located in New Jersey.
Opening statement
“The enforcement authority of the Securities and Exchange Commission, given by Congress allows the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses which include a criminal violation.”
Charges
In accordance with the Making Home Affordable program enacted by President Obama, coupled with Public Law 111-21, Fraud Enforcement and Recovery Act of 2009, I am filing a complaint against my existing mortgage company, who received my original application in October, 2010 and later resubmitted in January 2011 to help with my mortgage payments to be more affordable. I have provided PHH Mortgage all information required for this mortgage company to assist me in providing a program that will keep me from having to sell my home or file bankruptcy. I have recently had a reduction in income due to the challenging job market. I am a public service attorney with reduced income. The fact that we have reduced income, qualifies us as having a ‘hardship’.
Through the months of waiting for a response to my application it wasn’t until February 8, 2011 that I called a representative of PHH Mortgage, who acknowledged our application for loan modification had been received, but we needed to send additional income verification for the previous two pay periods. This was good news because our application was finally being processed, or at we thought at the time. On the same day, however, we received our first notice of “intent to foreclose” on our property. Well, this was shocking, because we were only 30 days past due, after several years of being an excellent customer. Our principal bank, USAA Federal Saving Bank, flat out refused to allow us any relief in providing us with a secure loan, modification, or unfreezing our equity in our home equity account.
We have received three letters of intent since the original letter and each time the notice gives us thirty days to cure the outstanding balance. At no time has PHH Mortgage Service provided us with a response to our loan modification application, but rather engage in dilatory tactics to delay processing in order to continue their discriminatory pattern against African-Americans, who are disproportionately discriminated against.
I understand that government takes a while for their respective agencies and departments to go through the many, many complaints over this process. However, in the meantime, I am asking for collateral consideration of our complaint to be filed with the Securities and Exchange Commission, so that they can investigate this complaint as it relates to other fraudulent practices of “PHH Mortgage” collectively in order to protect the public. You were granted money and the power in the Fraud Enforcement and Recovery Act of 2009, and should be able to add staff to investigate more quickly complaints such as this one.
I am asking that the SEC investigate this mortgage company within your parameters; this is an asset-backed securities company.
Resolution
I want our loan modification application to be processed promptly, to allow us to catch up our mortgage payments, so that we don’t lose our home by reducing our monthly mortgage payments. President Obama, I assume, made this plan so that citizens can get relief from these tough economy times.