The only way we were able to untangle ourselves from this company was to SELL our home in December.!
Copy of original letter sent to Olympus September 4
September 4
Mr.
Loan Department
Olympus Servicing, LP
Dallas, Texas
Please provide a copy of this letter to the ceo of olympus servicing, lp.
Dear %,
My wife asked me how things were going with the mortgage and I dont quite know how to answer her.
We dont know what to expect because on the one hand, we are supposed to be in this Modification and were instructed by you not to pay July, August & September mortgage payments because we were in modification status. However, according to what FNMA told you, we have to appear to be delinquent for 90 days before modification is to commence. What date did they start counting towards delinquency? Did it start counting in June or July? I paid June mortgage in full.
Outside your department, Olympus Servicing, LP has not been informed in their database of this modification. We are deficit because we were told not to make mortgage payments! None of this helps us to earn the equity necessary to drop Mortgage Insurance charges to our account which also would lower our monthly mortgage payments.
So on October 1st will we pay $1135.71 as FNMA set forth in their alleged modification? We had a fixed payment of $1096.22 before they helped us, %.
We currently have $500.00 sitting uncollected in our account according to Olympus Statement (online reporting) because your department cant take that money to sign Modification deal FNMA agreed upon with that assessed fee to modify. We feel FNMA and Olympus are playing damaging games with our well being.
We were late in our payments by less than 30 days each time because we paid each month in halves while proving our hardship to FNMA as instructed, now we must become further delinquent by FNMA forcing us to look bad??? Every month we get late notices from Olympus even though we are complying with instructions given to us by your department.
Through all this, you and % at Olympus, in your isolated department have currently managed to stop (?) further Credit Bureau negative reporting, yet were not given permission to clean up the prior ugly reporting done to Peters Credit Report during this entire year of chaos even though we were working with Olympus intensively since April 16 with %, the Supervisor of Customer Service
Olympus did nothing to protect us from its own computer generated negative reports to the 3 bureaus. All along, %, your efforts aside, Olympus doesnt seem to communicate between departments to stop negative reporting from ever occurring, or correcting our status once we began communication with % back in April of this year. Without the Credit Rating reports being wiped clean, our ability to refinance this mortgage is virtually impossible.
We still do not know where we stand with regards to what the actual payment will be on a monthly basis once we are supposed to start up again in October. We cannot escape this vicious and stressful cycle of confusion with Olympus because your department isnt allowed to officially tell the rest of the company what deal we have made with FNMA for the Modification (which really doesnt exist yet).
In October if we enact another Modification process with you to further negotiate a deal with FMNA? You told me we can file for Modification innumerable times with FNMA. But why would we want to do this again? We will again be thrown into delinquency status for non-payment of monthly statements.
WE CAN NOT WIN no matter what we have done to get out of this cycle of torture.
Just this Tuesday, September 3rd, we received a phone message from customer service to call in regards to our late account! I had to explain to a fellow named % that he needs to speak to % or you. She probably has to update the No Call code in the computer. We are worried that beyond her control or yours, well continue to receive negative computer generated reports to the Credit Bureaus even though you said it would be stopped. We dont trust inter-company communication by way of its historical performance.
Because of all this going on, we can not even approach any lending institution to refinance our mortgage and start all over with a lower interest rate, as youd originally requested of FNMA with this modification on our behalf. We are hostage to Olympus Servicing because one hand doesnt know what the other is ever doing and FNMA holds all the cards.
Remember, had none of this occurred, we could have held this mortgage for a year (May 30th) and then gone out to refinance it because we no longer own our own small business. At the time we purchased this home, I had no proof of income by W-2 lending rules so we had to accept the 8.5% interest at a time when lending rates are in the 6% range. We also did not have the required 20% any company would have liked us to use as a down payment. Because I have been a W-2 generated employee since August of we should by all rights been able to refinance this home at a lower rate of interest. My income would have been acceptable to allow a refinance to occur.
, you have been outstanding and hardworking on our behalf. You have not been able to reason through the red tape of this FNMA representative who for weeks on end does not return your email or telephone calls while our lives unravel no matter what we do following instructions to correct our situation.
I have done everything correctly that was within my power and knowledge to do to advocate on our own behalf. While my wife's health deteriorates from Crohns Disease. She is awaiting decision to get accepted by SSA for Disability. [ED NOTE: accepted SSDI November] I have produced all the reports, financial and personal information on our family that was requested by your department in order to prove hardship so that FNMA would do a modification as you thought possible by rewriting the loan which is in their sole power to authorize. You agreed with us that they would be able to feasibly lower our interest rate without a refinance under their power of Modification. FNMA refused this despite your best efforts.
We are at wits end. We deserve to have our good name cleared and a reasonable mortgage payment arranged. We signed a contract to have a FIXED mortgage but all the payments do is rise in the name of helping us. We are deeply afraid of losing our house. We do not wish to continue to beggar ourselves for FNMA modifications because there is no end to the stress of waiting.
All we wanted was to have a couple payments deferred on our mortgage. That request would have been granted by the direct lending institution had our mortgage not gone to a Servicing Company. If we could have had but two payments deferred from January-March of we would have never gone through the abuse that Olympus has snowballed upon us starting when we were only 10 days late making January and February mortgage payments as one double payment on February 13th. It has never let up from there in miscommunication, unreported payments, negative reporting, harassing phone calls and finally, this modification, which is just a slap in our faces to force us to look delinquent.
Lets look at our entire history with your company. Even with our closing our family business, from November January 8, we didnt miss payments to your company. From September the moment your company bought out RBMGs loan on our original closing purchase in May 29th, we have had nothing but trouble.
Olympus, (at the time, Calmco) didnt receive a check with the mortgage payment wed made. It was not our fault RBMG kept the check we paid to them for August current and September early which was paid to RBMG. We didnt know our mortgage had been sold until after the check was mailed. It cost us so much stress and paperwork faxed back and forth to prove ourselves innocent.
At the time, in September Olympus hierarchy told me that regardless of proof (to % in Customer Service) provided by us the same day as we received the late notice in the mail, wed still have to be processed by the Research Department in order to have our records properly reconciled in the company data base. I asked why this could not be fast-tracked with our proof in their hands. I was told they dont do it that way. So, until February of Olympus accounting showed us as one payment behind each billing period. We still to this date have not received a correction to fix my Credit Bureau reports on something we did not have control over.
When I continually requested by many phone calls to Customer Service that Olympus start sending statements, I was promised it was taken care of. Still no statements were mailed to us again until MAY. During this period, even though I was sending payments without statements we began getting the harassing calls from Olympus calling us delinquents. These calls became daily and sometimes several times daily. Each time Id call back immediately if we werent home to answer the calls directly. Each time was brought to utter frustration in trying to explain ourselves. I became afraid of the phone when it rang.
The capper came on April 16th when we received a registered Western Union mail notification which threatened foreclosure on our home. We were not even one month behind in payments.
It was during that time of extreme duress that % was brought into the picture. So many times previous, Id asked to speak to a manager, the CEO, or anyone who had the right level of employment power to HELP us and understand the hellish mess we were in by no fault of our own. Never were our requests granted.in order to merit % being brought in on our account, my wife actually became hysterical on the phone with one of the automatic dial-up phone desk employees. His name was %.
started working with us, listening to the history and immediately stopped the auto-dial up calls and computer generated letters from happening for the most part. She saw that we were not horrible dead beat people; she started advocating our account to the people who could start to help us. This eventually led us to you, %. You told us what was required in filling out the hardship paperwork and we have communicated for months now. We immediately complied by sending in everything that was asked of us.
You have been trying to think outside the box on our behalf. But try as you may, you can not win through for us with FNMA either. Outside of your department, Olympus still thinks we are deadbeats because you cant enact the Modification into the data base which would rectify company accounting.
We can no longer do this alone. I have given up in ways to advocate on our own behalf. You have done all you could do, but FNMA wont budge when they do have the power to do so. They had the power to re-write the mortgage to a lower interest rate but refused your request on our behalf even with proof of documentation to justify doing so.
We need closure, we need relief. We dont need further modification which instead of reducing our payments raises them instead.
Through no fault or missed steps in your work for us, %, we are no better off today than we were when we first started talking with you. We will be seeking legal advice.
Sincerely Yours,
Peter %, Brainerd, MN
PS: I have every letter from Olympus and email in my files which lay out the complete communication history we have tried to maintain with Olympus Servicing, LP. I have complete Quick Book reckoning and all bank statements for historical accuracy concerning this mortgage account.
[Ed Note: We have since moved from MN to RI for better employment. This situation took place in Brainerd, Minnesota.]
Peter
Warwick, Rhode Island
U.S.A.
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