PHH Mortgageloan modification

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a verified customer
Verified customer

I want to share with you a few facts about PHH Mortgage Services.
A year and a half ago, I applied for a loan modification like most of us and the same scenario happened to me.
I also asked several times for them to provide the information about who is the owner of the note on my loan.
Recently, after correspondences with the Federal Trade Commission, PHH, and the N.J. Attorney General, I got a nice answer from Lori Emdin who is the Presidential Liaison in PHH, stating that the investor on my loan, FANNIE MAE does not allow PHH to offer a modification because I am current on my loan. I provided all necessary documentation showing how severely my income dropped during the recent economic turmoil. In response, I got a letter telling me that since they could not ascertain any financial hardship, I do not qualify for a loan modification.

In 2008, Fannie Mae got an enormous bail out from the government and right now has a new venue to make money by investing in penny loans bought from other lenders. This is the exact reason why a subsidiary service like PHH does everything to break your legs and file foreclosure instead of helping homeowners with loan modifications. Fannie Mae and Freddie Mac do not want to deal with us directly because it would be absolutely ashamed and disastrous to let the public know about the government’s investment to start foreclosure on American’s properties and generate money for them.

situation and ask for an investigation.


Letter from Federal Trade Commission:

WASHINGTON, D.C.20580 December 9, 2010

The Honorable Darrell E. Issa
Attn: Amy Walker
1800 Thibodo Road, Suite 310
Vista, California 92081

Re: FTC File Ref #[protected]

Dear Representative Issa,

Your letter to the Office of the Comptroller of the Currency on behalf of your constituent, Mr. Jerzy Wasowski of Vista, was forwarded to the Federal Trade Commission for reply.
We appreciate Mr. Wasowski’s concerns regarding the problems they experienced with PHH Mortgage Services. As you know, the Commission has been directed by Congress to act in the interest of all consumers to prevent deceptive and unfair acts or practices, and complaints from consumers provide valuable information that is frequently used to develop or support Commission enforcement initiatives. However, as a practical matter, the Commission’s enforcement resources are finite, and we cannot take formal action in every instance. When we receive a complaint, we make an evaluation to determine whether to devote further resources to the matter. As a matter of prosecutorial discretion, we must consider such factors as the pervasiveness of the problem, the extent to which consumers are injured, whether the practice appears to violate the Federal Trade Commission Act, and how the problem fits into our overall enforcement strategy. We will maintain a record of Mr. Wasowski’s complaint in case we receive additional information indicating that further action should be taken.

We appreciate your interest in this matter. Please let us know whenever we can be of service.
Consumer Response Center


  • Fe
    Fed Up with PHH/Century 21 May 24, 2014

    My issue with PHH is that in 2008 we went through the loan modification process. Sincec then, every November they stop cashing checks and entering them as received. Then by february they are foreclosing on us. Which at that time i have to wait for them to return, at the same time the last 4 payments they "never received", along with $3000 lawyer fees. I started tracking payments in 2012. When they tried to foreclose, that day, i contacted their attorney about it before they even had documentation to start the process. They didn't want to talk to me without them being notified I was In foreclosure. I said ok, but to let you know they are in the wrong, i will send you the backup payments i saved to cover this, along with proof of my cashiers checks, overnight delivery receipt from the post office along with the name of the person that signed for each one. They had my info in their hands the next day before their clients paperwork. A week later i got the now 4 months overpayment back along with the attorney dropped their portion of the fees, $2000. I still had to pay the PHH fees. 2 months later they suddenly said we were short in escrow, resulting in our monthly payments going up almost $200 a month. The amount they claimed we were short was dollar for dollar what the attorney dropped. Our Insurance and taxes had not chaNged And our escrow balance is running the same month for month as previous years corresponding months. But the interest paid is significantly higher, even noticed by our tax preparer. After the increase we switched insurance that was $90 cheaper a month. but our payments still never changed. Escrow still on track. Principal still running the same. Interest increased again. So it appears they are pocketing any changes since the drop from .8 percent to 5 from our modification. This year, they were not able to force forclosure on us as I am sure they got wordscfrom the attorney about the documentation of them holding payments when i had proof they had them. Instead, i now receive up to 3 calls a day from them, no messages left, starting 5 days before the month, every day till the 10th. Then they start leaving messages and mail out an intent to foreclose. Our payment does not even need to be in till the 16. We already have an attorney i turn monthly receipts of cashiers check and post office overnight mail receipts to. he is just watching and desperately waiting for them to send the letter that they have started foreclosure processing. He said this is a known tactic lendors are using to get their money back they loose in your modifications.

    0 Votes
  • Ju
    julebug Aug 05, 2014

    We recently applied for modification through PHH. We were turned down despite a $30, 000 reduction in salary and 4 months of unemployment. The solution was to raise a payment so we could make up what was past due. Which would have increased our payment by $500 for 6 months. We ended up borrowing from family to make up the past due. Still barely getting by and unable to repair our vehicles that we use to get to work. Seems PHH/Fannie Mae don't care to help customers who were in good standing until faced with financial ruin. Makes me sick that we had to bail out Fannie Mae, but no help to PEOPLE in a situation that is not controllable.

    0 Votes

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