Complaint Review: Calmco Olympus Fairbanks Servicing - Austin Texas

The only way we were able to untangle ourselves from this company was to SELL our home in December of 2002. !

Copy of original letter sent to Olympus September 4, 2002

September 4, 2002

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, 2002 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 2002, 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, 2002) 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 2001, 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 2002] 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 2002, we would have never gone through the abuse that Olympus has s****.>