Product: Mortgage

Dear Consumer Financial Protection Bureau, I hope this correspondence finds you well. I am writing to file a formal complaint regarding the unjust and misleading credit reporting practices by Shellpoint/New Rez and the unlawful foreclosure tactics they employed during the process. 

I have significant late payments reported on my credit report between XXXX XXXX XXXX. Please note it is being reported significantly different on all three credit bureaus report. This reporting is associated with my mortgage account, which was serviced by Shellpoint New Rez. This late payment was previosly listed as " FORECLOSURE '' and after writing a letter of complaint directly to the morage company they removed " FORECLOSURE '' and it is now reported as significantly late. This has had a profoundly negative impact on my credit score and financial standing, affecting my ability to secure favorable loan terms and access financial opportunities. 

As a XXXX XXXX XXXX XXXX XXXX XXXX, being closed down for 8 months during covid I worked with my previous mortgage company XXXXXXXX XXXX XXXX on forbearance and once the Covid previsions were over I was still struggling and applied for a loan modification. As I was working on that modification my loan wa sold to Shellpoint/newrez. Navigating bad credit has added layers of complexity to managing my business finances. The impact of this erroneous late payment report extends beyond my personal financial health, influencing the stability and operational efficiency of my business. It complicates securing business loans, hampers our ability to invest in growth opportunities, and potentially threatens the livelihoods of my employees. 

My dissatisfaction does not solely stem from the late payment but also from the unethical & Illegal conduct exhibited by Shellpoint New Rez throughout the foreclosure process. Prior to the transfer of my mortgage to Shellpoint New Rez, I was engaged in a mortgage modification process with the previous mortgage company. Many people were able to recover quickly from XXXX however I was not. However, upon the transfer, Shellpoint New Rez failed to acknowledge or consider the pending mortgage modification, abruptly escalating foreclosure proceedings without due process. I called over and over to get help and each time I was told I have to wait for my representative to call me back. He NEVER did. 

Instead Shellpoint New Rez employed illegal tactics during the foreclosure process. NewRez Shellpoint proceeded with foreclosure while simultaneously negotiating a loan modification and they gave me the false hope and mislead me about my options. This mortgage company also had officers go to family members/inlaws homes and place of work trying to serve me with foreclosure notices. This is a complete violation of consumer protection laws. I have directly contacted the mortgage company with this same complaint. In fear of losing my home I reached out to my family members and borrow enough money to avoid foreclosure. Once I paid the past due I continue to submit internal complaints with NewRez. Not only did I comply with their process I continued to make payments. In one particular instance in late XXXX of XXXX  I sent in a payment of {$3700.00}. NewRez sent my payment/check back to me and I quote " apologized for any inconvenience regarding this issue ''. They said my loan was over 90 days due and could not except a payment all the while no one is communicating with me. 
While the creditor has downgraded the foreclosure reporting to a 120-day late on XXXX  and XXXX  and 180-day late on XXXX, this is equally as devastating and highly inaccurate. 

After I was able to borrow {$18000.00} from family and friends I complained to New Rez about the handling of this situation and they asked me if I wanted to enter into a modification at that time. There was no way I was going to consider this especially given the predicament they put me and my family in. 

Adding to the frustration, this loan was recently paid off which they still have not reported the mortgage satisfaction, yet the erroneous reporting continues to hinder my financial credibility. This inaccurate late payment and the downgraded reporting still have a severely negative impact on my credit score and financial standing, affecting my ability to manage both personal and business financial matters effectively. 

I believe that Shellpoint New Rez 's actions not only contravene the principles of fair lending and consumer protection but also demonstrate a disregard for ethical business practices and regulatory compliance. 

In light of the aforementioned issues, I urge the Consumer Financial Protection Bureau to investigate this matter thoroughly and take appropriate actions to ensure that Shellpoint New Rez rectifies the erroneous credit reporting, ceases any unlawful foreclosure proceedings, and adheres to all relevant laws and regulations governing mortgage servicing and consumer rights. 

Additionally, I request that the Consumer Financial Protection Bureau provides guidance and support to help me mitigate the adverse effects of the late payment on my credit report and explore avenues for resolving the pending mortgage modification in a fair and transparent manner. 

I appreciate your attention to this matter and trust that the Consumer Financial Protection Bureau will take prompt and decisive action to address these concerns and safeguard the interests of consumers and small business owners like myself. 

Thank you for your time and consideration.