Product: Mortgage

Fewer Loan Modifications When Homes Are Overvalued, banks are strategically forcing homeowners to give up and walk away because they are too big to fight.

Not in my case, and the fact that Shellpoint is stating they will reduce my principal balance on my loan modification to {$570000.00} is not acceptable.

Banks may also wish to overvalue the homes they foreclose upon to make it less likely homeowners will qualify for loan modifications. When a home is overvalued the homeowners are less likely to obtain a loan modification. If values were reduced, homeowners might be eligible for loan modifications. Until these DOJ servicing violations change, foreclosure rates will continue to be high and underwater homeowners will struggle to obtain loan modifications on their properties.

SPECIFICALLY, ANSWER THE QUESTION AS TO WHY SHELLPOINT MORTGAGE SERVICING IS INTENTIONALLY USING FRAUDULENT MEANS TO OVER VALUE HOMES.

THIS COMPLAINT IS AGAINST THE REAL ESTATE BROKER THAT COMPLETED MY CMA - HOWEVER, I AM A STATE OF ILLINOIS XXXX XXXX XXXX XXXX.

I WILL BE SUBMITTING THE SAME ISSUE WITH THE LICENSED APPRAISER SHELLPOINT MTG SERVICING SENT WHEN I COMPLAINED ABOUT THE LICENCED REAL ESTATE BROKER.

***The Appraiser used sales from XX/XX/XXXX in his analysis, homes from other subdivisions, etc. and I will be submitting as a separate complaint so there is no confusion.

My home is value and the correct current suggested list price of my property is {$470000.00} and that is the high number, and the principle reduction Shellpoint is offering still leaves my home {$100000.00} under water and they want a 40 year loan with an adjustable interest rate. NO.

All, I have received Shellpoint Mortgage Servicings Comparative Market Analysis via mail dated XX/XX/XXXX, attached.

The Comparative Market Analysis was completed by XXXX XXXX XXXX XXXX and I have attached the Illinois Real Estate License for XXXX XXXX  Illinois License # XXXX Shellpoint Mortgage Servicing XXXX XXXX XXXX XXXX, SC XXXX I have attached the Illinois Real Estate License for XXXX XXXX Illinois License # XXXX. I will be reporting her to the IDFPR, and we will discuss the violations with the department of justice during mediation onXX/XX/XXXX.

The XXXX XXXX XXXX XXXX  contact information is as follows : XX/XX/XXXXXX/XX/XXXXXX/XX/XXXX, CA XX/XX/XXXX Phone : XX/XX/XXXX Email : XX/XX/XXXXAccurate and Pertinent facts on the CMA I received are as follows, and there are 6 properties used in the CMA.

I will be addressing errors point by point so that this response is properly documented. The information that was sent is as disturbing as it is completely inaccurate and just perpetuates violations relating to the DOJ and of consent orders.

It is XX/XX/XXXX, and Mortgage Servicing Companies and Trustees will not and are refusing to follow the law at a risk of {$1.00} million per violation and {$5.00} million for repeat violations.

PROPERTIES SOLD IN CMA Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable 1 ) Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable Sales Closed Properties : XXXX XXXX XXXX XXXX XXXX XXXX Il XXXX sale dateXX/XX/XXXX for {$500000.00} Broker XXXX XXXX XXXX XXXX XXXX , XXXX Il ( ME ) I have attached the XXXX XXXX XXXX XXXX  XXXX XXXX Il XXXX closing document in the email. The property did not sell for {$500000.00}, it sold for {$460000.00} in XX/XX/XXXX.

In addition, why would a Real Estate Broker complete a CMA using information from XX/XX/XXXX?

In addition to that, why would a Real Estate Broker use XXXX XXXX XXXX as the subdivision when I live in the XXXX XXXX subdivision? It is not even in the same area and should not be used to valuate my property, however your reported information is not correct on any level.

2 ) Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable Sales Closed Properties : : XXXX XXXX XXXX XXXX Il XXXX sale date XX/XX/XXXXfor {$460000.00} Broker XXXX XXXX XXXX XXXX XXXX, XXXX Il ( ME ) I have attached the XXXX XXXXXXXX XXXX XXXX Il XXXX closing document in the email. The property did sell for {$460000.00} in XX/XX/XXXX.

In addition, why would a Real Estate Broker complete a CMA using information from XX/XX/XXXX?

In addition to that, why would a Real Estate Broker use XXXX as the subdivision when I live in the XXXX XXXX subdivision? It is not even in the same area and should not be used to valuate my property.

3 ) Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable Sales Closed Properties : XXXX XXXX XXXX XXXX XXXX Il XXXX sale date XX/XX/XXXX sold for {$510000.00} Broker XXXX XXXX XXXX XXXX XXXX, XXXX Il ( ME ) I have attached XXXX XXXX XXXX XXXX XXXX Il XXXX closing document in the email. The property did sell for {$510000.00} inXX/XX/XXXX.

In addition, why would a Real Estate Broker complete a CMA using information from XX/XX/XXXX?

In addition to that, why would a Real Estate Broker use XX/XX/XXXX as the subdivision when I live in the XX/XX/XXXX subdivision? It is not even in the same area and should not be used to valuate my property.

PROPERTIES FOR SALE IN CMA Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable 4 ) Shellpoint Mortgage Servicing - Broker XXXX XXXX  Comparable for Sale : XXXX XXXX XXXX XXXX XXXX Il XXXX  ACTIVE in the MLS and is for sale for {$540000.00} Broker XXXX XXXX XXXX XXXX XXXX, XXXX Il ( ME ) I have attached XXXX XXXX XXXX XXXX XXXX Il XXXX XXXX XXXX Il XXXX closing document in the email. The property is not for sale. The property sold for {$480000.00} in XX/XX/XXXX..

5 ) Shellpoint Mortgage Servicing - Broker XXXX XXXX Comparable for Sale : XXXX XXXX XXXX XXXX XXXX Il XXXX ACTIVE in the MLS, is for sale for {$540000.00}, and was listed on XX/XX/XXXX.

In addition to that, why would a Real Estate Broker use XX/XX/XXXX as the subdivision when I live in theXX/XX/XXXX subdivision? It is not even in the same area and should not be used to valuate my property.

6 ) Shellpoint Mortgage Servicing - Broker XX/XX/XXXX Comparable for Sale : XX/XX/XXXXIl XX/XX/XXXX ACTIVE in the MLS, is for sale for {$540000.00}, and was listed onXX/XX/XXXX.

Broker XXXX XXXX XXXX XXXX XXXX, XXXX Il ( ME ) I have attached XXXX XXXX XXXX XXXX XXXX Il XXXX closing document in the email. The property sold for {$480000.00} in XX/XX/XXXX.

In addition, why would a Real Estate Broker complete a CMA using information fromXX/XX/XXXX?

In addition to that, why would a Real Estate Broker useXX/XX/XXXX as the subdivision when I live in the XX/XX/XXXX subdivision? It is not even in the same area and should not be used to valuate my property.

The Broker used properties that sold in XX/XX/XXXX for the CMA.

None of the properties that were used are not in my subdivision and they should not have been used to valuate my property.

The Broker also stated that some properties were for sale at a high list price, when in fact they had sold quite some time ago at a much lower price. Two of the properties listed were listed in XX/XX/XXXX even though they are not in my subdivision, the Broker is at least in the correct year, XX/XX/XXXX.

I have attached the 2 correct CMAs to this email, one is fromXX/XX/XXXX and the other is from today, XX/XX/XXXX The correct current suggested list price of my property is {$470000.00} and that is the high number, and as you know people negotiate down somewhat from the list price, the average is 98 % of list price.

The high number Shellpoint Mortgage is reporting is {$550000.00} about {$75000.00} difference in valuation from top to bottom.

The Broker used properties that sold in XX/XX/XXXX for the CMA.

The Broker also used properties that are not in my subdivision and they should not have been used to valuate my property, and the Broker over valued my property.

Department of Justice Violation : The Lagow case is U.S. ex rel. XXXX XXXX XXXX v. XXXX XXXX XXXX  et al., case number XXXX and the XXXX case is U.S. ex rel. XXXX XXXX vXXXX XXXX XXXX XXXX XXXX et al., case number XXXX, in the U.S. District Court for the Eastern District of New York .

Please SeXXXX XXXX XXXX XXXX  Complaint attached. {$14.00} million reward was part of the {$1.00} billion settlement XXXX reached with the U.S. Department of Justice to settle False Claims Act allegations involving the Home Affordable Modification Program and Federal Housing Administration-backed loans, according to the firm. That settlement was included in the larger {$25.00} billion settlement the bank and other large mortgage servicers reached with federal and state authorities in XX/XX/XXXX.

In another whistleblower case filed in XX/XX/XXXX and unsealed inXX/XX/XXXXXX/XX/XXXX, former XXXX subsidiary employee XXXX XXXX alleges that XXXX XXXX XXXX now owned by XXXX, created a scheme to inflate housing prices by manipulating property appraisals, ultimately leading to more foreclosures. Those inflated prices, the complaint alleges, included thousands of Federal Housing Administration backed loans, the default of which cost the federal government money