Consumer complaint received 2024-01-10
Company: Shellpoint Partners, LLC
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Loan sold or transferred to another company

Complaint:
We had a mortgage ( XXXX # : XXXX ) from XXXX on our house at XXXXXXXX XXXX XXXX XXXXXXXX CO, XXXX. Our house was burned down in the XXXX XXXX  ( XX/XX/XXXX ). We got funds from our insurance company in several checks that had to be sent to XXXX. XXXX kept in a secure escort money that was up to the principle of our mortgage, and released to us funds that were above the principle. 
XXXX  representative told us we can do an inspection of the rebuilding of our lost home, and the money saved in escort covering our principle will be released to us with the progress of the rebuilding, When the inspection will be at 50 % of the rebuild all the money from our secure escort will be release to us. 
Our mortgage was sold from XXXX to Newrez on XX/XX/XXXX ( Loan number stayed the same XXXX ). We were not part of this sale and never been asked if we agree to that. All the mortgage details were transferred with no change ( The principal, the interest, etc. ) But one important issue got worst for us. The Newrez representative told us they are releasing the money in the secure escort according to the progress of the rebuild and will release all the money at 95 % of the rebuild. This is worsening our terms with XXXX, and I dont think this is allowed. We have committed payouts to our constructor that we took on ourselves when we were under XXXX by knowing all the money will be released to us when will be 50 % done on the rebuild and not 95 % and now, we dont have the funds to pay our contractor. 
As you can see in the attached document ( Checks received ) on XX/XX/XXXX we got a check from XXXX ( Our insurance company ) for {$200000.00}. The check was sent to XXXX and deposited by XXXX in our secure escort. At that time our principle was about {$280000.00}. 
On XX/XX/XXXX an inspection was done by a XXXX  representative ( See attached ) that showed 25 % of the house was rebuild. As you can see in the attached document ( Checks received ) on XX/XX/XXXX XXXX sent a check to us for the sum of {$290000.00} releasing the money we got from the insurance plus some of the money held for the principal, because of the progresses in the rebuild. 
On the XX/XX/XXXX we got another check from the insurance ( see attached Checks received ) for XXXX. At this time our mortgage was under Newrez and we sent the check to them to put in our secure escort. 
On XX/XX/XXXX Newrez representative did an inspection that determine 51 % precent of the rebuild was done ( See attached ). 
On XX/XX/XXXX XXXX sent us a check ( see attached Checks received ) for {$160000.00}. A XXXX representative told me this amount was taking in to account the latest check received from the insurance and the latest inspection report ( That showed % XXXX of the rebuild was done ). 
I have no idea how XXXX came to this amount. It will be nice if they send us a report of the calculations they made. 
If we were under XXXX all the money in the secure escrow have been released to us, and if my calculations are correct that should be around {$410000.00}. XXXX can not worsen our terms we had with XXXX and should release now all the money kept in our private escrow.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation