Consumer complaint received 2023-06-06
Company: Shellpoint Partners, LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My husband and I bought a house XX/XX/1998. We have paid on this loan until the present time. During XXXX I was without work for a while. I called my mortgage company which was Shellpoint at that time, to ask about getting a loan modification. They set me up and told me that we could go several months without paying due to XXXX. So I took advantage of that. When the months were up, they wanted the total amount due from all the months that I missed. Well, obviously I could not do that. So I asked for a loan modification. I didnt think anything about it because they recommended it and told me dont delay take advantage of this great offer. They sent the document for me to sign. It was XXXX pages long, and I will admit that I did not read every word of it. But the part that I did read led me to believe that they were giving me a trial. To make a payment on time for XXXX months. And then they would modify the loan in order for me to catch up or to add it to the end of my mortgage. As I had done the same thing with my car loan during XXXX. I signed the papers and did not realize until a year and a half later that my principal was going up and was way more than what we first paid for the house And all the years we financed and paid on it. I just so happen to see the principal balance XXXX day on my statement. At first I thought it was a mistake. So when I called the mortgage place, they said no it was not a mistake. It was just as if we had started all over on a loan for buying our house that weve had 25 years. I couldnt believe it. I feel this was very deceitful on their part. My payment went from $ XXXX {$1200.00}. I assumed that this was the amount different each month that I would pay until the remainder of my loan was finished. This would be XXXX years from now. Little did I know, it was nothing what I thought it was. Because they kept calling it a loan modification. To me a modification is when they change your payment amount for a while until you get back on your feet. However, This was nothing like that. The cost of our house was {$110000.00} in XX/XX/1998. XXXX paid on it for 25 years. The principal balance as of today is $ XXXX from looking at my past statements, this principal balance has gotten bigger each month. A lot bigger. I admit that I always dont understand everything, especially when it comes to paperwork. It is not written in terms that I understand. It seemed to me as if I was duped and coerced into signing something that nobody in their right mind would ever sign. I mean what happened to the 25 years worth of money that we have paid? I am baffled. I can send a copy of the document that I signed if needed now. my husband and I are senior citizens. We are not tech savvy as to how to mail the documents or email them. But we can get someone to show us. How if needed. I just wish we had done that upon the signature of some phony, misleading papers. Our mortgage company now is XXXX XXXX XXXX. At the time of the loan modification it was Shellpoint mortgage company.

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