Consumer complaint received 2021-06-17
Company: Shellpoint Partners, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
On Thursday, XX/XX/XXXX, I spoke with XXXX XXXX, my direct point of contact at Shellpoint that services my deceased mothers mortgage loan. 

XXXX employed a well rehearsed sequence of aggressive predatory loan strategies to get me to sign a new loan, which he deceivingly called loan modification, that has as primary target not to help me but to rob me of most if not all of my property equity. His offer imposed unfair and abusive loan terms on me, including high interest rates and terms that strip me of equity. 

I requested a deferment for the 12 month forbearance that ends XX/XX/XXXX. 
XXXX refused the deferment, in his exact words I will put my foot down, I will not give you a deferment. ( on a recorded phone call ) XXXX XXXX 's first step of this unfair and deceptive predatory lending strategy was to deny forbearance deferment in order to offer me a loan assumption but not by itself, only conditional with acceptance of a disguised loan modification, which in reality was a new 40 year loan with predatory loan terms. 

XXXX refused to check the history of the loan and the fact that I told him that I was offered and processed a deferment prematurely in XXXX of XXXX, which following a former CFPB complaint was reversed because, among other things, their representative failed to tell me that I can only do deferment one time for the life of the loan according to the XXXX XXXX guidelines of this loanit was more convenient for Shellpoint to defer 3 months of forbearance rather than 12 months, so that I get stuck with more debt that can not be deferred ( please see attached letter from Shellpoint which confirms the fact they processed a deferment for me that was reversed ) My mother passed away on XX/XX/XXXX, and her death certificate, my executor documents, and the property transfer ownership docs, among other, were transmitted to Shellpoint immediately, several times, by email and fax ( see uploaded attached docs ). These were requested again by Shellpoint and retransmitted to Shellpoint several times it appears Shellpoint is disorganized and misplaces documents from their customers ; I can not be responsible for their internal errors. But I do have emails proof that these docs were in fact emailed to Shellpoint several times at the same emails or fax nrs ( see attached email docs ) During my conversation with XXXX XXXX in XX/XX/XXXX, when I requested the last 3 months of forbearance, he mentioned that I should call him mid XXXX so he can process a deferment for me for the 12 months of forbearance with his superiors approval then in XX/XX/XXXX, few days ago, he said he will not do a deferment for me, and will not discuss this with his superiors because it will not be approved ; curiously and suspiciously it was approved and processed in XX/XX/XXXX, 3 months after my mothers death, was again suggested by XXXX XXXX in XX/XX/XXXX, but just before the end of the 12 month forbearance, it was denied (?! ) XXXX didnt say anything to me in XXXX that he will not be able to process the deferment, just another secretive predatory Shellpoint strategy to take advantage of their customer so that there are less options for the customer close to the forbearance term end/deadline. 

I told XXXX XXXX dont see why he cant do the loan assumption separate and only as a condition with my signing an adverse predatory loan I told XXXX there is a federal law, the federal XXXX XXXX depository institutions act of XXXX, which says that heirs can assume the loan of they want, without any conditions I told this to XXXX coworkers, and to his supervisor XXXX XXXX, but was ignored XXXX ignored this, and so where his coworkers and supervisor I spoke with, all of them stating they can only do loan assumption for me with a new 40 year loan (?! ) Loan modification implies keeping the same loan balance, stretching it over more years and lowering the interest to make it more affordable to the borrower. 

Instead, XXXX insisted he can only offer me a new loan, which bears all the predatory lending characteristics ; not only doesnt maintain the actual balance of the loan but triples it so that I lose to Shellpoint most or all equity in the property. 

I emailed XXXX asking clarification and more detailed calculation of the 40 year loan he offered me but he failed to respond, its been about a week now Current loan has a balance of {$81000.00},. XXXX XXXX XXXXnterest and matures in XXXX, with monthly payment of {$560.00} this means that in 14 years ( 168 months ) when it matures, it will reach a balance of approximately {$94000.00} The new predatory loan, which XXXX calls deceptively loan modification has the following predatory loan terms : Much much longer 40 year term ( 480 months ) matures in XXXX Higher interest rate : XXXX XXXX Monthly payments : {$480.00} 488 x 480 months = {$230000.00} XXXX?! ) Compare this with the current loan and how deceiving is the new Shellpoint loan modification conditional with the loan assumption

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