Consumer complaint received 2020-04-23
Company: Shellpoint Partners, LLC
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
This is in regards to Forebearance and the global pandemic. And the mortgage company NewRez Mortgage Services, are not helping lenders as encouraged by the Federal Reserve. 

On XX/XX/XXXX I was able to get a hold of somebody to start looking at options for the forebearance plan that is to help those effected by the pandemic and to not effect their credit. 

I own a duplex that I live in but rent out the other side. My work has been effected by the pandemic when the government ordered all gatherings to be cancelled. Which makes sense for the safety of the public. My concerns are also for the tenants. 

While I started the process for the forebearance I was asking for details about the plan. They would not give me a straight answer but that I would be registered for this plan. Again without any real form or details about it. 

When pushed they would not confirm how this would not effect my credit and that in this 3 month forebearance plan I would not have to pay any payments. But then would be forced to pay the payment on the 4th month along with the other 3 payments. So a total of 4 payments right away. And if forebearance needed to last longer it can be sorted out at that time. 

So the big problem is not working for so long and then suddenly have to pay 4 payments. When I said that would not be possible I was pretty much told that we would be able to talk about it at that point. 3 months later. 

Now I would not expect my tenants to be able to pay 4 months of rent suddenly after not working for so long. And all of this goverment stimulus is not making it to them to suddenly be able to. But most importantly what money is going to them should be going to food and supplies to take care of themselves. 

I have asked multiple times to have these payments just to be moved to the end of the loan, as on their site described as deferment. And I keep being told that I either have to wait the 3 months or hope the government puts more rules in place on this. Or not take the forebearance. 

After being told to wait for more information during the month ( XX/XX/2020 ). I was sent a questionnaire, implying they are just trying to figure out my situation. But before I even get to any sort of options they require me to " Check here to acknowledge '' that I will have to pay all the payments at the end. Or at that time talk about options at that time. But those options no longer even include the deferment offer. " Options may include full reinstatement, a repayment plan, or a loan modification. '' So I feel that I would then be forced to either take that burden on or force it upon them. Assuming I could take that burden. So at this point I am hoping that they will still be able to pay their rent. 

I am not a large corporation that owns a lot of property, I own 1 to help me live in the area I work. And I see a lot of other " Mom and Pop '' rental people looking at the same issue.

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