Consumer complaint received 2023-04-14
Company: Shellpoint Partners, LLC
State: UT
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XX/XX/XXXX To CFPB, I am a victim of predatory lending from XXXX XXXXXXXX XXXX and I need your assistance to get this issue resolved. I am at my wit 's end with it. I've seen it fallen through the cracks despite the fact that XXXX  XXXX was found to be in violation of the SEC rules in defrauding the investors and paid {$28.00} millions of dollars in fees. The loan that was issued on my house was at the other end of that spectrum while the investors were at the starting point with XXXX  XXXX linking us both. This type of loan was the perpetrator of the XXXX housing crashed when thousands and thousands of homeowners have lost their houses and the investors their money. XXXX XXXXXXXX stood in the middle defrauding both the investors and the homeowners to its advantage by keeping the homes and sold them off in foreclosures for fast money and keep the profits to issue more loans. I've tried since XXXX to get this issue resolved with payments and or I could have resumed making payments under a proper loan structure with them and or with the 6 other banks that my case was transferred to over the years but all I have ever encountered was NO or a silent treatment. This could have been resolved within XXXX months the most. However, it has lasted for 16 years because they were either shut down by the government or have gone bankrupt or merged while Ive been charged with the fraudulent amount of the monthly payment with no taxes and insurances compounding in an exorbitant amount of fee accompanied with exorbitant miscellaneous fees that amounted to {$770.00}, XXXX and counting for a mortgage loan in the amount of {$250000.00}. While the loan kept on getting transferred from XXXXXXXX XXXX  to the next and XXXXXXXX XXXX  to the next, the people in charge from the very beginning were all the same till now, 16 years later. There is no excuse for that to happen. It has happened because their agenda was to keep charging me a gigantic amount of money that I wouldnt be able to get out of. This was done with malicious intent just like the loan was initiated with malicious intent to defraud homeowners like me. Each time my attorney contacted me for updates, they were instructed to wait because they were in bankruptcy or this or that. I shouldnt have been charged while they were the ones who have kept me waiting. 
As per uploaded documents, I refinanced a loan on my house in XXXX with XXXX XXXX XXXX XXXX ( AKA XXXX XXXX XXXX ). However, XXXX years into the loan it was accidentally discovered that the loan was of predatory nature. Then the loan was rescinded in XX/XX/XXXX to XXXX XXXX and to XXXXXXXX XXXX  as the servicer. Therefore, per the Truth-in-Lending law back then before it was amended, no payments were to be made while in that process and no payment was ever missed to that either. Unfortunately both of them ignored the rescision letter that was sent to them. After the required time frame as mandated by the truth-in-lending has passed, I contacted XXXX to verify the status of that rescision letter but no representative couldnt tell me anything at all as my account was moved to another department. I got transferred from one department to the next from one representative to the next and nobody knew nothing about the loan or the account. It has taken about 6 weeks until I was able to get to talk to the person in charge and was told it was that they didnt care about the law and all they were cared about was getting paid. So, I offered to bring my account current by paying in full the missing months, I was told that it was too late no payments will be accepted from me and that the foreclosure process was already initiated and that my house will be taken away from me and put up for auction and I will be put on the streets. There were no notice of foreclosure or remedies or questions asked about why no payments were made. They just went straight ahead and put my house up for auction. It wasnt sold because there was no buyer. This year, they did put up for auction again as of last XXXX in the amount of XXXX. I had to file for a XXXX XXXX bankruptcy to stop the sale when I didnt have to do so because I have had no other debts. I shouldnt have to lose my house because I didnt structure the predatory loan. I was not the loan officer. I shouldnt have to lose my house because I was forced to a debt of a gigantic amount of money by them. They have orchestrated the non-payments. Law is to be followed. I followed the law of the Truth-in-Lending, therefore, I shouldnt be punished for following the law. The loan issued was a never ending loan. Unfortunately back then, I didnt know how to read these mortgage papers and was not told that there will be a balloon payment of the principal to pay in full on the XXXX year. Paying $ XXXX for 29 years with no taxes and no insurance and to pay the principal again on the XXXX year is no joke. This type of loan is ruining the economy of the country and the people. I was told that the amount of fixed for 30 years for the loan to be paid off. 
Please assist. I understand this has to be sent to the lender which is now NewRez LLC. Again this will go on death ears. I have made them an offer of $ XXXX which is more than the value of the house just XXXX get this issue resolved and avoid having my house going to foreclosure, and be with a local lender so if anything arises I can go and speak to someone fact-to-face. Unfortunatley I got denied by NewRez LLC. They said that they do not negotiate and that the full amount of {$770000.00} at the present time and or more dependent on the date the payment will have to be made to satisfy the loan of {$250000.00}. I have spent roughly {$50000.00} in the home to keep it in good shape in replacing necessary things that were needed despite going through all the ordeal with them. I have done so because I didnt do anything wrong to lose my house to them. They have perpetuated the non-payments by refusing me to catch up on them in the very beginning of the issue because I though maybe they didnt receive the letter. If so, then, Ill be in trouble. I love my house, I care for it, and I appreciate having it. It is my sanctuary, my work place, and where I keep my family safe. Paying for it has been my priority. Now due to the judgement, lien, foreclosure, and bankruptcy, I have become an ineligible to rent. It is also hard to pay {$7000.00} +/mo for the house to fulfil the bankruptcy. This is the payment of a house valued at 1mi+ of dollars. NewRez LLC request is outrageous because it is based on a predatory loan structure that is continued as such. 
Therefore, the predatory nature of the loan is still continues to haunt me down until my blood is complete sucked away out of me. As a customer, I should not have to be put in such a situation. These banks are using their attorneys to XXXX XXXX money from the people. Something needs to be done about this. Im just one case that you may have heard of. Im sure there are thousands of homeowners who might have been in such a situation if they are not in one actually. Are these banks above the law? Although the Trut-in-Lending law was amended in XXXX, my issue has started in XXXX before the amendment and should have been grandfathered in. 



Loan Amount : {$250000.00} XX/XX/XXXX Amount of financed : {$240000.00} Amount credit will cost : XXXX Total of amount to pay after all payments were made as scheduled : XXXX Monthly Payments for 29 years : {$2400.00} approximately Balloon Payment at maturity date : {$180000.00} - XXXX/XXXX/XXXX BANKS : 1. Loan Originator : XXXX XXXX XXXX ( XXXX ) -Closed by the XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) - XXXX. XXXX XXXX XXXXXXXX -Closed by the SEC XXXX XXXX XXXX. XXXX XXXX XXXX ( XXXX  ) Bankrupt - XXXX XXXX. XXXX XXXX that loan on XX/XX/XXXX after it was assigned to it by XXXX to it on XX/XX/XXXX XXXX. XXXX XXXX XXXX XXXX 6. NewRez LLC XXXX - Active and stated XXXX XXXX is the originator. XXXX XXXX was never the loan originator. XXXX XXXX was. 
NONE OF THESE BANKS HAVE A BRANCH IN THE STATE. THEREFORE, NO FACE-TO-FACE COMMUNICATION CAN BE PLACE TO RESOLVE THIS BIG ISSUE.

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