Consumer complaint received 2016-12-23
Company: Shellpoint Partners, LLC
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My wife and I own our home in XXXX California. In XXXX of XXXX our mortgage was purchased From XXXX XXXX XXXX by a company called ShellPoint Financial. Up to this point we had been current on our Mortgage payments. However, due to a financial change several months earlier ( reduced employment income ) we decided to file for Chapter XXXX Bankruptcy, which we were awarded in XXXX XXXX. 
As a means to settle our bankruptcy and to put us in a better financial position, we decided to break off and sell an undeveloped portion of our larger property. We got all necessary approvals and permits to do this from the City and County that we live in. However, in order to sell this parcel of land, we needed ShellPoint to release that portion of land from the entire property. My wife and I started to contact ShellPoint in XXXX XXXX. We wrote them and called them numerous times. When we were able to reach a live person - which was VERY RARE - we were told that paperwork would be sent to us to apply for a release of property. This was never sent to us, despite the fact that we requested it several times. We continued to contact ShellPoint hoping we could get SOME personal attention, but we were either transferred to another department, promised that someone would contact us, or ignored completely. 
After over a year of trying to deal with ShellPoint directly, we became frustrated with their non-performance, so we hired a lawyer in XXXX XXXX. Our lawyer commenced contact with ShellPoint that month. Our lawyer, on a regular and continuing basis, attempted to contact ShellPoint by phone and email. On occasion he got some response, but it was basically a phone message left at a random time, and in any case, no useful information on how we could proceed with any process to sell the lot we created, and to have it released from our overall property. ShellPoint did, however, request much information from us - financial statements, as well as a proper appraisal in order to show the significant value of our property even after the land was released from it. We had the appraisal done, at our expense. It indicated that even with the lot in question removed, the remaining value would still support he outstanding loan balance owed to ShellPoint. ShellPoint continued to ignore our requests and never took any action at all in order to allow us to sell the lot. At this time, the lot had been put on the market for sale, as we presumed that ShellPoint would release the lot at some point in the near future. In XXXX of XXXX, we received, and accepted an offer, of {$380000.00} for the lot. The buyers were in contract for an all-cash sale. ShellPoint requested - and we sent - information on the buyers, including a copy of the contract as well as verification of the funds they had in the bank ( excess of {>= $1,000,000} ). ShellPoint took NO ACTION, and after being in contract for NINE MONTHS, the buyers decided to walk away, canceling the sale. They had lost all confidence that the Mortgage holder ( ShellPoint ) would ever take any action to allow the sale. Our attorney was in contact with ShellPoint during this time. he was promised action which never happened, despite his numerous attempts to work with them. We had made an offer to ShellPoint that upon the sale of the lot, not only would we pay back any mortgage arrears we had with them, but that additionally, we would pay down the loan balance by {$100000.00}. ShellPoint completely ignored us. In XXXX XXXX, we received a notice of default from ShellPoint, indicating that they were considering foreclosure due to mortgage arrears. 
Because of their own inaction, we have been harmed financially. We had a buyer in contract and a sale would have allowed for ShellPoint to be made whole, and for us to retain our home. 

I have attached correspondence from our attorney, detailing all attempts to solve this issue

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