Consumer complaint received 2022-06-14
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: BSI Financial Holdings, Inc. (NY)

I have owned my home in XXXX, NY for 15 years. I ran a successful wholesale jewelry business for over 20 years, but due to Covid 19 my business was devastated and I struggled financially. I fell behind on the mortgage payments with BSI Financial due to the impact of Covid on my business. I contacted them on multiple occasions to try and get them to consider me for a forbearance, the government CARES program or some type of lender relief or modification. BSI Financial refused to work with me or offer any type of review for any programs. I told them that my income had decreased 85 % and asked the representative if they could offer any programs to help me get through the pandemic. The agent XXXX XXXX said she checked with her boss and he told her that they did not want to help me or offer me anything and that they were going to foreclose on my house. I continued to try and talk to them and work something out, but it never went anywhere. Eventually they would just hang up on me when I would call. They were very rude and did not want to help me at all! I now have a foreclosure sale date set for XX/XX/XXXX. BSI Financial has obstructed the process and denied me access to any and all internal or government programs and has not even CONSIDERED options to help me. I believe they are required by New York law to at least offer a review of my financial situation to see what options I may qualify for. This is not my fault, I was a great customer who paid on time for 11 years until Covid devastated my business. 

I worked as a wholesale jewelry supplier for over 20 years. I had a large customer base and many large stores on XXXX XXXX were my clients. I made a nice living and began investing in real estate as well. Because I had solid financial cash flow and strong credit I was able to qualify for the mortgage loan to purchase my home in XXXX with a XXXX XXXX dollar adjustable first mortgage. I never missed a payment and had excellent credit. The industry had a slight downturn in XXXX but my business was still doing OK, then when Covid hit it all fell apart. The stores in the city were shut down, so they did not order from me for several months. My income plummeted. When the stores were allowed to re-open things looked like they were going to improve, but then there were several smash and grab robberies and excessive crime in the jewelry district on XXXX XXXX. Many shop owners were reluctant to stay open and the anticipated increase in revenue never came to fruition. During this time I was unable to stay current on the mortgage because my income had dropped over 85 %. I attempted to resolve the problem by explaining to the loss mitigation department at BSI Financial my situation. However, this never went anywhere. I was never offered a forbearance or a deferment or access to the government backed CARES program or even reviewed for retention options. Instead of working with me, the supervisor told the representative XXXX XXXX XXXX that they were not going to consider me for any options, that they were just going to foreclose. Further attempts to resolve this were met with BSI hanging up on me. 

This is wrong and your agency should investigate the business practices at BSI Financial. I deserve a chance. There has been a change in my financial circumstances. I put my business into bankruptcy protection, and I now have a couple different income sources and have the ability to make a reduced payment towards the mortgage but need the opportunity to be reviewed, it is the least they can do and they are required to do so by the state of New York. If the numbers do not work, I want the opportunity to list and sell the home so that I can recoup some of the equity after making on time payments for 11 years.