Consumer complaint received 2024-07-26
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Loan sold or transferred to another company
Company: Shellpoint Partners, LLC (NY)

My mortgage with XXXX XXXX XXXX XXXX was purchased by NewRez XXXX Specialized Loan Services / SLS / Shellpoint on XX/XX/XXXX. The regular monthly payments of the XXXX mortgage were {$3800.00}, and the payments had been made on time since XX/XX/XXXX, when the mortgage began. 

When NewRez/Shellpoint/SLS purchased the loan , I received a letter with information about my new lender. However, the new monthly payment amount had jumped to {$4800.00}. Concerned, on XX/XX/XXXX I called SLS, which was listed as the new mortgage holder, and I asked why there was such a discrepancy, given that the monthly payment shouldn't change for consumers when the loan is sold. The representative walked through the issue with me, and we realized together that what looked to be happening was that the escrow amount, previously {$1000.00} and included in the monthly payment, was added on top of the TOTAL payment I had been making to XXXX. The P+I amount reflected from SLS/Shellpoint was ( and continues to be reflected as ) {$3700.00}. That number is not correct. 

Once the representative confirmed that this was the mistake, she told me that this happens sometimes with loan transfers and that it would be sent to a dispute department, where they would resolve the issue soon. She told me I needn't worry, because that's why they have a lengthy late-fee grace period. However, I was also concerned that the last payment I made to XXXXXXXX XXXX  in XXXX of {$3800.00} had been debited from my account, though it wasn't showing up yet for them as a regular payment. Again, I was told not to worry, that it would be reflected soon and there would be no penalties because of this transfer. I believed them at the time and gave them them benefit of the doubt. 

After a few weeks, I received a few more written communications from SLS and then Shellpoint, which said it was the " new name '' for Specialized Loan Services, all reflecting the incorrect amount on my monthly payment. I called on XX/XX/XXXX to make my regular payment over the phone, because the only option to make a payment on the online portal was the incorrect, inflated amount. When I called to ask about the status of the resolution of this mistake, they again told me not to worry, that the mistake takes time to resolve, and that it would be cleared up with Shellpoint, since they would be the new lender as of XX/XX/XXXX. I realize now that they didn't accept my mortgage payment for XXXX at that time because I wouldn't pay the incorrect amount of {$4800.00}. I called again on XX/XX/XXXX and XX/XX/XXXX, with similar results. Told not to worry because they were working it out. Again, they pretended to take my bank account information for the payment, and again they rejected it days later. 

A few days later, I received a letter from Shellpoint stating that my loan was far behind because I hadn't paid my loan for XXXX, XXXX, and XXXX at the {$4800.00} monthly amount. The letter said I now owed $ {$14000.00} and that the loan would go into foreclosure if I didn't pay " the full amount '' by XXXX XXXX. This is due to a mistake on their part that has persisted for months, despite many attempts on my part to resolve it. This is beyond unacceptable. I operated in good faith for months, and now I'm concerned that this is a feature, not a bug of how NewRez / SLS / Shellpoint operates. I am seeking help in remedying the original mistake and getting the payments accepted and the account back in good standing.