Consumer complaint received 2024-08-29
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: Shellpoint Partners, LLC (CA)

We are having difficulty getting a recast of our mortgage completed OUr loan was originated by XXXX XXXX  in XX/XX/XXXX. It was immediately trasnferred to XXXX XXXX XXXX ( XXXX ) In XX/XX/XXXX we made a principal paydown of {$XXXX}. ( nearly XXXX  % of the outstanding balance ). We then requested a recast of the loan to reduce the payment due to the new reduced balance.XXXX  initially verbally approved the recast and then one day letter we received a letter denying it. I appealed this decision via a Qualified Written Request. While waiting for a response, the loan was transferred to NewRez. We received a letter dated XX/XX/XXXX ( copy attached ) from the NewRez XXXX department, in which it is stated our loan is eligible for a recast and offering to take the {$XXXX} recast fee out of the {$XXXX} principal payment we had made. 

Upon receipt of the XX/XX/XXXX letter, we immediately signed and returned the formal recast request and requested that the {$XXXX} fee be taken from the {$XXXX} principal pay down Since then, I called NewRez 3 times : XX/XX/XXXX, XXXX and XX/XX/XXXX. In each of those calls I was advised that New Rez had everything need to complete the recast, but it was tasked to be completed on XX/XX/XXXX. No one could explain why I had to wait until XX/XX/XXXX but I accepted it because it still gave plenty of time to receive the new payment amount for the XXXX payment. 

When I called on XX/XX/XXXX, I verified the XX/XX/XXXX date again and pointed out that XX/XX/XXXX was a Saturday, was someone really going to work on Saturday. I was told that the recast would be completed on XX/XX/XXXX and I would be advised via email on XX/XX/XXXX what the new payment amount was going to be. 

I called on XX/XX/XXXX and was EXTREMELY dismayed to be told Oh we closed the recast request because we did not receive the {$XXXX} recast fee and that they would reinitiate a recast recast and it would take 60 days. 

THIS IS NOT ACCEPTABLE. On XX/XX/XXXX we made a principal pay down of {$XXXX}. We had budgeted for the new lower payment to begin in XXXX, allowing the servicer 30 days to process the recast. We have now made a payment that is almost {$2000.00} higher than it should be for XXXX months. While I understand that the additional payment is paying down our principal, it is NOT IN OUR BUDGET to continue payments of this amount. 

In my call today, I asked to escalate the matter, and was told the Customer Service XXXX would receive an email and that a complaint would be entered and a message would be sent to the recast department. None of this is acceptable unless than recast is completed in time for me to make the XXXX payment on XXXX at the new lower amount. 

Since XX/XX/XXXX I have called New Rez every day and have been made promises for resolution and call backs which have never occurred and out and out lies stating they had " tried '' to call me. 

My husband and I are XXXX and XXXX XXXX XXXX and are planning on retiring in the very near future, but we are unable to make plans because we can not get our payment adjusted to the lower payment that it should be. 

Anohter payment will be due on XXXX and we really need to be able to pay the lower amount. 

Please assist us.