Consumer complaint received 2023-09-19
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: Selene Holdings LLC (NJ)

I am filing this complaint with the CFPB due to the fact that the current servicer of my loan, Selene Finance LP, has been negligent with the process of my short sale. 

My property, with the legal address of XXXX XXXX XXXX, XXXX XXXX, TN XXXX has a defective title, the chain of title is broken. This severely restricts the pool of potential buyers, which has a large, negative impact on marketability and value.

Selene and its investor have never established a real value for the property, they have stated that they have a value of {$600000.00} USD for the property based on a Brokers Price Opinion/Comparative Market Analysis ( BPO/CMA ). A BPO/CMA does not establish a real value for any particular property. 

The BPO/CMA value is simply a comparison of other sales that have occurred in the area where the property is located and the Real Estate agents performing do not have the tools to account for the break in chain of title. 

Only a licensed, certified residential appraiser can establish an actual value for any particular property. This is the law. To date, no appraisal has ever been conducted by Selene on behalf of its investor. 

A brokers price opinion or comparative market analysis is not an appraisal. Only an appraiser can perform an appraisal. A BPO/CMA does not legally establish an actual value for a property, an appraisal does. 

We have as mentioned previously that we have presented an offer nearly a year ago that comes from a cash buyer who is willing to take conveyance of the property and subsequent to closing, absorb the costs, encumbrances, and time that it will take to cure the title issue. We have had many people and entities look at my property and no other cash buyer has offered to purchase the home. 

Additionally, if they try to foreclose on my property and do not disclose at the time of the foreclosure sale that the property has a title issue, others will be hurt as well. Not disclosing a known serious issue with the title would be negligent and a dishonest representation of the property. 

My representative and I will be sending the attached appraisal to Selene Finance LP. 

The claim of Loss Severity is too great is also not true as this loan was a Fannie Mae insured loan and the amount that the buyer paid for this non-performing note is nowhere near {$600000.00}. Additionally, they are claiming that they have paid out monies on the upkeep of the home. 

Some of these are very questionable, for example, cutting the lawn during the winter months. I have received warnings and fines from the HOA that my property is out of compliance with the HOA Rules and by-laws, due to the lawn not being cut. I have reason to believe that this is only one problem with their record keeping related to my loan. 

They have not properly responded to my previous : Respa Qualified Written Request ; My Complaint and Dispute of Debt ; Validation of Debt ; and Tila Request. 

This request, in order to comply with the law and its intent, requires a full accounting of the debt since its inception, not just since Selene Finance LP took over the servicing and its investor acquired the debt. 

I will be delivering a new request and will require the full accounting of the debt from its inception, as is my right under the law. 

Thank you for your help in this matter, these are significant issues and no further harm to me should be allowed as well as the public needs to be protected from any attempted sale of a property that can not be insured for title or financed.