Consumer complaint received 2020-03-04
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Selene Holdings LLC (FL)

SUMMARY OF THE EXISTING TRANSACTION AND NEGOTIATIONS 1. Original Negotiations and the {$250000.00} ( {$250000.00} ) " NET '' Demand ; 2. Recent high Cash Offer of approximately {$120000.00} ; 3. The two subsequent Licensed Inspection Reports ( Mold and Home Inspection Reports ) ; 4. The additional costs that were discovered including, but not limited to, Multiple Foundation Failures, Galvanized Plumbing Replacement, Mold Mitigation ( plus R & R walls, paint, & trim ) of {$72000.00} plus, from the Licensed Mold Mitigation Report & Licensed Home Inspection Report ; 5. SELENE most recent Demand of {$220000.00} NET from Selene with this new Buyer knowing that ; 6. The Market has completed rejected {$180000.00} NET to SELENE with the property being in MLS for in excess of the last two months, with the latest price in MLS of {$210000.00} which would only net SELENE an amount of no more than {$180000.00}. 

7. What SELENE is on effect demanding is a NET to SELENE of {$220000.00} that exceeds the amount of {$180000.00}, which the market though MLS has already thoroughly rejected. The REALISTIC NET is much closer to {$100000.00}. 

The Lender SELENE had previously obtained a BPO that had a probable Quick Sale of {$230000.00} ; but this BPO completely failed to include two ( 2 ) improvements that were completed illegally without the required permits. The Low Bid General Contractor has priced the Removal of all these Illegal Improvements, obtain the required inspections form the proper governmental authorities, and then Replace and finish with sheetrock, paint and trim to previous finish level at {$25000.00}. The BPO Agents Estimate of Repair Costs was at {$38000.00}. The low bid General Contractor was originally at {$110000.00}. There was originally a {$75000.00} difference in construction costs which would have a downward pressure on the extremely inflated {$230000.00} Valuation. Since THE ORIGINAL BPO, there has been two ( 2 ) more Licensed Inspections ( Mold Mitigation Report and Home Inspection Report ) that have confirmed that the actual difference is no longer {$75000.00}, but the difference is actually in excess of {$140000.00} in Construction Costs. This difference was caused by newly discovered deficiencies, including but not limited to Foundation Failures, Required Replacement of the entire plumbing system ( existing system is galvanized steel with multiple leaks ), Required Mold Mitigation together with the R & R of sheetrock, paint and trim, and the R & R of the unpermitted illegal improvements. These items alone caused the cost of construction to rise by {$72000.00} from the original General Contractor Low Bid for the Construction Costs. The revised General Contractor Construction Costs are now coming in at {$170000.00}. You have to remove the BPO Agents original estimate of costs at {$38000.00}, which still leaves a remaining {$130000.00} that must be deducted from the Quick Sale Value from the Lenders own BPO Valuation of {$230000.00}. This leaves a NET Value of approximately {$99000.00}. We have a all Cash Offer in to Selene at {$120000.00}. The existing offer is extremely generous to SELENE, and Selenes continuing refusal to negotiate in good faith, is going to cause an unnecessary foreclosure.