Consumer complaint received 2015-09-07
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: Shellpoint Partners, LLC (NC)

In XXXX we built a home XXXX at the height of the housing market. We had {$500000.00} equity in our home with a loan XXXX at 6.625 %. In XXXX we had a medical situation which put my husband out of work for 6 months and without an income for 9 months. We used a large portion of our retirement fund and took a loan on our retirement until he was able to return to work. We tried at that time to refinance our loan XXXX, but were told we could not for 2 reasons : 1. we had not missed a payment and every month we were paying more toward the principal, and 2. we no longer had equity in our home. Our initial appraisal XX/XX/XXXX and XX/XX/XXXX it had dropped XXXX. Nonetheless we continued to pay our mortgage and tried to refinance XXXX and again XXXX, only to be told that we do not have equity and were not able to refinance. XX/XX/XXXX my husbands partnership of 15 years ended and he was now unemployed. Without an income, XXXX children in college and XXXX graduating high school entering college, and an uncertain future in terms of employment we again contacted XXXX, since we were not able to refinance our loan we stopped paying on our mortgage. That 's when XXXX started with the requests to remodify our loan, we submitted the requested information starting in XXXX XXXX and by XXXX XXXX XXXX gave us an appraisal on our home of {$600000.00} and XX/XX/XXXX appraised it at {$670000.00}. Clearly showing our home was under water. XX/XX/XXXX, after working with XXXX " representatives '' and writing to XXXX XXXX XXXX 's office, XXXX turned our mortgage over to Shellpoint Mortgaging. We have had XXXX " representatives '' with Shellpoint, with each new rep we are asked to submit more financial information. In XXXX XXXX XXXX XXXX of Shellpoint, our rep at that time, encouraged us to get an appraisal or a Broker 's Analysis, if we still felt our home was underwater. At that time Shellpoint 's bank XXXX had an appraisal valuing our home XXXX. We questioned the XXXX difference in appraisals from XX/XX/XXXX and XX/XX/XXXX just 6 months prior, and found that Bank XXXX used comps outside of the XXXX mile radius parameter dictated by the new rules of appraisals. Our Broker 's Analysis showed our home b/w $ XXXX and $ XXXX. Shellpoint did not respond to this analysis, we were reassigned a different " rep '' and we again resubmitted our financial information for the loan remodification packet. Shellpoint has an appraisal of of XXXX XXXX, XXXX appraising our home at $ XXXX also showing our home is upside down. We have requested for a copy of this appraisal several times and they have not sent it as of this email. XX/XX/XXXX my husband and I started a XXXX in XXXX XXXX, NC. Earlier this year we were able to secure a loan to expand XXXX and move it to a larger facility XXXX NC. XXXX XXXX Bank is our lender for the practice and has been amazing to work with, and had complete understanding of our home mortgage situation. Our business is growing, we continue to maintain our home, pay insurance and taxes and we still continue to submit our financial information. We have been asking for a fair interest rate as is dictated by today 's housing market and lower interest rate since XXXX and are at a loss as to why this has been so difficult to achieve. Our initial loan was given easily, but now that we are in a difficult personal situation and coming out of it, the banks are not willing to help, even after we the people bailed the banks out of their financial mess.