Consumer complaint received 2015-10-03
Product: Mortgage — Other mortgage
Issue: Loan modification,collection,foreclosure — 
Company: Selene Finance LP (FL)

In XXXX I bought a home, I put down {$66000.00}, financed {$330000.00}. The original loan was with XXXX XXXX, interest rate of 6.75 %, who then sold it to XXXX. In XXXX I had a substantial loss of income due to the economy. In XXXX XXXX I applied for HAMP through XXXX, I was n't behind on any payments at this time. After being told for a year I was a perfect candidate they turned me down. I was n't expected a reduction in principal. I just wanted a HAMP loan for my then UPB of {$320000.00} at 2 % for a year, then 3 % and ended up with 4 %, 40 year loan, payment approximately {$1800.00} including taxes and insurance. The letters said it was due to not enough income but XXXX 's attorney told me it was because I had an FHA loan. I knew it was n't due to income as other than a car payment I had no debt. I knew my debt to income ratio, did n't take a rocket scientist to know that I had plenty of income especially including my daughter 's income as she lived with me. They sent me a modification right when I had to leave town to be with my mother as she was nearing the end of her life. After being given a deadline and no time to get an attorney I signed the papers. My UPB went from {$320000.00} to {$370000.00} as they rolled in back interest etc which ended up being against the law. XXXX and many other banks got into trouble for doing the same during that period of time. However, that did n't help me as now my UPB is way more than what I originally borrowed. How they came up with {$50000.00} in a year beats me. My mother did pass away, I came back to town and hired an attorney. In XXXX my loan was acquired by a trust called XXXX XXXX XXXX TRUST and serviced by a company called Selene Finance out of XXXX. Dealing with Selene Finance has been a complete nightmare. All of the loan modifications that have put forth to me are outrageous. Total debt of {$410000.00}, first payment is {$20000.00}, 5 % loan. So on my own I recently discovered with the power XXXX that this trust bought my loan at auction from HUD via the XXXX Program. The trust bought homes in XXXX for 37.6 % of UPB and in XXXX for around 50 %. So they paid anywhere from {$130000.00} to {$180000.00} for my home. NOW I understand why they do n't want the loan, THEY WANT MY HOUSE. They are going to make approximately {$150000.00} - {$200000.00}. Pure greed. If you XXXX Selene you see my story over and over again. I am XXXX years old. I put my life 's savings into this home as I really thought I would live the rest of my years here. I have invested about another {$25000.00} into fixing up the home when I bought it. So they are taking everything I have worked all my adult life for. Why did n't someone offer me the loan at a reduced rate? The purpose of the XXXX program is to keep people in their homes. Almost XXXX homes have been sold at auction via the XXXX program, {$12.00} XXXX dollars. I wonder how many people have actually been helped and were able to stay in their homes. I really do believe the intent of the program is good. I suspect it is homes like mine that the investors really want to hold onto because I put a substantial amount down so they stand to make more money. Selene is putting pressure on me to settle and to turn the keys over to them. The real kicker is they want me to move out by XXXX XXXX. During the XXXX? That alone is heartless. I wish they understood the difference between a house and a home. These are our " homes '' we are trying to hold onto, it hurts our hearts to lose our homes. The memories of our families, they are taking so much from us for the almighty {$.00} It is unreasonable for Selene to expect me to agree to a loan that is for way more than what my house is even worth.