Consumer complaint received 2025-02-25 00:00:00
Product: Debt collection — Mortgage debt
Issue: Took or threatened to take negative or legal action — Seized or attempted to seize your property
Company: BSI Financial Holdings, Inc.
State: NJ

Complaint narrative:
XXXX XXXX XX/XX/XXXX Re : URGENT Deceptive and Unfair Business Practices by XXXX XXXX XXXX BSI Financial Services , Inc. 

Good day, I am submitting this formal complaint to report deceptive, unfair, and fraudulent business practices by XXXX XXXX XXXX BSI Financial Services , Inc. ( " BSI Financial '' ), headquartered in XXXX, Texas. BSI Financial has engaged in unlawful debt collection and foreclosure practices, including misrepresentation of loan ownership, failure to provide proper documentation, and illegal operation in New Jersey.

Deceptive Business Practices by BSI Financial Since XXXX, I have been subjected to fraudulent collection and foreclosure attempts by BSI Financial, despite never having entered into any contractual relationship with them. BSI Financial representatives admitted in a recorded phone call that they " purchased a debt '' associated with my mortgage and began demanding payments without legal proof of ownership. 
I have repeatedly requested : A wet-ink contract with my signature proving any agreement with BSI Financial , A GAAP-compliant ledger verifying any loan issuance, and The original promissory note proving their claim.

BSI Financial has failed to provide any of these documents but continues aggressive and deceptive collection efforts. They falsely claim an assignment from XXXX XXXX XXXX XXXX in XXXX, despite the fact that XXXX XXXX XXXX XXXX ceased to exist in XXXX following a merger, making such an assignment legally impossible. 

Additionally, BSI Financial is not bonded to operate in New Jersey, as confirmed by a letter from the New Jersey Department of the Treasury on XX/XX/XXXX. Despite lacking legal authorization, they have unlawfully attempted foreclosure and collection in violation of federal and state consumer protection laws. 

Deceptive and Unethical Practices by BSI Financials Legal Counsel BSI Financials attorneys, XXXX XXXX XXXX XXXX XXXX, have knowingly pursued an unlawful foreclosure action despite clear evidence that BSI Financial has no legal standing. The attorneys responsible for this misconduct are : XXXX XXXX ( Attorney ID XXXX XXXX XXXX XXXX XXXXXXXX ( Attorney ID XXXX XXXXXXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX, NJ XXXX ) These attorneys violated federal and state legal ethics rules by filing a foreclosure lawsuit without verifying BSI Financials legal authority. Their actions violate : XXXX. Fair Debt Collection Practices Act ( FDCPA ) Violations BSI Financial has misrepresented its authority to collect debts and failed to validate the alleged debt. 
XXXX. Unfair and Deceptive Acts and Practices ( UDAP ) Violations BSI Financial knowingly made false claims about mortgage ownership to pressure me into payments. 
XXXX. Rule 11 ( b ) of the Federal Rules of Civil Procedure XXXX XXXX XXXX XXXX XXXX filed a foreclosure lawsuit without proper verification of their clients legal standing. 
XXXX. Operating Illegally in New Jersey BSI Financial is not authorized or bonded to conduct debt collection or foreclosure in the state.

Request for Immediate Investigation and Action This is not an isolated case. BSI Financials fraudulent and deceptive practices may have already harmed numerous homeowners in New Jersey and beyond. If this company is not thoroughly investigated and held accountable, how many more New Jersey residents will fall victim to their illegal actions? How many families will lose their homes due to fraudulent claims made by a company that has no legal right to foreclose? 

I urge the CFPB to : XXXX. Investigate BSI Financial for unlawful debt collection and foreclosure practices. 
XXXX. Determine whether BSI Financial violated the FDCPA, XXXX, or other federal consumer protection laws. 
XXXX. Take enforcement action to prevent further harm to homeowners subjected to fraudulent foreclosure attempts. 

Please confirm receipt of this complaint and provide information on the next steps your office will take to address these violations. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation