Consumer complaint received 2024-12-06 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: Shellpoint Partners, LLC
State: MA

Complaint narrative:
My loan was recently transferred to Shellpoint and they are making things difficult and doing a bad job servicing my mortgage loan. I have been in my home for XXXX years and had no problem making my payment until XXXX year ago when I went through job lay-offs, family illness and loss of employment. I kept in constant contact with Shellpoint to try and work things out and am in a much better place with steady employment and a positive change in my finances. I was able to get approved for a Massachusetts XXXX XXXX to help pay off part of my past due amount but instead of working with me Shellpoint turned their back and refused to consider any options to help me. Why does Shellpoint want to take my house? What benefit will they gain? Why wont they work with me? I have made the effort to resolve this problem but it seems that Shellpoint has shut the door on me and is not going to work with me. I was approved for the state XXXX program and Shellpoint refused to engage and would not consider working with me to address the shortfall after XXXX agreed to disburse {$7000.00}. This has led to Shellpoint starting the foreclosure process. 

I purchased this home with a predatory adjustable rate loan through XXXX. Due to the predatory nature of the loan, I was included in a bundle of loans in which the homeowners were granted a principal balance reduction through settlement. I am not sure of how this all worked and if the balance and current arrearages were accurately calculated so I would like paperwork relating to the settlement and a payment history from the time of origination. I have worked as a XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. During XXXX I lost my job and was out of work for about a year. I did not ask for help with a Covid forbearance, instead I drained my XXXX and savings to make my monthly payments and keep up with the bills. I lost my job in 2022 and the problem was it took me almost a year to find a new job and by then my savings ran out. I spoke with the lender at that time XXXX to inform them of my situation when I fell behind. I finally found a job with a temporary agency that was supposed to transition to a permanent position. At that time I applied for modification assistance with XXXX  and was approved for a trial plan. I made the first XXXX trial payments but then my position at the XXXX  was eliminated and my father became very ill and I had to help take care of him. As a result I could not make the third trial payment and lost the modification with XXXX I found new employment a couple months later and tried to work with XXXX again but they told me sorry, they would not consider any help. 

My loan was transferred to Shellpoint in XXXX and I received an email that said they were willing to consider options. I then was told that I could enter a repayment plan and pay almost {$5000.00} per month, which is just not affordable. I then tried to apply for a loan modification but was denied, so I applied for the XXXX program through the state of Massachusetts and was approved. They agreed to pay half of the past due balance and I asked Shellpoint to re-open my modification and recalculate the numbers since the past due balance would be cut in half. Shellpoint refused, and told me that I would need to bring in the cash to reinstate, no other options existed. 

I know that the agency that set up this fund will not be pleased to hear how Shellpoint Mortgage is handling the servicing of this loan and refusing to consider options to address the shortfall. My financial circumstances have changed, I have a good paying and steady position and my daughter just moved back in and is contributing by paying rent each month. I have the ability to afford my mortgage payment.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation