Consumer complaint received 2025-06-11 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
Company: Selene Holdings LLC
State: TX

Complaint narrative:
On XX/XX/year>, I received two letters in the mail regarding a trial plan. The first letter explained that my mortgage payment would increase my note from XXXX to XXXX for the next four months. ( This was explained to me via phone, as well. ) I was initially relieved because I thought it was a plan to help bring the loan current. I opened the second letter and read the proposed modification terms. 

Upon final modification approval, my new payments would remain XXXX and my interest rate will increase from 4.25 % to 8 % The letter states that I was not evaluated for a forbearance or a repayment plan, as requested. Instead, I was approved for a specified term modification and eligible for a preforeclosure sale and deed in lieu of foreclosure. Neither of which are reasonable options since my home is worth almost twice as much as I owe. Even if I chose to sell, I could not afford to buy one with the hit my credit has taken in this market. 

I called back and was told that I can take the offer or pay the nearly XXXX due. I verbally accepted the trial plan for fear that not accepting would move the sale date back to XX/XX/XXXX. 

I requested a reconsideration and reevaluation of options and terms via email. Please see the letter below : XX/XX/year> Selene XXXX XXXX XXXXXXXX XXXX XXXX, XXXX  XXXX Subject : Request for Reconsideration of Mortgage Modification Terms Dear Selene Finance Loss Mitigation Team/Underwriters I am writing to formally request a reconsideration of the trial modification plan offered to me regarding my mortgage for * * * * * * * * * * * * * * * * *. My original request for assistance was for options that did not force me into bankruptcy, a repayment plan, a forbearance, or a resolution that would increase my current interest rate of 4.25 %, yet I was informed that I was not evaluated for those options. 

The trial modification I was offered nearly doubled my interest rate to 8 %, resulting in a monthly payment increase from {$1200.00} to {$2000.00}. While I appreciate any efforts to assist me, I am deeply concerned about the long-term affordability of this adjustment, as my financial hardship was cited as the reason for denying a forbearance in the first place. If my income does not qualify me for a forbearance, I respectfully ask how the lender expects me to afford a drastically higher payment for the next 35 years. 

My home 's value is now nearly twice the amount of my mortgage balance. While I am not refusing the proposed modification, I am requesting a thorough reevaluation of all possible alternatives, including : Consideration of a forbearance or a modification that preserves my original interest rate The possibility of a repayment plan with payments increases, which will allow me to catch up over a few months rather than a permanently increased interest rate. 

Thanks in advance for your prompt response and reconsideration. 

Best regards. 
XXXX XXXX

Company response to consumer: Closed with explanation