Consumer complaint received 2025-04-09 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Incorrect information on your report — Account status incorrect
Company: BSI Financial Holdings, Inc.
State: AL

Complaint narrative:
In XXXX, I used XXXX XXXX as my lender to purchase an investment property in XXXX, TN. A mortgage lending company that shortly went out of business and was sued for malpractices. XXXX of my primary requests to my loan XXXX upfront was that this property be vested in my XXXX and XXXX not be personally written into the loan as a personal guarantee in order to protect me and my family personally. I was assured this is how the loan was to be structured. 

It wasnt until over a year later when, due to a slow market and the short-term rental space struggling, that I began to fall behind on the mortgage and started paying out of pocket to cover the overhead and satisfy the loan. Then in XXXXXXXX XXXX XXXXXXXX, a 30 day late payment was reported to my personal credit report for the cabin. 

I was days from a one-time close on land and a home build for myself, my wife and my kids and this caused that to fall through and we lost everything. I called the mortgage company BSI Financial Services ( who seems to be a very strange and suspect company as well who have also been sued by CFPB ) and explained to them that this shouldnt have been reported to my personal credit because this property is under my business. They said there was nothing they could do. I tried resolving this several times with them explaining that they property was vested in my business and that they shouldn't be reporting the late payment ( XXXX ) to my personal credit report, only for them to tell me to take it up with the lender if I had a problem ( who was out of business and submerged in several lawsuits by that point ). 

XXXX not sure whether or not Sprout put me personally on the loan as a guarantee ( which they promised me I wouldn't be placed on the loan as a guarantee and that everything was vested in my XXXX XXXX XXXX if BSI Financial Services XXXX XXXX the wrong but something about ALL of this seems very unusual about how they both do/did business. Especially when no one could give me answers and its now changed the trajectory of the past 2 years and following several years for my family and myself. We cant build a house. We cant buy a house. This changed the dynamic of our entire future. 

XXXX not someone who fails to satisfy his debts. My credit report had been flawless for the last 20 years. XXXXXXXX XXXX XXXX XXXX XXXX who now works for the XXXX XXXX XXXX XXXXXXXX. XXXX a husband and father of XXXX. I say that to say XXXX not just someone who invested in something and then decided to just bail out on it. 

I feel that between XXXXXXXX XXXXe and BSI Financial Services, something or somethings werent handled properly. Maybe even legally. Once the property went into foreclosure, the mortgage company stopped communicating with me all together. 

XXXX not reaching out for compensation reimbursement. I made the investment. The responsibility of it was my own. But I took the proper precautions to put that property in my company name to avoid hurting me and my family personally. I just want my credit restored if possible.

Company response to consumer: Closed with explanation