Consumer complaint received 2016-11-25 00:00:00
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: Shellpoint Partners, LLC
State: CA

Complaint narrative:
I am a victim of an unethical mortgage servicer, Shellpoint Mortgage. I have been trying to resolve my issues with this predatory negative amortization loan, but have been obstructed and given misleading and false information as the company claims they ca n't help me and attempts to sell my home out from under me. I am in a position where I can easily afford a reasonable mortgage payment, but Shellpoint continues to tell me that I do not fit into their guidelines for assistance, then fail to tell me WHY I do n't qualify. Even more disturbing is the fact that Shellpoint has provided me with XXXX different evaluation sheets less than two months apart that completely contradict XXXX another and show that the company is either grossly incompetent or purposely trying to deceive me. I have owned my home since XXXX, but am now facing foreclosure due to their unethical actions. 

I was able to get Shellpoint to engage with me after they initiated foreclosure proceedings ( after being stonewalled by Resurgent/Shellpoint for literally 2 years ) and began trying to apply for a modification. I was told via letter on XXXX XXXX, XXXX that although I have a hardship, I do not qualify for a loan modification. No evidence or reason was given as part of the denial, but an information sheet was provided and the property value listed was {>= $1,000,000} and my monthly income had been calculated at {$20000.00}. I obtained some new clients shortly after this denial and my financial circumstances improved so I submitted another package. On XXXX XXXX, XXXX, I received a very similar letter stating that although I have a hardship, I do not qualify for a loan modification, once again with no specific reason. What is interesting is that the information sheet for this new submission, dated less than two months after the first was received showed that the current value of the home was {$350000.00}. This means that the value of my home WENT UP XXXX XXXX DOLLARS IN LESS THAN TWO MONTHS. My income was calculated at {$25000.00} on this information sheet to reflect the change in my financial circumstances. ( I have attached these XXXX denial letters for your review ). 

This is a predatory negative amortization loan that was originated by XXXX. As I understand it, there was a settlement with the XXXX relating to this pool of loans and I should have been offered an opportunity to get out of this bad loan into something fixed but that never happened. In XXXX we discovered that XXXX of the partners XXXX had embezzled over 2 XXXX dollars. Within a matter of days we lost 90 % of our business and were struggling to survive. At that time I tried to reach out to B of A ( they had taken over loan from XXXX ) for assistance with my mortgage, but was told there were no possible options since I was current on my loan, even though default was imminent. 

Eventually I fell behind and I talked to XXXX who advised that I should file a bankruptcy, and that by doing so I would wipe out all debt except my mortgage and that after I did that they would gladly work to modify my loan. Once the BK was discharged ( I was only a few months behind at that time ) my loan was transferred to Resurgent. I found it impossible to get anyone at the bank to speak with me and was eventually told that there was only XXXX person I could speak with at the bank regarding my situation, XXXX XXXX. I tried for NINE MONTHS, calling every week like clockwork in an attempt to reach my designated point of contact. I never once spoke with him, I never got a returned phone call, no voice mail, no nothing. After a year of trying I engaged an Attorney who sent a demand letter in an attempt to negotiate with Resurgent ( name had now changed to Shellpoint ). 

They continue to refuse to fairly negotiate with me or offer any insight as to what programs I am being reviewed for

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation