Consumer complaint received 2025-05-28 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: Shellpoint Partners, LLC
State: NH

Complaint narrative:
The origination date of our loan was XX/XX/XXXX with XXXX. We were scheduled to close on XX/XX/XXXX. I received a welcome letter dated XX/XX/XXXX from Shellpoint stating that they would be servicing our loan. The letter was addressed to " XXXX XXXX and XXXX XXXX ''. 
My legal name has been XXXX XXXX XXXX since XX/XX/XXXX. At the time of signing, I brought up that " XXXX '' is my maiden name and not my legal name, but I was dismissed and was told that wouldn't be an issue. Initially the entirety of our funds was transferred into our bank account totaling {$100000.00} on XX/XX/XXXX although we did not request the funds at that time. I wrote a check totaling {$90000.00} returning the majority of the funds on XX/XX/XXXX. I explained that we wanted to only use the funds when needed. I then explained once again that my legal name is " XXXX '' and not " XXXX '' - at which point we were told we would need to resign papers in my legal name. Checks had been sent in my maiden name at that point, and I was told those checks would be canceled. I received a second set of checks in my maiden name shortly after that, which was also cancelled. It was at that time that I begin to inquire about my name change. 
In XXXX, my husband and I decided we would use our XXXX funds to purchase a hot tub to address his pain associated with his XXXX diagnosis and VA XXXX. We paid the deposit with our own cash funds but intended to use the HELOC funds to pay the remaining cost. 
On XX/XX/XXXX we went to an open house and decided to make an offer on the house. Our offer was accepted, and we intended to use our HELOC funds to close on the home and pay a painter to go into our prior home to paint so that we could get ready to rent or sell the property on XXXX XXXX. 
I hired a painter to paint the house the last week of XXXX because we had a planned vacation out of state that week, which would make it easier for him to complete the task. He emailed me a quote for {$6000.00}, which I knew we could cover with the HELOC funds. 
A closing date was set for XX/XX/XXXX for our new home at XXXX XXXX XXXX XXXX. In order to get our loan fully approved, the bank needed to see the funds for the closing in our bank account. I wrote a check for {$40000.00} from our our HELOC and deposited it into our XXXX checking account on XX/XX/XXXX, which did not go through bc the checks had been cancelled by Shellpoint at that point after I had reached out to Shellpoint to tell them that we had not received the checks in my legal name yet. On XX/XX/XXXX I wrote another check ( we received checks from Shellpoint in the mail ) for {$40000.00} to deposit, which also did not go through because those checks had ALSO been canceled by Shellpoint. This happened a third time on XX/XX/XXXX. By this time I had made numerous calls to Shellpoint and several complaints. I was told the checks were on their way time-and-time again. 
Once XXXX came around, we were getting nervous about getting access to our funds in time for the closing. Our hot tub was delayed, so we didnt have to pay that bill yet. As the closing date drew closer, we realized we had to have a back up plan. On XX/XX/XXXX, I was told by Shellpoint that our checks were mailed out and would arrive in 6-10 business days. 
I reached out to my father who said he would gift us the funds temporarily, but he said he needed the funds back in his account by the first week of XXXX. On XX/XX/XXXX, my father wired {$40000.00} into our checking account to be used to finalize our loan and prepare for closing. Because we knew my father was going to need those funds, and because we knew Shellpoint had been completely unreliable at this point, we reached out to a friend of ours who was willing to loan us the {$40000.00} to give back to my father, and then we would owe her instead. She took {$10000.00} out of her savings and depleted her own HELOC in order to get us those funds. I continued to reach out to Shellpoint, and they continued to tell me that our checks were on the way. 
Thankfully, to our family and friends, we were able to close on our new house on XX/XX/XXXX. We moved out of our home on XXXX XXXX and into our new home on XXXX XXXX XXXX. At this point we owed {$40000.00} to our friend. Our HELOC checks still had not arrived. 
On XX/XX/XXXX, I called Shellpoint and told them that we still had not received checks. I told them not to cancel the prior checks but to send out another set in the meantime as it was imperative that we have access to our funds so that we can make payments. The painter went into the XXXX XXXX house and painted while we were out of town - the bill totaled {$5500.00}. It was due XX/XX/XXXX. I had to reach out to the painter and explain that we were having a problem with the HELOC checks and could not pay him until it got resolved. In the meantime, my friend received a bill for her HELOC, and she reached out to us to pay that bill on XX/XX/XXXX. Also during this time, a spot was prepared on our lawn for our new hot tub and it was delivered. We received a bill for {$10000.00} to XXXX XXXX and {$2700.00} to XXXX XXXX for his services preparing the yard. These were both due XX/XX/XXXX. We wrote checks praying that this matter with our HELOC would be resolved, but it wasnt. The check to XXXXXXXX XXXX  bounced, and my husband reached out to them to explain that we were having issues with our HELOC checks. Luckily, we had the funds in our account to cover the other subcontractor. 
In the few weeks, my husband has been on the phone with people from Shelllpoint and then he contacted XXXX directly, and the matter still has not been resolved. I found out XX/XX/XXXX that all of the checks except the last set have been cancelled. We have maxed out our credit card while we have been waiting on our funds totaling and a balance of {$10000.00}. 
The amount of money we owe IN TOTAL as a result of this unresolved issue is {$66000.00}. That does not include the continued frustration we are dealing with and the ramifications affecting us and those around us who have helped support us through this process. 
I will be sending additional related copies pertaining to my complaint. 
Last Friday XX/XX/XXXX, I spent most of my work day on the phone with Shellpoint- a woman named XXXX XXXX or XXXX ) Rushing. She told me she activated a check that I already had in hand and that I could write the deposit for the remainder of the loan to myself - approximately {$90000.00}. I confirmed the check number, then drove to my local bank to make the deposit. She said Shellpoint could not overnight a check or write funds directly to me. I was told I would have to wait while my bank put a hold on the funds for 6 or more days. More than two checks have failed to go through from Shellpoint into my bank account, so I understand why my local bank put the hold on the funds. XXXX XXXX was rude to me throughout this process despite my understandable frustration with the situation. This morning, XX/XX/XXXX, when I logged into my local bank acct online, I saw that the check failed to go through again and my account was once again overdrawn. This problem continues to escalate and cause us further problems, and I am simply at a loss for how to move forward. 
Keep in mind that this account is a simplified version of the total events that have occurred.

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