Mortgage -- Struggling to pay mortgage -- Complaint #5274732
Complaint Overview
Complaint ID: 5274732
Company: Shellpoint Partners, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
State: New York
ZIP Code: 12601
Date Received: 2022-03-01T12:00:00-05:00
Date Sent to Company: 2022-03-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I own a high-end rental property in XXXX, CT. It rents for almost {$5000.00} a month. I had a tenant who lived in this home for 14 years. Unfortunately, this tenant lost his job in XXXX and did not pay for over a year and I ultimately had to evict him. I got behind on my mortgage payments because of this and ShellPoint Mortgage Company threatened me with foreclosure. However, in XX/XX/XXXX, ShellPoint Mortgage offered me a formal Repayment Plan. Per the terms of the plan, I needed to pay {$25000.00} down and then pay {$6000.00} per month. There was no explanation of how the amounts were determined. The Repayment Plan included an option to appeal. Furthermore, the Repayment Plan stated that I did not need to make the full payments until the appeal was resolved. From my perspective, the payments seemed much higher than I had expected, based on the amount I owed ; so I submitted a formal appeal on XXXX XXXX. I received a response from ShellPoint on XX/XX/XXXX, that addressed the first two points of my appeal. However, the third point of my appeal was not addressed. On or around XX/XX/XXXX, I received a letter in the regular mail from ShellPoint stating that my matter was complex and asking for more time. On XX/XX/XXXX, I had not heard anything, so I sent an email reminding ShellPoint that item # 3 of my appeal had not been addressed, I did not get a response to my appeal during XXXX, so in XXXX I again sent an email to remind them that my appeal had never been answered. I also pointed out to ShellPoint that their team had made a mistake in calculating the payments of the Repayment Plan and the payments were overstated by over {$800.00} per month. At this time, ShellPoint advised that I missed the cutoff for the original Repayment Plan because I did not make the payments in XX/XX/XXXX. They advised I would need to apply for a new Repayment Plan and would need to submit multiple documents to see if I could get approved. I reminded them that the original Repayment Plan included a right to appeal and that payments were not required until the appeal was settled. I advised them that it is unethical and perhaps illegal to refuse to honor the Repayment Plan. However, they refuse to honor their written word. During the month of XXXX, I had emailed my ShellPoint contact to see if I could submit the regular payment while waiting for my appeal to be completed. I was told that any payment not for the full amount ( even though the amount was overstated ) would be returned to me.
Frequently Asked Questions
What is Complaint #5274732 about?
Complaint #5274732 was filed against Shellpoint Partners, LLC regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2022-03-01T12:00:00-05:00.
How did Shellpoint Partners, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Shellpoint Partners, LLC?
Yes, visit the Shellpoint Partners, LLC company profile at readthecomplaint.com/company/shellpoint-partners-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.