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Loan Servicing Complaints
At Boss Law, we understand that working with loan servicing companies can be frustrating when their errors impact your finances or damage your credit score. Loan servicers are responsible for collecting and processing payments from homeowners, as well as handling loss mitigation applications and foreclosures for defaulted loans. However, when loan servicing companies make errors or deliberately use harmful practices when managing homeowners’ accounts, it can lower credit scores and even result in unnecessary foreclosure.
We Proudly Help Clients Seek Compensation for Loan Servicing Violations
When it comes to mortgage servicers, Shellpoint Mortgage Servicing, which was acquired by New Residential Investment Corp (NewRez) in 2019, has a terrible reputation among homeowners. In 2018, Shellpoint Mortgage Servicing was accused of violating Massachusetts state law by failing to take necessary measures to help their customers avoid foreclosure. Under the state’s law, creditors must make a “good faith effort to avoid foreclosure for borrowers whose mortgage loans have unfair subprime terms.”
The case against Shellpoint was settled with a $3.5 million principal reduction, which will be established through a “loan modification program” and by waving deficients incurred by homeowners when their properties sell for less than the amount they owe on their home. Shellpoint also had to pay $450,000 to the state of Massachusetts.
Although Shellpoint agreed to make “major business practice changes to address these deficiencies,” the company still brings in the highest number of mortgage-related consumer complaints to the Consumer Financial Protection Bureau. That is why Boss Law is here to assist if you have complaints about the way Shellpoint has handled your account.
Loan Servicing Complaints We Handle
Reach out to our legal team in St. Petersburg today if you need legal advice regarding any of the following issues with an account that you have open with Shellpoint Mortgage Servicing: