CFPB Complaint

Shellpoint Partners, LLC – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-07-27T00:00:00

Product: Mortgage debt

Issue: Attempts to collect debt not owed

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Shellpoint Mortgage Servicing is trying to foreclose on property they have no authority to do so. They have a modification of a XXXX, trust that is not even notarized. As a debt collector they will not even request a notary copy from XXXX ; in order for a contract/modification to be valid it must be notarized ; however, these folks do whatever they want and need to be stopped, this is shear nonsense. Nevertheless, they are in violation of the Fair Debt Collection Practice Act ; for non verification of debts ; not ensuring the correct debt amount ; etc. Shellpoint has dual roles and accordingly to FDCPA ; if a debt is transferred or sold in default ; then they are debt collectors and need to comply with FDCPA.

The difference between a REIT trust and a REMIC trust and this is a good time to explain. Even federal bankruptcy judges have failed to understand the difference. This has become a subject of confusion, because the rules are different. A REIT can accept promissory notes endorsed in blank, while a REMIC can not ( at least in New York and most REMIC trusts are under New York law. ) A REIT is a Real Estate Investment Trust. The REIT is an actual corporate entity. It is a business corporation with all the rights of any other corporation. On the other hand, a REMIC is not. A REMIC has no corporate powers. It is a Special Purpose Vehicle ( SPV ) which is completely passive. It is a pass through entity. It cant conduct business. It cant take on debts. It cant own physical property or even cash. It can only hold promissory notes and mortgages. ( if endorsed ),

Company: Shellpoint Partners, LLC

State/Zip: TX 774XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

READ  CONSUMER PORTFOLIO SERVICES, INC. - CFPB Complaint

Did Consumer Dispute Company Response: N/A

Complaint ID: 2975414

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