We modified our mortgage with Shellpoint in 2016. We were able to obtain a lower interest rate and subsequently lowered our payment amount. They then sold our mortgage to bank of america - and after reviewing the terms and amortization schedule with the new servicer we discovered that our 30 year fixed rate mortgage had been turned into a jumbo balloon and added a balloon payment of $166k due at the end of the terms of our mortgage.
I've been contesting it now for the past few months and neither lender will budge on the modified terms (although none of the notarized signed documents state that there should be a balloon payment due at the end.
I'm looking for other people who have also had this issue and whether or not they were able to obtain a resolution.
Product or Service Mentioned: Shellpoint Mortgage Servicing Mortgage Modification.
Reason of review: Bad quality.
Monetary Loss: $166000.
Preferred solution: Full refund.