Has anyone heard of Selene Finance? Well, they are a debt collector that purchases "bad" mortages notes from the big lenders. It looks as they average 30-40 cents on the dollar on they purchases. Then the big lenders write off the losses and recover their losses thru big bailout, or thru tax credits.....
Anyhow, here is my current story. Our mortgage was with Citi financial, I lost my job in may 2009. I had unemployment income, but that was only about a third of my regular income. I had been trying to get our loan modified with citi for months, got the regular run-a-round, lost paperwork, you don't qualify, etc.... then to my surprise my note was sold to Selene Finance based in Texas. So I figured I would contact them and start working with them to a solution. First couple of time contact was good, they assured me I was in the right place and that they will do much more than Citi ever did. Well I guess my unemployment income was not good enough to qualify for the only thing they could offer, a forbarence program. They recomend a short sale, more than once...they also claim that they do not have to participate in any government programs, i.e. HAMP. That all being said, I turned to NACA. I have been a member since 2007 trying to get out mortgage under control, I went to the Home Save tour in Boston, went thru the motions, and submitted our NACA solution proposal. 30 days and now my webfile just says I need to advocate with servicer. I have talked with Selene, I have started to try to negotiate, I mentioned the NACA proposal and they laughed and said they don't pay any attention to those. I am currently back to working full time, not the income I used to make but still a good income, and they so far have only offered to a 4 month forbarance at $200 less than what my scheduled payment was. At this point their "system" is basically saying I can afford to spend 66% of my income on housing? This does not make any sense! Oh yeah I forgot, they want to foreclose, they own my note for 40% of face value, so if they sell @ auction and get 60%, that is good return for them. why would they want to modify, and wait for their profits....... But, with new Chapter 7 laws, can the court force mortgage servicer to modify?
At this point, I do not think I am alone with Selene Finance. I need Bruce Marks to really look into Selene, and anyone else that has influence to make a difference!
BTW Great job at keeping the public informed!
Thank you for reading my rant,
JL from MA