Shellpoint Mortgage Servicing Pays $4 million To Massachusetts

Shellpoint Mortgage Servicing To Pay $4 Million Settlement For Violating Massachusetts Foreclosure Laws

Shellpoint Mortgage Servicing
Shellpoint Mortgage Servicing will provide Massachusetts homeowners with $3.5 million in principal reductions. The principal write-downs are part of a settlement with the state for allegedly violating Massachusetts foreclosure laws. 
The settlement stems from allegations that Shellpoint violated the Massachusetts Act Preventing Unlawful and Unnecessary Foreclosures. The law requires mortgage servicers to make a “good faith effort” to help borrowers from foreclosure. 
Massachusetts Attorney General Maura Healey announced the settlement last week.
The settlement calls for Shellpoint Mortgage Servicing to provide $3.5 million in principal reductions. The settlement also requires the mortgage servicer to waive deficiencies when borrowers sell their homes for less than they owe.
Massachusetts is also to receive a $450,000 fine from Shellpoint.

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