Selene Finance Forbearance Scam

Selene Finance Forbearance Scam

A forbearance is one of the many ways the Selene Finance will scam you out of thousands of dollars and still take your house. A forbearance simply means that Selene Finance will delay or put off your foreclosure if you pay the ridiculous amount they choose for whatever amount of time they choose. In my case it lasted 25 months and the actual monthly payment far exceeded what an actual mortgage payment would be for the value of the home.

During the 2 years of paying this forbearance religiously I would get calls with very nervous Selene Finance staff calling telling me I had to sign the forbearance and get it back to them ASAP. After 8 months or so they didn’t even care whether it was signed or not nor did they ask for it. Also during the time I was making the forbearance payments on several occasions I would also get calls from Selene Finance saying I never made a payment even though I had the Money Gram receipts to prove it. This is pretty typical of their mode of operation if there even is one over there.

After paying the Selene Finance forbearance for over 2 years one day I open my door and I have a -Notice Of Sale- taped to my door. No warning, no nothing! Keep in mind I had been paying the forbearance every month, which I have all the Money Gram receipts to prove payment. So upon discovery of my notice of sale I called Selene Finance then the lady proceeded to tell me that “Selene Finance will no longer extend the forbearance to you” she then told me I would have to do a loan modification. I don’t know about you but that is what I call a strong arm loan modification.

Below is a copy of the Selene Finance Forbearance. As you can see in the highlighted area this is the part of the forbearance where you will waive your rights to any legal defense regarding the forbearance.

I have read other horror stories of people having a similar experience with the forbearance plan all of which end bad. It is my belief from the evidence I have gathered that Selene Finance uses (steals) the money from your forbearance, to eventually cover your final foreclosure and eviction since thier real intent is to remove you from your home and turn your home into REO property for their investors.