Date Received: 2021-06-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This is a new complaint. Prior complaint is XXXX. This issue ( s ) with Select Portfolio Services, hereafter referred to as SPS was brought to your attention on XXXX. SPS reported in their XXXX response to CFPB that they were contacting the prior mortgage holder XXXX XXXX XXXX ), and also listed that they would consider 100 % of my spouses income. This complaint is to report that SPS has not upheld what they reported to CFPB. SPS have not provided any written updates regarding XXXX XXXX outside of what they reported to CFPB in XXXX. Instead, SPS sent a written correspondence indicating they were moving forward with foreclosure, what theyve referred to as Foreclosure Referral Notification on XXXX. I was told by an SPS associate that XXXX XXXX was taking too long to respond to SPS requests, resulting with SPS resuming foreclosure procedures. Please note, I did contact XXXX XXXX who confirmed that they were in receipt of a loan modification application received by their loss mitigation department and the last activity was XXXX. XXXX XXXX assured me that SPS has all of my detailed information in their possession, which was all transferred to them XXXX. SPS continues their non-transparency and unethical actions. They have put in writing to CFPB that they would complete the review with XXXX XXXX and consider 100 % of my spouses income and have done neither. Theyve become frustrated with XXXX XXXX and have done 50 % of the work. They have done 0 % of considering my spouses income and their XXXX written correspondence to me is clear that they have no intentions to do so. As well as their XXXX written communication to the insurance company. They have made no attempt to provide a written update regarding communications with XXXX XXXX outside of their XXXX update to CFPB. An SPS associate informed me that the written update was not provided, as SPSs communications with XXXX XXXX was not complete ( another contradiction ). Which doesnt explain who they can resume foreclosure if youre not complete. They have also ignored my XXXX corresponding letter expressing interest with 100 % of the spouses income. I am still awaiting SPSs complete review of my XXXX loan modification application with XXXX XXXX and next steps with moving forward with another review, pending SPS investigation with the prior mortgage holder XXXX XXXX XXXX ), whos stating that SPS has access to all documentation and the history of account actions. SPS continues to make contradicting statements both written and verbal.
Company Response: Company believes complaint is the result of an isolated error
State: MD
Zip: 20735
Submitted Via: Web
Date Sent: 2021-06-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-25
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: My loan was modified years ago. Under pressure, I signed whatever they asked me to sign. I just realized the terms had the rate shoot up to 4 % and included a significant balloon payment. This was done when I experienced hardship years ago. The loan has changed hands since modifying but I want help examing the predatory lending terms on this modification. XXXX was the company that modifying, but Select Portfolio Servicing is over the loan now.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 782XX
Submitted Via: Web
Date Sent: 2021-06-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have made more than my monthly mortgage payment since before Select Portfolio Servicing , Inc. has been collecting on my mortgage. The corporation 's " payment coupon '' has sections to direct application of the payment, including a category for any " Additional Principal ''. Each time I make a payment greater than the required payment I have directed, on the " payment coupon '' the amount to be applied to the principal balance. After the first time I have also written the payment application direction under the " memo '' section of the lower left hand corner of my check. I have always been current on my basic payment, including interest and escrow portions of the payment. My payments for XXXX, XXXX ( {$1600.00} misapplied ), XXXX, XXXX ( {$780.00} misapplied ), and XXXX, XXXX XXXX {$730.00} misapplied ) were all incorrectly applied. Select Portfolio Servicing , Inc. has ignored the direction on the " payment coupon '' and my checks and has applied my excess payment to a pre-payment of interest and/or escrow for the future month. Select Portfolio Servicing , Inc., has not earned the interest, nor is it entitled to the escrow payment, at the time it received my payment. Further, by employing this procedure they are keeping my principal balance artificially high, thereby if not corrected, would ultimately charge me more interest than that to which they are entitled under the contract. In each instance they have done this I have caught it and spent hours both on the phone and in mailed correspondence with them to have the accounting corrected. I have made repeated pleas to ask the account representative, with whom they chose me to deal, to ask the management to correct their procedures. The explanation I have received is something SPS. Inc. calls " Payment Logic '', ignoring the " Payment Coupon '' they have printed on the lower half of its statement. I have threatened to make a complaint and on this third event am now making this complaint. The dollar amounts for any one month for one mortgage are not hugely significant for any one contract but if this is happening to multiple mortgage payors over a significant amount of time, Select Portfolio Servicing, Inc. could be cheating consumers out of a large amount of money. They have corrected the error each time but it has required close review of my statement, at least two phone calls on their phone tree regulated system, wait times and call backs. I have had to write detailed letters, sort through complex spreadsheets from them to confirm the accounting was corrected. This can be fairly complicated math because each misapplication of a payment to principal affects all current and future interest calculations.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: 98405
Submitted Via: Web
Date Sent: 2021-06-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Reiteration of the following legal right of due process under the Cares Act : Per the Presidents Memorandum, via the XXXX XXXX Guide Bulletin XXXX, Coronavirus Aid Relief, & Economic Security ( Cares ) Act FORBEARANCE : 1.Execute the months remaining of forbearance ; as depicted in your response here with the CFPB. More importantly, as it is disclosed under the Presidents Memorandum, XXXX XXXX Guide Bulletin XXXX, Coronavirus Aid Relief, & Economic Security ( Cares ) Act, CFPB posting - see attachments 2.Forbearance/Post Forbearance ( 12 months ) 3.Re-requesting Extended Forbearance ( 6 months ) 4.Borrower Eligibility - we qualify per continued Hardships/Covid-19, loan qualifies for XXXX XXXX Loan Forbearance Plan 5.Re-requesting complete forbearance time allotments per XXXX XXXX due to my ongoing hardship, full not partial arrearages onto the loan, lastly loan modification with an affordable modified monthly payment NOTE : Please be advised that I continuously have met all requirements ( qualifications : hardships/loan type, requests, are all referenced in my calls, emails sent to SPS ) including and not limited to communicating directly with my servicer Select Portfolio Servicing in accordance with the stipulations depicted in the attachments set forth by Congress and the President of the United States.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 93551
Submitted Via: Web
Date Sent: 2021-06-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-23
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We had our XXXX mortgage loan taken over by Select Portfolio Servicing. They are located in Utah. We have had substantial income loss from Covid, because my husband buys at estate sales and then re-sells on XXXX His business is still down by 40 %, because there have been no sales and also because of health concerns. At first SPS helped us by giving us a forbearance, then they deferred 6 payments, which tacked over {$19000.00} to our existing balloon payment, due in 17 years. That was great. We were able to pay our mortgage for the last few months, because of the help we received in the form of government stimulus money. My husbands business is still struggling, so we asked for Loan Modification help. After 3 months they have turned us down. This is because our loan is owned by investors and we have about {$300000.00} in equity. The only option listed for a modification, was a 40 year 3 % loan modification, which would have replace our current loan, raised our monthly payments and lengthened the loan term by 23 years. They did not offer us the standard loan modification that was given to us by XXXX before, which is the formula used by XXXX XXXX & XXXX XXXX We had expected that they would offer a modification that would start at 2 % and gradually tier up to 3 %, which is the current Mortgage rate. That would have helped us substantially for the next 17 years. We could have then either refinanced, or done a Reverse Mortgage. I do not know why investors are allowed to put making money over helping people in trouble. They sent us Short Sale Paperwork as well. If things get worse, we can sell the property ourselves. The whole point was to be able to stay in our home. My husband has taken on an extra job, which is going to be very hard on him. That is our only solution, besides selling and moving out of our home. I think these investor loans need to be pressured to help people in trouble if possible, by using the Government Modification guidelines. I do not know how they can be so heartless and get away with putting home owners in jeopardy. Your Bureau needs to address this problem, because I am sure that we are not the only ones going through this
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 915XX
Submitted Via: Web
Date Sent: 2021-06-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-22
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: XXXX XXXX XXXX XXXX XXXX, SC XXXX XX/XX/XXXX The Honorable Senator XXXX XXXX, Chair U.S. Senate Committee on Banking, Housing, and Urban Affairs XXXX XXXX XXXX XXXX XXXX Washington, D.C. XXXX Dear Senator XXXX : I am writing you directly and placing this letter into a formal complaint via the online system at the Consumer Finance Protection Bureau, about the actions of a mortgage servicer that seems to be harassing me while providing no proof of their involvement in any sort of transaction associated with me. I hope you and your staff can not only help with my personal situation, but use it as an example to curtail the illegal foreclosures that are certain to come about as a result of the pandemics devastation on our workforce and economy. In XXXX of XXXX, I purchased a home financed by XXXX XXXX. Toward that financing obligation, I paid not only my monthly obligation for that financing, but paid many tens of thousands in additional principle, including {$60000.00} I had pulled out of one of my investments, thinking it might be needed for closing, but instead put it toward the principal of the loan a few months after closing. As a small business owner, who at the time, was also charged with the full-time care of my aging and invalid mother, I will be the first to admit that once I set up my monthly payments on my online bank and automated that process, I really did not pay close attention to statements coming from XXXX regarding this mortgage. Had I been watching the numbers more closely, I would have learned early on, that my {$60000.00} payment toward principal had not only never posted to my account, but likely other principal payments went missing as well. I can only assume my funds were diverted for someones personal gain at XXXX, or perhaps later at one of the numerous servicing firms I later discovered had been involved in this matter. In fact, for roughly 6 years, my payments kept going out from my online bank each month, and I never received any notices other than my monthly statement, which I rarely even opened, again, due to how busy my life and work kept me. However, at some point in early XXXX, I was contacted and told that my last 2 payments had not been received. I certainly could show proof that they had been sent from my online bank, but learned in that phone conversation that my mortgage had been sold and had clearly been through a few hands by then, all unnoticed to me, even though my mortgage agreement required notice of such changes. The new servicer was XXXX, and since I had not been notified to send my payments to them, my payments were in limbo with the previous servicer. Once I cleared that up and got them to reverse the late fees that had been applied to my account, I requested a full accounting of my mortgage balance and transactions, from XXXX. What I received, was, at best case, incompetent, and at worst case, outright fraud. Their records were so shoddy that several months of my transactions were actually missing, and their data had even the date of our purchasing the property, wrong! But the most glaring omission was the fact that my {$60000.00} payment toward principal made in approximately XXXX or XXXX of XXXX ( after closing in XXXX of that year ), was not recorded AT ALL. When I sought to inquire about this huge error, I was treated rudely, hung up on, etc. and in general, could not beg an answer from anyone as to the ridiculous status of my loan record. I wrote letters to the CEO of XXXX and anyone else I could find that might be able to shed light on this situation, all unanswered until XXXX of XXXX, when my regular payment from my online bank, now being sent to the servicer purporting to be servicing my mortgage, XXXX, was returned to me, unapplied. After 2 months of this happening, I stopped sending payments and made phone calls approximately 4 times a day, 5 days a week to try to get to the bottom of this. You can probably predict where this went then -- - by refusing to accept my legitimate payments for 3 months in a row, and refusing to reply to my inquiries as to why this was happening, someone claiming to have something to do with the mortgage, manufactured a foreclosure case against me, which was served on me in XXXX of XXXX. In the time between my initial dispute with XXXX and then, XXXX had been discovered in such egregious accounting errors and fraudulent handling of mortgages, they had gone under and XXXX had purchased their assets, further complicating the matter. But the Plaintiff on the foreclosure papers listed not XXXX, not XXXX, but another party to which I was not familiar at all : XXXX XXXX XXXX XXXX XXXX ( XXXX ). I still do not know their involvement or how they came to be associated with this matter. My requests for discovery or to depose someone from that institution have, so far, been denied. The collusion between these financial institutions and our courts of law to prevent the truth from being discovered, has been astounding to me. Not having the resources to hire legal assistance after being sued, I proceeded to file an answer with the courts, and asked for discovery of any and all documents showing the involvement of the Plaintiff, how they came to be involved, and the documentation showing a legal chain of title placing them in a position to be able to bring this case. After years of attempting to find any evidence admissible in a court of law, and seeing the Plaintiff ( which we eventually, years later, discovered was actually XXXX, and NOT XXXX, although they still, to this day, have never been identified in any court documents ) defy even orders to compel this evidence, and seeing the judge in the case allow them to defy Motions to compel he had granted to me, the judge ruled to move to trial on only the matter of the incorrect accounting, making the erroneous assumption that XXXX had proven they had the legal right to pursue this matter. All this occurred even in light of the fact that I had hired a forensic mortgage examiner who proved that the original mortgage had not only been sold as a security ( which I did not authorize and was not noticed about ), but that security had then been split into several tranches, which, by law, renders it an ineffective instrument that can no longer be secured by real property. And to further demonstrate the lack of an existing legal mortgage secured by real estate, the balance shown on the various tranches into which the security was split, was {$0.00}! Clearly, there was no existing mortgage over which to fight. The examiners sworn affidavit is attached to this letter. But since the judge, colluding with XXXX, had ignored all these facts, and ruled to award Summary Judgment to the XXXX ( still not legally named as XXXX ), we had no choice but to appeal this interlocutory order. After presenting black and white evidence to all appeals courts in SC, showing we were right and having the Plaintiff provide no disputing evidence, the courts somehow still ruled that the interlocutory order could stand. Having read in other states where courts are starting to wake up to the securities fraud being conducted with mortgages, it appeared that our own local judges had not yet gotten the memo about the egregious and illegal acts being conducted by mortgage servicers and they, too, were willing to turn a blind eye to the fraud being perpetrated upon me and countless others. The last appeals court ruling was several years ago, and recenty, I have begun receiving monthly statements from Select Portfolio Services ( SPS ), which seem to claim that they now think they have something to do with this matter. The numbers on their statements are, of course, erroneous, dating back to the errors discovered in XXXX, and do not reflect the {$0.00} balance reflected by the securities documents, but they now seem to think they are in a position of authority and may attempt to file another lawsuit over it. I believe they will not be able to pick up where the old, abandoned lawsuit left off, but I do not put it past them to try. As soon as I received their first correspondence, I sent them a Qualified Written Request, asking them to provide any evidence that they have involvement with any mortgage or matter related to me, the legal chain of title indicating how they wound up in any position of authority they appear to be claiming, and they have, just as their predecessor had done for over five years, ignored my requests ( I have now given them three opportunities to provide a reasonable response ) and simply submitted the same documents theyve been sending in the way of some account statement that had already been sent many times, that does not even appear to be related to my situation. In any event, anything they attempt to do at this point would be untimely, and their continued correspondence serves no purpose but to harass me, as I attempt to ready my home for eventual sale in the next few years or so. I again feel as if, as I did for so many years, that the XXXX XXXX XXXXXXXX is hanging over me, causing me great emotional stress to the point it is impacting my family, my work and my ability to earn a living from my already stressed company suffering from the downturn caused by the pandemic. SPS has even interfered with the insurance coverage I hold on this property, for which I have maintained premiums for the 19 years we have owned the home. Twice, now, they have fraudulently reported to XXXX XXXX XXXX XXXX that the home is abandoned ( which clearly it is not as we still occupy it ), causing them to issue notice that they plan to cancel my Homeowners policy. Both times, my insurance broker has intervened and prevented this cancellation, but this is nothing but pure harassment, and their involving themselves in a situation in which they have no business. So, I am asking the banking committee and CFPB to step in and prevent SPS from taking any action and continuing to harass me unless and until they can provide evidence, admissible in court, of their involvement in this matter and why they appear to be attempting to collect a debt related to a mortgage that the securitization documents show to not exist. If, at any time in the future, firm proof that something is owed to a party relative to this securitized, bifurcated, and now non-existent mortgage, I will resolve that debt from the proceeds of selling my home when I am in a position to do so. ( I care for an elderly friend with XXXX and am unable to relocate at this time, or I would have already placed the house on the market. ) Until that time, I request that the Banking Committee and/or the CFPB order SPS to remove any and all negative information from my credit reports, and remove any relationship to them or any entity they claim to represent, from my insurance documents and anything else where the name SPS, XXXX, or XXXX might appear. To my knowledge, I have no business with or relationship with any of these entities. Thank you for your assistance in this matter. I can be reached at XXXX XXXX XXXX XXXX or XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: 29072
Submitted Via: Web
Date Sent: 2021-06-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-22
Issue: Trouble during payment process
Subissue:
Consumer Complaint: ever sense my bank sold my account to this company its been a nightmare first for the first year I had no idea where to send my payments they where sending my letters to wrong address and had my phone number in there system off by one digit when I try sending my payments no such account existed when I finally found my account i owed them a bunch a late fees I brought my account up to date in XX/XX/XXXX and I started paying an extra {$300.00} toward my 2nd mortgage in XX/XX/XXXX it is automatically withdrawn from my bank account the payment is {$680.00} monthly {$380.00} for my regular payment and extra {$300.00} for principal the company has withdrawn the money and my extra principal is not being applied correctly its shows a unapplied funds moving forward from first contact with company back in XXXX my funds are still not being applied to my principal and now they saying I owe for the month of XXXX and XXXX payments where are my extra XXXX XXXX monthly payments I'm paying this company going I've been patient and called numerous times and keep getting same response for months now that they are working on it and that their cashiers department is aware of the issue so unprofessional and by what I've read on the XXXX I'm not the only one having this issue with payments not being applied correctly and charging outrageous fees they need to be investigated we have been trying so hard during this pandemic to stay on path with our payments and companies like this thrive off our hard earn money.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WI
Zip: 531XX
Submitted Via: Web
Date Sent: 2021-06-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-19
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XXXX XXXX received a Contract for the sale of a Condominium residence that I own and occasionally occupy. Given that the Contract was for substantially less than what was owed on the property I decided to accept the Contract with a condition that it was subject to the approval of a Short Sale by the Servicer and the Investor of the Loan. On XXXX XXXX I submitted a request to the Mortgage Servicer to approve the Short Sale along with the request I compiled and uploaded a myriad of requisite documents including personal financial information, tax returns, bank statements, assets statements, copies of the executed contract, Pro-Forma HUD 1 Forms and other requisite information. From XX/XX/2021 through XX/XX/2021 I went through various reviews and corrections of materials provided at the request of the Servicer including at least four different HUD 1 Forms. The lengthy delay in this process was as a result of the services hard and fast rules for how correspondence is interchanged amount the parties and the fact that no-one if empowered to make decisions except for a handful of employees who are unreachable through phone calls or normal means of communication. This servicer does not allow for interchange of electronic communications between a designated representative except through broad portals and no direct contacts. This loan has been through 5 different services in 10 years and I have found this method of communication to be consistent with industry standards which delay business and decisions being done in reasonable and required time frames in time sensitive situations such as a real estate sale. There is a complete recording file with the Servicer of all of the communications related to this customary and normal process including a XXXX system that records and documents all phone communications in addition to the correspondence files. On XX/XX/2021 I received a written communication from the Servicer posted to my account on their portal advising of conditional approval of the Short Sale with an agreed upon price to release the lien of the Investor and a time frame of closing no later than XXXX XXXX. On XX/XX/2021 I accessed the Servicer Payment Portal to make the requisite payment on the said loan and was denied payment access. After a myriad of calls and communications I was advised that since the loan had been approved for a Short Sale that no payments were due on the loan in anticipation of closing and funding of the Short Sale. On XX/XX/2021 I was advised by my Broker that the property didn't appraise at an amount to support the purchase price for which the Short Sale was approved and the Buyer submitted a revised offer. I was advised to submit the revision to the servicer for further review and approval. On XX/XX/2021 I contacted the Servicer about the recent events asked for an extension and was told I would receive an extension by Friday of that week. I also expressed concern about the XXXX and upcoming XXXX payments as I did not want any delinquencies reported to the credit bureaus and again advised that no payments were due on the Loan, again given the working status of the Short Sale revised requests. Having heard nothing from the Servicer about the extension or process of the revised short sale I reached out and contacted the assigned relationship manager ( which by the way I have never been able to reach directly albeit they provide his direct number on the portal ) The relationship manager eventually called me back and informed me that the information submitted with the revised request did not include a proper HUD 1 Form and I would need to submit said form in order for the revised request to be considered. This was not the Servicer 's fault but was mine, however had I not reached out and inquired I would never had known that the information was deficient. I immediately updated the request with all requisite information upon being advised. In this conversation I asked one more time about the XXXX and XXXX payments and received same answer that no payments were due. On XX/XX/2021 I received a notification from my credit monitoring services of derogatory information posted to my accounts and researching the posting I learned that the Servicer showed my account as delinquent and reported it to the respective credit bureaus knowing all along had volunteered to make the payments when due advised they couldn't accept them and knowing that there was a revised short sale approval in process and under review. On XXXX XXXX I posted an e mail to the relationship management portal demanding the derogatory reporting be withdrawn and corrected. To date their is no answer to that demand and this is a matter that could and should have been corrected in a matter of hours or minutes and not days. All I am told is my demand has been escalated for review again anyone who is available to communicate with the client is not empowered to make decisions and drags out a relatively simple process. On XXXX XXXX I was advised that the revised short sale request was denied by the Investor of the Loan. That is there prerogative and I have no issued with the revised decision. What I do have an issue with is rather than a flat out denial why wouldn't anyone have contacted me to see if I wanted to go through with the transaction and complete the sale of the property with me paying the difference of some mutually compromised amount. No such communication existed. As a result of all of this the Contract for Sale of said property was terminated between the Buyer and the Seller. As a side bar and issues you should be concerned about in protecting the interest of consumers without regard to their net worth is the bureaucratic and cumbersome process mortgage servicer apply to communication processes. These include no direct contact with empowered employees, inability accept and respond to electronic messages on a direct basis, lack of information about the company and it's decision makers including names, addresses and phone numbers Look it up for yourself and you won't find any information on the company 's leadership or for that matter anyone ) and the myriad of XXXX from letters submitted after any request is made which say absoultley nothing. As mentioned I have been through 5 servicer with this loan since it was taken over from the Bank who originally made it and was placed into receivership by the FDIC. The loans including this one were deeply discounted and sold by the FDIC to Investors on either an auction basis or direct party negotiations and then subsequently packaged and securitized. This loan is part of a XXXX XXXX XXXX XXXX and given the change in Servicer 's I can only assume it has been sold and resold for profit on multiple occasions. I have asked repeatedly for information about the Investor and most importantly what the Investor has paid for the Loan and for which information has been denied to me by this Servicer and every previous servicer, given that I am responsible for the payments this would be information I would be allowed or required to receive, as an agency established to protect rights of consumers I would think you would have a concern about this as well.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 315XX
Submitted Via: Web
Date Sent: 2021-06-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-18
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: SPS withheld material information and thus perpetrated a fraud by not disclosing the information provided in Mortgagee Letter XXXX and the fact Sheet : " Biden Administration Announces Extension of COVID-19 Forbearance and Foreclosure Protections for Homeowners '' both published XXXX XXXX. Those documents proclaimed : " Today, as part of the Presidents commitment to deliver immediate relief for American families bearing the brunt of this crisis, ... .announced an extension and expansion of forbearance and foreclosure relief programs. These critical protections were due to expire in XXXX, leaving many at risk of falling further into debt and losing their homes. Now, homeowners will receive urgently needed relief as we face this unprecedented national emergency. Todays action builds on steps the President took on Day One to extend foreclosure moratoriums for federally guaranteed mortgages. The actions announced today will : Extend the foreclosure moratorium for homeowners through XX/XX/XXXX ; Extend the mortgage payment forbearance enrollment window until XX/XX/XXXX for borrowers who wish to request forbearance ; Provide up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before XX/XX/XXXX. Instead of extending to forbearance from 11 months to 18 months as the Biden administration directed mortgage servicers to do, SPS chose to ignore the above declarations by withholding material information that would save homes from foreclosure and instead forced struggling homeowner into a reduced payment scheme ( UP ) that would result in large balloon payment that would cause homeowner to default on there loan and allow SPS to foreclose on the equity rich homes and profit from fees that SPS would collect.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85718
Submitted Via: Web
Date Sent: 2021-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-17
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Select Portfolio Servicing is reporting erroneous lates on my credit file. I have a mortgage through them that is being paid by my ex-wife under the divorce decree. At some point in time the loan did go delinquent but i was not aware. As the loan is under my name i would expect Select Portfolio Services to give me a call when the account does go delinquent or any other issues occur. I was never contacted about the delinquency and was unaware of the delinquencies until i recently checked my credit file and noticed the lates. I am very disappointed by the fact that Select Portfolio didnt contact me about the lates as this is on MY credit file and they affect MY credit score. I never received a call, letter or notice from ether my ex-wife or Select Portfolio Services. I need these lates removed. These are not my lates.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: UT
Zip: 84062
Submitted Via: Web
Date Sent: 2021-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A