Date Received: 2021-03-31
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: XXXX XXXX allowed my nephew and my mother two loans on my home.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-04-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I was advised by relationship manager XXXX to hand write a dispute letter regarding the only option ( modification ) I was offered at the end of my Covid-19 forbearance plan. Being that I haven't handwritten a letter in many decades, It may be difficult to read. To summarize : I entered the forbearance period as my small business is just now reopening with limited capacity, thus affecting revenues significantly. I was under the understanding that missed payments would be deferredto the end of my loan. I contacted SPS in XXXX after being made aware of a Biden Administration extension to the forbearance period of 3 months. I was advised to fill out a form on the SPS website to indicate that I was still impacted by the Covid-19 pandemic, which I did - thinking this was a necessary step to obtain the extension. Instead I was offered a loan modification which reamitorizes the loan, extends the loan and results in an increased monthly payment. It is my hope that through this correspondence, that I may be able to obtain the original understanding of deferredpayments and an extension of forbearance by 3 months as I work towards reopening my business. If this is not possible, I'd like to be considered for a modification where my existing interest rate is lowered reflective of current rates, in addition to any options that may lower my payments during these difficult financial times. I have attached the letter to this email. Thank you, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 95827
Submitted Via: Web
Date Sent: 2021-04-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: My lender keeps on lying and giving false information. I submitted an application for loss mitigation to keep my home but they keep denying it because of unemployment when clearly I have a part time job and also getting SS benefit. I also never received any document from them about the denial so I sent another application but they automatically denied it again without reviewing my application. Please help me. I dont want to lose my home.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: KY
Zip: 42001
Submitted Via: Web
Date Sent: 2021-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-31
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our mortgage was purchased from XXXX by Select Portfolio Servicing , Inc ( hereafter, SPS ) within the last six months. Upon the sale of our mortgage loan to SPS we have noted a significant change in the fees applied in servicing our loan. The business practices of SPS, more specifically the fees for making a mortgage payment have been very disconcerting. The significant monthly fees to make a payment are biased, discriminatory and penalize individuals who have limited access to the internet and banking services. When our mortgage loan was with XXXX, a monthly mortgage payment could be made through the automated telephone service for XXXX. SPS now charges $ XXXX ( $ XXXX ) to make a payment through the AUTOMATED telephone service and {$15.00} to make a payment with a representative over the phone. Per the representative, a bank to bank mortgage payment can be completed for free. Or, if autopay is set up using a bank account it is free. I have previously set up autopay to pay a bill in a different situation only to have funds deducted prior to agreed upon date. Therefore, I never use that option anymore. Utilizing the United States Postal Service requires the cost of a stamp, would require a check be mailed prior to funds being available to arrive on-time ( which is not preferred ) and risk the payment being late due to the uncertainty of delivery times during current pandemic. Thus, does a consumer have the right to choose which CREDIBLE company purchases his/her loan? What are a consumer 's rights in the choice of who buys his/her loan? When my home was purchased over 20 years ago I had a choice in choosing my mortgage company. Now, years later, we are forced to deal with SPS, a company we are very uncomfortable with due to its business practices. Tonight, this writer had another FRUSTRATING, unsatisfactory experience attempting to make a mortgage payment, during this pandemic, without paying a fee. Ultimately I requested to speak to a supervisor. After an extensive conversation, that supervisor stated if a mortgage payment is being made within 5 days of its due date, she can waive the fees. This was the first time I was made aware of this rule. The payment this writer was attempting to make qualified for that rule. The supervisor then agreed to waive the fee for paying over the phone. While on the phone this writer researched the history of SPS online and discovered the previous government settlements related to its business practices under its previous names. SPS ' fee practices are unfair, discriminate against financially disadvantaged individuals and financially burden those who may be experiencing financial hardship. SPS unfairly applies fees to the most convenient and easily accessible method available to most to make a timely payment, especially during the pandemic - the phone.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20723
Submitted Via: Web
Date Sent: 2021-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I lost business due to covid I applied for a forbearance. I was told that my lender didn't participate ... I then applied for a modification ... and now a short sale ... lender wont deny my request ... they just say ... no ... .no letter explaining..or detailing my request and denial.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 90631
Submitted Via: Web
Date Sent: 2021-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-30
Issue: Trouble during payment process
Subissue:
Consumer Complaint: We are sending this correspondence because we would like to report the mortgage servicing company Select Portfolio Servicing , Inc. ( SPS hereafter ) for unethical mortgage servicing practices and XXXX for unethical lending practices. We are requesting that these practices become illegal in the state of Georgia. Around XX/XX/XXXX we refinanced our home with XXXX XXXX ( XXXX ). It was a financial decision because we needed to update our kitchen. At the time we had XXXX small children and were pregnant with our XXXX. My XXXX was difficult and in hindsight probably not the best time to make a large financial decision. Nevertheless, we were contacted by XXXX and told that the basic terms of the refinancing would be the same as our current mortgage. The mortgage would increase by approximately {$200.00}, but the interest rate and escrow account would remain the same. We agreed to the terms we were quoted and went into the office in XXXX ( with IV drip in tow ) to sign the paperwork. After a few weeks, we were notified that the escrow account had not paid the homeowners insurance and that XXXX would place insurance on our home. We ( XXXX ) went to the office where we had signed only to find that the office was closed and no one could talk to us about our mortgage. Shortly after this happened, we had financial difficulties because I was out of work due to my difficult XXXX and my husband was unemployed. We applied for and received a loan modification. Our loan payment dropped from {$1300.00} to {$1200.00} ( not significantly ). We made the payments on time each month. Not long after that our loan was sold to XXXX Homes and we continued to make our monthly payments on time. In XXXX of XXXX our loan was again sold. This time to XXXX XXXX XXXX XXXX XXXX XXXX and was to be serviced by SPS. We were NOT contacted by either XXXX XXXX XXXX XXXX XXXX XXXX or SPS. We only learned of the sell because our automatic payment was not taken out on XXXX XX/XX/XXXX. We had made our payments on time through automatic draft for over eight years. We called XXXX to find out why the payment was not taken out only to be told that the loan had been sold. We were given SPSs contact information. We contacted SPS and were told that they were the servicing agent and would contact us regarding how and when payment would be made. In XXXX we received the information regarding making payment. We made the 1st payment to SPS in XX/XX/XXXX via telephone. At that time we requested the paperwork necessary to resume automatic draft. We completed and submitted the paperwork and assumed the automatic draft would begin XX/XX/XXXX. It did not. We called SPS to ask why and if they needed any other documentation only to be told that we could not do auto draft because our account was delinquent. We questioned how our account could be delinquent when we had made the 1st payment within a few days of receiving the 1st statement. Their explanation was that we had missed the XXXX payment. We argued that we did not miss the payment because they had not sent us information in a timely manner and only sent information AFTER we contacted them. If we had a missed payment, it was due to their negligence in providing us with the proper information. There was no reasoning with them. They proceeded to charge us a late fee every month thereafter even though we made our payment EVERY month on or around the 1st. That is every month from XX/XX/XXXX until the present. A few months after SPS began servicing the loan we submitted information on the internet to explore refinancing with a different company. We received a call from SPS telling us that we didnt qualify to refinance. In hindsight we should have known that they did not have to power to tell us we could not refinance, but at the time we were just discouraged. In XX/XX/XXXX, we decided to move forward with refinancing. We contacted XXXX XXXX and proceeded with the refinancing process. We were initially approved. Unfortunately, we were not able to refinance because when they performed the appraisal the house appraised for $ XXXX and the remaining mortgage on the house ( at that time ) was approximately $ XXXX. Needless to say this was discouraging. We moved into our house XX/XX/XXXX. We paid $ XXXX. We refinanced in XX/XX/XXXX for $ XXXX. After years of making payments to know that our principal did not decrease was heartbreaking. We continued making our payments until we received a letter from SPS stating that our payment was going to increase from {$1200.00} to {$1900.00} and that our interest rate had increased to 11.96 %. Not only did they give us this new payment, but they refused to tell us any other information about this new arrangement. We asked how many months were we expected to make this payment ( i.e., the remaining length of the mortgage ). They would not give us an answer. We continued making our regular payment while trying to get more information and negotiate with SPS. Surely, it was not reasonable to expect someone to pay 11.96 % interest on a home loan and not even give a last payment month and year. We made several efforts to contact SPS and negotiate. Finally, in XX/XX/XXXX we ceased making payments. Again, hindsight is XX/XX/XXXX. At the time we were at our whits end and felt like we were making payments only for SPS to still foreclose on our home. We had a personal tragedy in XX/XX/XXXX and did not make any contact until XXXX XX/XX/XXXX. We sent a letter to SPS with proposed payment and interest rate ( see attachment ). After several attempts to reach a mutually beneficial agreement, we were ready to through in the towel. We received a letter from SPS asking that we make three consecutive payments of {$1600.00} so that we could then get the newly negotiated terms of our loan. We asked specifically what the interest rate would be and the length of the loan. We were told that could not be determined until after we made the three payments. So XXXX, XXXX, and XXXX of XXXX we made the payments. After making the XXXX payment, we started asking for the information again. After XXXX, we received a letter dated XXXX XX/XX/XXXX. This is what SPS proposed : Months : XXXX Interest Rate : 8.265 % Interest Rate change date : N/A Monthly principal and interest Payment Amount : {$1200.00} Estimated monthly escrow Payment Amount : {$390.00} ( which may adjust periodically ) Total Monthly payment : {$1600.00} ( which may adjust periodically ) Payment begins on : XX/XX/XXXX Number of payments : XXXX A final balloon payment on the Interest Bearing Principal Balance of {$100000.00} is due on the Maturity Date. They actually proposed a 30 year mortgage with an 8.265 % interest rate. That is preposterous. 30 additional years would mean that we would have made payments on a house for 45 years. However, to add insult to injury, SPS went further and added a balloon payment of {$100000.00} to the end of the loan. I am guessing that this is legal behavior, but I am proposing that it should NOT be. There should be some consumer protections in the law against this type of lending and servicing. We called again SPS and asked if this proposal was really what they intended. When we spoke to Mr. XXXX ( Relationship Manager for our account ), his response was, I wouldnt agree to that. Let me check into it. '' We continued to send emails as a follow up with no response. Finally, our last conversation with Mr. XXXX, was that he understood why we would not want to agree with this, but his investors would not be willing to change any part of the proposal. I was flabbergasted. He really had the audacity to speak to people that have paid for a home for over 15 years about his investors! This home is our investment. We purchased this home in good faith thinking that we would raise our family and retire living in this same home. Instead we have been swindled by a system that perpetuates the inequities of our culture. I do not know if this is racism or classism, but it is certainly an ism. This proposal is likened unto the historical idea of sharecropping. Keep paying for something, but never really owning it. There is no way for me to know how many families have faced financial ruin and housing insecurity because of SPS ( acting on behalf of XXXX XXXX XXXX XXXX XXXX XXXX ) and/or other companies that engage in this practice. It might be too late for us to save our home from these vultures, but I pray that as a legislator you will investigate and introduce legislation that will make this practice illegal in the state of Georgia. If you perform a simple XXXX search of SPS, you will see thousands of hits that reiterate the same basic complaints. Our credit is ruined and we face homelessness all while working full time because these companies are allowed to operate unregulated. I implore you to please consider following up. There is nothing more we can do. We are not people that want something for nothing. We did not buy a house that we could not afford. We are not deadbeats or shiftless. We want to remain in our home and pay a fair and reasonable rate for our loan. The proposal from SPS is neither fair nor reasonable. Thank you for your consideration,
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 310XX
Submitted Via: Web
Date Sent: 2021-03-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-29
Issue: Unable to get your credit report or credit score
Subissue: Other problem getting your report or credit score
Consumer Complaint: I have contacted the mortgage servicing company 4 - 5 times to get them to report my timely payments to the credit bureaus but they respond with I must reaffirm a loan with the bankruptcy courts. I have not been in bankruptcy since XXXX and received a new loan on XX/XX/2017. My attorney has contacted them and informed them that Colorado does not re-affirm mortgages but SPS Servicing continues to send generic generated letters that I need to reaffirm my mortgage. The bankruptcy courts are informing me to contact my attorney and round and round I go.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80205
Submitted Via: Web
Date Sent: 2021-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-29
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have been trying to get Select Portfolio Servicing inc to remove my PMI for years and they wont. They told me I had a late payment in XXXX when I did not. I accepted the federal forbearance program that they offered me because I was affected by XXXX. I went on a three month forbearance for which I paid off early. They are trying to say that I was late on my payments because I was on the approved forbearance program. This is ridiculous as I follow the contract to the letter of the law. I was never late and Ive made all my payments on time. I have more than enough equity to qualify to have my PMI removed. After further investigation with the XXXX XXXX XXXX I have noticed that this company pulls a scam with many of their clients. This company needs to be held accountable for all of their fraudulent acts.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 853XX
Submitted Via: Web
Date Sent: 2021-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-29
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I was told by Select Portfolio Servicing , Inc ( SPS ) that in XX/XX/XXXX I clicked on their information banner for Covid-19 assistance. I supposedly filled out information stating I wanted information but I would be able to make my monthly payments. I made my XX/XX/XXXX on time. I was later told by Manager XXXX that I CALLED and requested forbearance and a letter was sent in XX/XX/XXXX stating I called. When I disputed this call I was then told the request was made online. XX/XX/XXXX, my statement showed a deferral of {$1200.00} on my account. I called SPS and explained I did not request a deferral and I wanted it removed. They said they would send a request to have it removed. I made my full XXXX payment on time, but my XXXX payment was never applied. It appears SPS reversed the deferral but then recorded an illegal short payment of {$1200.00}. They then recorded my full payment but that payment was held for 30 days and applied to my XXXX payment. Since that time each month they hold my on time payment for 30 days and apply it to the following month 's payment as if it were held in a suspense account. XXXX I contacted SPS again because I applied to refinance and the deferral was never removed as promised. I was told they made an error back in XX/XX/XXXX and sent the request to the wrong department and it was denied. I never received communication informing me of that denial. XX/XX/XXXX or XXXX, XXXX I contacted SPS again asking that the deferral be removed but this time spoke with a supervisor and I asked to be provided with a letter explaining the error to give to the refinance company so I would not have a problem with my refinance. I never received the letter as promised and the deferral was not removed. XX/XX/XXXX I contacted SPS and spoke with XXXX ( manager ) and she said the deferral removal was requested on XX/XX/XXXX but held until XX/XX/XXXX. She said she was sending an escalation to get it resolved. I explained I was scheduled to refinance the following week. XX/XX/XXXX, I contacted SPS and spoke with XXXX ( manager ) and was informed I would not be receiving any letter as promised, I would need a subpoena to get the supposed application/request for this deferral, I could not pay the deferral or resolve this unless I made a balloon payment for the entire mortgage, there was not lien or XXXX mortgage but most importantly there were no terms agreed to or spelled out to get out of this forbearance program. XX/XX/XXXX I contact SPS and speak to XXXX, I explain I was scheduled to close today but can not because of the deferral. She initially looks at my account and says I missed a payment back in XXXX. I explain to review my account because I never missed a payment. Even she was surprised I was put in forbearance/deferral when I never missed a payment. I asked her to note it on my account. XX/XX/XXXX I received a call from XXXX was stated they were trying to get my deferral reversal approved but I had to wait and he couldn't tell me how long. I explained again I was supposed to refinance the day before but could not until this was resolved. XX/XX/XXXX I found a letter on my account stating I applied for workout assistance and the deferral was being denied. At this point I call SPS and got no where and began contacting Delaware State agencies to get some help. I found this website.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DE
Zip: 19711
Submitted Via: Web
Date Sent: 2021-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-29
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: To whom this may concern. I have filed a complaint quite a few times with the commissioners of banking within the past year. About 9-10 years ago I was given a modification which I fought for in court having to retain a lawyer. I have never been late, always on time I have build my credit up to an insane score. I've been trying to refinance my house for years as I was told that, this is the only way to get out of this modification that my ex husbands name is still In the mortgage yet transferred the deed solely to me which is now at an extremely high rate of interest. It is very hard for me to write this letter as I am sick with XXXX right now it would probably be easier to talk. My lending company is select portfolio servicing for years I have since every bit of documents that they have asked for for me to refinance in after a few years i'm doing this they lost my paperwork and want to charge me another {$9500.00} besides closing fees. When I filed a complaint with the commissioners of banking, miraculously the day after my bank called me ready to close.. Just, like that my papers were found .. Also XXXX bank is who I have my bank accounts with and I had gone to them as well to refinance through them and they would not even touch anything having to do with select portfolio telling me that that lawyer will not work with them that they are in the worst standing and any lending companies. However due to XXXX I was not working and only collecting unemployment. I was told that Unemployment does not count as income so that has been put off. Due to XXXX I was given a forbearance. Now I've had to stop paying my mortgage everything that has not been paid in the year they put as a deferral at the end of my loan. I set up for the mortgage company to draft the payment which they have in the amount of {$3600.00}, on XX/XX/2021. A few days ago I received a phone call from select portfolio asking me when I am paying the difference that my monthly payment is {$3700.00}. I had asked them why they did not take that out in the first place this was not the amount I was told. I feel like I have been nothing but taking a vantage of and I hate to use the term of being XXXX, but unfortunately they are getting away with this, and this is truly how I feel.. They say they are here to help me. I feel the total opposite with nothing but anxiety and frustration that I can not control this. I have done everything that I have been asked to do and I'm still at the standing point and now to be expected to be this ridiculous amount because the interest is almost 7 %. With all that is going on and how in the world and income and money and companies closing down are they kidding. They will almost be forcing me to lose my house that I work so hard for her to get to the most amazing Standing point as to where it is now ... I've had and still do have a good job with the DOE..I have plenty of equity in my house that I built up in these years and they seem to give me no way out and I will end up being forced to be in that haven't come up with this payment every month. I do not understand how unemployment has not been considered income and I am back at work now. My son is going on the mortgage with me it was the same situation for him except after XXXX and he was going back to work, he was in an unfortunate accident it was on XXXX and then they Said that was not income. I am begging and hoping that you can please help me. I have a mortgage broker who keeps telling me to just sit tight. I have even gotten so far that I've had an appraiser and paid for that years ago and that's when they said oh we lost your paperwork!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 10309
Submitted Via: Web
Date Sent: 2021-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A