SELECT PORTFOLIO SERVICING, INC.


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"Products" offered by SELECT PORTFOLIO SERVICING, INC. with at least one, but usually more complaints:

Bank account or service - Checking account
Bank account or service - Other bank product/service
Checking or savings account - Checking account
Checking or savings account - Other banking product or service
Consumer Loan - Installment loan
Consumer Loan - Personal line of credit
Credit card or prepaid card - General-purpose credit card or charge card
Credit reporting -
Credit reporting or other personal consumer reports - Credit reporting
Credit reporting, credit repair services, or other personal consumer reports - Credit repair services
Credit reporting, credit repair services, or other personal consumer reports - Credit reporting
Credit reporting, credit repair services, or other personal consumer reports - Other personal consumer report
Debt collection - Credit card debt
Debt collection - I do not know
Debt collection - Medical
Debt collection - Mortgage
Debt collection - Mortgage debt
Debt collection - Other (i.e. phone, health club, etc.)
Debt collection - Other debt
Debt collection - Payday loan debt
Debt or credit management - Mortgage modification or foreclosure avoid
Money transfer, virtual currency, or money service - Debt settlement
Money transfer, virtual currency, or money service - Domestic (US) money transfer
Money transfer, virtual currency, or money service - International money transfer
Money transfer, virtual currency, or money service - Refund anticipation check
Mortgage - Conventional adjustable mortgage (ARM)
Mortgage - Conventional fixed mortgage
Mortgage - Conventional home mortgage
Mortgage - FHA mortgage
Mortgage - Home equity loan or line of credit
Mortgage - Home equity loan or line of credit (HELOC)
Mortgage - Manufactured home loan
Mortgage - Other mortgage
Mortgage - Other type of mortgage
Mortgage - Reverse mortgage
Mortgage - Second mortgage
Mortgage - VA mortgage
Payday loan, title loan, or personal loan - Installment loan
Payday loan, title loan, or personal loan - Personal line of credit
Prepaid card - Government benefit card
Student loan - Non-federal student loan
Vehicle loan or lease - Loan

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Complaint ID: 3894175

Date Received: 2020-10-11

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: I have been trying to work with SPS since XX/XX/XXXX to sell my home. SPS exclaims they sent me approval to complete a short sale in XXXX, which I never received and therefore never listed my home, and if I did receive it, no one from SPS called to explain the process to me. I did receive approval to list my property and get an offer starting XX/XX/XXXX. The program allowed me to list my property, get an offer and I had to CLOSE by XX/XX/XXXX. SPS set an unrealistic timeframe for me to list and sell my property. On XX/XX/XXXX they shut down my review and have stipulated I no longer have a right to sell my property. Mynegotiator said short sales are not SHORT in time. Most well run short sales take an average of 2-3 months to list and get under contract, another 90-120 days for a lender to review the offer, perform a valuation on a property, and then potentially issue approval which could take another 30 days and Select Portfolio Servicing is NO exception to the above. She ran ascan of ALL SALES in XXXX county. My property is located in XXXX County. She ran it for all sales from XX/XX/XXXX XX/XX/XXXX. There were XXXX. She ran a price range of XXXX XXXX. The average time on these sales from OFFER UNTIL CLOSING was 100 days. Out of ALL of these sales only ONE was a short sale. This ONE short sale took 179 from listing until closing. This shows that SPS who is a servicer of default mortgages, sets UNREALISTIC expectations on sellers by giving them only 75 days to list and sell a short sale/default property. By the time I get an offer within a reasonable range, she explained that typically the value expires and more time is tacked on the short sale, and then typically a value dispute must be done. Nothing about a short sale is short on time. Any servicer of default mortgages should know this. Two and months from listing until closing would only happen if you fire sale priced a property and the lender allowed a lower than average sales price which also is not the norm. SPS is completely unrealistic when setting this time frame for me especially when I truly didnt understand the process, nor did anyone from SPS call to explain it to me. I finally got an offer that was submitted to SPS on XX/XX/XXXX, that included not only the short sale documents but the Offer and HUD. SPS agreed to postponing the foreclosure date of XX/XX/XXXX further to XX/XX/XXXX. While this is great news, my negotiator continued to follow up with the Short Sale department in SPS to see exactly where the short sale review was. After not receiving any communication from the Short sale department, she escalated further to the Ombudsman department for help. Ombudsman dept, in turn, informed us that the short sale was no longer an option because the file was reviewed for a previous short sale back in XXXX and did not receive an offer. My negotiator has worked with SPS on many short sales in the past 6 months alone, not to mention years, and said that they never finished a short sale from beginning to end in the span of 75 days with them. This is not without trying. She explained that the process of getting all documents, getting an offer in, ordering a value, going into a value dispute review ( which almost always happens ), counter offer phase, acceptance and issuance of the approval letter never happens within 90 days. The 90 day timeline is just not realistic and furthermore, I was never informed in the letter that I could only have one try to get a short sale option done. No one from SPS who valued the property if there was a value in XXXX, knew that there was a failed septic on site on my site. I do not have the money to cure this issue. My septic issue will cost any buyer 50-60K to cure, so the current buyers offer price is exceptional considering the other deferred maintenance on the property. I wish the short sale be re-reviewed considering the above. SPS is setting unrealistic expectations for me tocomplete a sale which is deceptive. Fast forward SPS is so slow, to review files, I have now been denied TWICE to be reviewed for a short sale. Last year in XXXX, I had a short sale submitted XX/XX/XXXX after my home had been on the market since XXXX. SPS only did an XXXX valuation, and I have septic issues so no drive by valuator is going to know that it will cost 50-60K to potentially fix, so the value came in super high. After arguing with SPS multiple times to get an interior, they refused and said that I was ineligible for a short sale. The buyer submitted a full price offer on XX/XX/XXXX to meet what SPS wanted. This was BEFORE CORONA HIT. It took from XX/XX/XXXX until XX/XX/XXXX to get an approval. It was months of calling into sps to see what the hold ups were. HAD SPS reviewed my sale in an appropriate time frame and approved my sale in XXXX or XXXX, the buyer would have closed and I wouldn't be in this mess. The buyer dropped out due to concerns of the Corona virus and losing his income so I had to put the property back on market. Finally got an offer and it was submitted XX/XX/XXXX - XX/XX/XXXX XXXX in Ombudsmans office said they'd order an interior. 2 days later I was denied again stating over the phone there had been TOO MANY REVIEWS. There has only been TWO offers so I can't imagine how this is too many reviews. My house needs a considerable amount of work, and because SPS is sooooo slow to review information, I am being penalized. I'm not sure how there have been so many short sale reveiws when I've only had two offers on the property. I would like SPS to review this current offer and order an interior valuation.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: MA

Zip: 020XX

Submitted Via: Web

Date Sent: 2020-10-11

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3892313

Date Received: 2020-10-10

Issue: Trouble during payment process

Subissue:

Consumer Complaint: Escrow balance as of XX/XX/2020 is {$6700.00}. Escrow account was cancelled on XX/XX/XXXX. My mortgage payment per month is as of XX/XX/2020 is as follows : Principal {$850.00}, Interest {$1800.00} and Escrow ( Taxes and Insurance ) {$1000.00}. Total is {$3800.00} per month. IT IS STILL COLLECTING AN EXTRA {$1000.00} PER MONTH FOR ESCROW AND NOT REFUNDING FULL ESCROW BALANCE, AFTER ESCROW ACCOUNT WAS CANCELLED ON XX/XX/220. I only received {$560.00} for Escrow refund. Thus a lawsuit will be filed, seeking all damages and attorneys fees. CC. XX/XX/XXXXXX/XX/XXXX XXXX XXXX XXXX

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 92887

Submitted Via: Web

Date Sent: 2020-10-10

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3888824

Date Received: 2020-10-08

Issue: Trouble during payment process

Subissue:

Consumer Complaint: So far this calendar year, I have not received mortgage statemets/payment coupons 4 times for payments due on the XXXX of the month. I wrote to the mortgage holder on XX/XX/XXXX, XXXX, XX/XX/XXXX, and XX/XX/XXXX to inform them of the issue. Each time, the payment was included with the letter. Today, XX/XX/XXXX, the payment mailed XX/XX/XXXX has not processed. Following the suggestion of the mortgage holder 's customer service staff, I made an online payment, but was charged a {$5.00} convenience fee because I live in California.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 94526

Submitted Via: Web

Date Sent: 2020-10-08

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3887040

Date Received: 2020-10-07

Issue: False statements or representation

Subissue: Attempted to collect wrong amount

Consumer Complaint: I now own property after foreclosing in XXXX and the payoff amount appears about {$140000.00} more than Remaining Loan balance calculations would indicate. The senior lender and current lienholder XXXX XXXX XXXX XXXX XXXX XXXX, through its serving agent Select Portfolio Servicing, has provided a payoff figure of $ XXXX on the 2004 loan of {$330000.00}. After 16 years of payments, estimated Remaining balance calculations would arrive at {$220000.00} due. I have questioned why, after 16 years of payments from borrowers, the payoff is not approximately {$220000.00}. I have asked for supporting information of their {$360000.00} payoff demand, i.e. basis for calculations, terms of loan, etc. SPS refuses to provide any information since I am not the borrower, despite the fact it is a lien on my property and that the payoff provided appears patently erroneous. No principal paydown in 16 years?? and higher payoff than original loan after 16 years of payments??? SPS refuses to internally escalate the matter to have the payoff recalculated and reviewed. If privacy bars me looking at the source data, given the huge discreptancy, it should be accessed by another department or neutral source. SPS refuses to do so, and continues to deny me all information regarding the loan, except for payoff figure. Privacy should not bar an explanation for the substantial payoff discreptancy. I am being given a payoff amount that on its face is substantially invalid ( maybe fraudulent ), that SPS or XXXX will not verify and " privacy '' is being used to bar me from getting the correct payoff figure.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: XXXXX

Submitted Via: Web

Date Sent: 2020-10-19

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3886336

Date Received: 2020-10-07

Issue: Attempts to collect debt not owed

Subissue: Debt was paid

Consumer Complaint: I want a complete accounting of a 2004 mortgage that isnt counting 1 ) XXXX paid to XXXX. I owed XXXX to XXXX.XXXX an {$8200.00} line of credit. 2 ) PAYMENTS we have made $ XXXX to this loan. XXXX mortgages. {$440000.00} XXXX escrow This is XXXX interest.over 16 years although We have reported {$130000.00} interest. Where is the other {$240000.00}?

Company Response: Company believes it acted appropriately as authorized by contract or law

State: MO

Zip: 64081

Submitted Via: Web

Date Sent: 2020-10-07

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3884595

Date Received: 2020-10-06

Issue: Attempts to collect debt not owed

Subissue: Debt was result of identity theft

Consumer Complaint: On or about XX/XX/XXXX, my deceased husband XXXX XXXX executed a promissory note as the sole obligor that was given to XXXX XXXX XXXX XXXX as the lender, and to secure said promise to repay, my late husband and I both executed a deed of trust dated the same. With the first payment made towards the foregoing transaction in the year XXXX up until or around the year XXXX, my credit profile never reflected said transaction for which only my late husband was an obligor. Proof that I was never an obligor for said transaction is demonstrated within a correspondence dated XX/XX/XXXX from XXXX XXXX XXXX ( " XXXX '' ) as the mortgage servicer, addressed to both myself and US Senator XXXX XXXX that is attached hereto as Exhibit 1, wherein XXXX clearly stated that a " ... review of this loan has found that you are not a co-signer on the Note for XXXX XXXX 's ' loan. Since you are not financially responsible for this loan, we are unable to consider you for a loan modification .... ''. Upon Select Portfolio Servicing ( " SPS '' ) becoming the servicer for said transaction in or around the year XXXX, SPS begin reporting said transaction to the credit bureaus as if I was an obligor when I never executed the original note as an obligor as demonstrated within XXXX 's XXXX correspondence ( See Exhibit 1 ). Furthermore, in the year XXXX I discovered that either Chase or SPS caused my name and signature to be authored and forged upon a note instrument filed with the U.S. Bankruptcy Court for the XXXX District of Virginia in Case No. XXXX ( See Exhibit 2 ), followed by the forging of both my name and late husband 's name upon a modification dated in the year XXXX ( See Exhibit 3 ), which neither one of us requested or needed at the time. Lastly, to avoid the foreclosure of my home, I was pressured into executing a predatory - unconscionable modification created by SPS that is void of a break down of my payments towards principal and interest, and consisting of a balloon payment. Furthermore, SPS created an escrow account for both hazard insurance premiums and real property taxes when the latter was exempted by XXXX County since XXXX as seen within Exhibit 4.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: VA

Zip: 23112

Submitted Via: Web

Date Sent: 2020-10-06

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3884594

Date Received: 2020-10-06

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: I had fallen behind due to covid and loss of income. My business has suffered as have I. I put in documents and was told no program was available to me. JUST PAY UP. I can not do that. I was given no parameters or reason as to why??? NPV values were left off. What are the guidelines.No one talks there.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 90805

Submitted Via: Web

Date Sent: 2020-10-06

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3882685

Date Received: 2020-10-06

Issue: Trouble during payment process

Subissue:

Consumer Complaint: I would like to draw attention to the attempted predatory payment practices of Select Portfolio Servicing that holds my current mortgage. Since COVID became a concern the company repeatedly puts me on forbearance plans without my consent. I have called every month since XXXX to make manual payments to stay current, despite their website confirming that I have an active ACH withdrawal scheduled for my payment each month. On each call as recent as XXXX the rep will assure me that my next payment will resume with automatic withdrawal. I DO NOT WANT OR NEED A FORBEARANCE PLAN! I find this practice to be predatory in that the company is providing inaccurate assurance of ACH withdrawal yet Im continuously forced to manually make payment to avoid the appearance that Im accepting the forbearance. The website guidance about payment ACH is inaccurate. I fear that a forbearance will be reported to the credit bureaus based on Select Poetfolios inability to rectify my multiple requests to simply TAKE MY PAYMENT ON TIME EACH MONTH with the documented ACH on file. I have never had to beg a company to take my money each month like this. Forbearance should require an opt in notice. Instead Select Portfolio has opted all clients in saying to call to opt out. Calls to opt out result is full customer service failure only to start the entire request all over again.

Company Response: Company believes complaint is the result of an isolated error

State: AZ

Zip: 85304

Submitted Via: Web

Date Sent: 2020-10-06

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3878684

Date Received: 2020-10-02

Issue: Attempts to collect debt not owed

Subissue: Debt was paid

Consumer Complaint: On XX/XX/XXXX select portfolio servicing collected {$250000.00} from my proceeds of which they were not entitled. It is now Friday and although it was escalated I have not received my funds. The money was wired to them in one day Monday will be FIVE days theyve had MY money.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: MO

Zip: 64081

Submitted Via: Web

Date Sent: 2020-10-02

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 3878214

Date Received: 2020-10-02

Issue: Closing on a mortgage

Subissue:

Consumer Complaint: New Discovery- Select Portfolio Servicing added and reported to the credit bureau and flagged my account as loan modification on XXXX XXXX its also states Activity : Conventional Real Estate Mortgage Including Purchase Money and First Mortgage. Neither of the above information is true. Select Portfolio Servicing just added this false and misleading information on XXXX XXXX but changed the year, because it did not have this information before on the credit bureau reports. I get a letter from Select Portfolio Servicing dated XXXX XXXX stating Refinance/Modification. Therefore this was change before the letter was sent out. I want to know did SPS altered, change or added statements on any documents? Because I know they are trying to cover up for XXXX XXXX XXXX in which the loan was transferred in XXXX XXXX, Also it obviously that an fraudulent assignment of note for insurance benefits ( claim ) was applied with the FHA mortgage insurance on the property.Date of Contact of insurance termination was on XX/XX/2014. Due to the fraudulent defective dry wall property insurance claim, cause the FHA Connection lender query case number XXXX to be terminated. Therefore the FHA mortgage insurance was canceled due to the mortgage fraud. That is when XXXX XXXX XXXX applied a Conventional Real Estate mortgage loan to my property, then purchasing money first investment account for profit. It appears the loan investment account number was XXXX the same account number was used to collect a large sum of money, refund on property insurance claim on XX/XX/2014 with XXXX XXXX XXXX XXXX. This is also a fraudulent claim, also accelerating the escrows payment. On XXXX XXXX XXXX XXXX XXXX fraudulently set up a loan modification as if I was behind in payments which I was not, because they made a fraudulent assignment of note claim, on a defective dry wall claim On the property in which I knew nothing about and then making a fraudulent property insurance claim with XXXX XXXX XXXX XXXX.I had no knowledge of any of the above fraudulent activities. Therefore the loan modification that Select Portfolio Servicing has in their possession account number XXXX XXXX XXXX XXXX loan number that was transferred to SPS on XXXX XXXX and account number XXXX Select Portfolio Servicing number is misrepresenting fraudulent funds that was acquired by fraudulent insurance claims on that XXXX XXXX loan modification. And maybe still collecting funds for profit wit money first investment account.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: FL

Zip: 33056

Submitted Via: Web

Date Sent: 2020-10-02

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Select another page to read more about how -real people- receive -real harm- from these banks, credit bureaus, and others.