Date Received: 2024-02-29
Issue: Trouble during payment process
Subissue: Paying off the loan
Consumer Complaint: I uploaded a letter on XX/XX/year> to my mortgage company, Select Portfolio Servicing, requesting that they pay off my mortgage in full using money they had in restricted Escrow for insurance, and to send me a refund of the remaining balance. They told me on the phone that the process would take XXXX days. I submitted my letter and my payoff quote, according to the instructions I received over the phone ( through the Select Portfolio Servicing online portal ), however I received no confirmation or communication regarding the matter at all for several days. So I called to confirm that they received my request. They said that they had. I heard nothing else for another week or so, so I called and emailed to request that they send me an email or letter confirming in writing that they received my instructions to pay the loan in full, and to let me know what date this was projected to be completed. They said they would send me the letter, but they never did ( this was over a month ago that I requested the letter ). I continued calling at least a couple of times a week to check on the status, and when XXXX days had come and gone, I asked why the loan had not been paid off yet. They said, oh, it takes XXXX BUSINESS days, not just XXXX days. So I said, fine, and waited a couple more weeks. Still nothing happened. So I called again, and then they said that it would take up to SIXTY days to process the payoff. I said, " What? Why? This is not acceptable. I was told XXXX days and now suddenly it's XXXX? I'm getting charged interest and having to make mortgage payments every month when you guys have had the money in your hands to pay the loan in full for months? '' Then I asked, " So will it be sixty days just to process the payoff, or XXXX days until I receive my refund check? '' They said XXXX days to process the payoff only ( which means, what, XXXX days until I receive my refund???? I don't know ). I looked up the regulations on your consumer finance website, and it looks like a borrower is supposed to RECEIVE their refund within only XXXX days of the money to complete the payoff being in the mortgage company 's control. So it looks like they are definitely breaking the rules here and it is causing me a tremendous amount of financial damage. I am currently speaking with lawyers about sueing them for reparations. Meanwhile, I have paid XXXX mortgage/interest payments since authorizing the payoff, and I am about to have to pay a THIRD on XX/XX/XXXX. This is crazy. Please help.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MT
Zip: 59105
Submitted Via: Web
Date Sent: 2024-02-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-29
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: Original loan ( which banks can not loan ) States they were paid Cash, I did not produce any cash but a check at closing. They say I received money, WHERE? Then in research I have tried to get XXXX XXXX and Select Portfolio Servicing who bought it supposedly in XXXX, has advised they bought the " Promissory Note '' and now its in a trust. I have not found any Leins, I have been forced to file a 1099 A to XXXX XXXX and a 1099C to SPS. Since all Payment Coupons are being Kept, not returned and a notice sent that states they do not accept these payments. No action has been done. When I call any customer service I get transferred all around. I have even attempted to contact these Corporations. Yet again I get barely any info and Nothing specific of what I have requested. Now XXXX has been reporting on my credit Until XXXX when I filed a complaint thru XXXX, they have now closed it on XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 326XX
Submitted Via: Web
Date Sent: 2024-02-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-29
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: Since my loan transferred to SPS in XXXX of XXXX I noticed my Taxes had not been paid ( which I brought to their attention on Friday XX/XX/XXXX and sent the tax bill on the same date ) I started to do some digging on what escrow balance had transferred and noticed that SPS had loaded the wrong balance in my escrow account. I have called in multiple times after my initial call on Friday XX/XX/XXXX and have yet to obtain resolution. When my new loan was originated on XX/XX/XXXX I had to deposit {$13000.00} into the escrow account, I then made my XXXX and XXXX mortgage payments, which included an escrow payment each month of {$1500.00} resulting in an escrow balance of {$16000.00} as of XX/XX/XXXX. When my loan transferred to SPS on XX/XX/XXXX the escrow balance they were showing was {$13000.00} the original balance I had at closing and did not account for the two payments of {$1500.00} on XX/XX/XXXX and XX/XX/XXXX. I have provided SPS with the payment history from Loan Stream mortgage ( my previous servicer ), the statement sent to me from SPS referencing the improper escrow balance and my XXXX XXXX Tax bill that was due Wednesday XX/XX/XXXX. I have two requests of SPS - 1. Please pay my county taxes to XXXX XXXX in the amount of {$12000.00} that were due by XX/XX/XXXX In addition SPS needs to pay the late fees incurred due to their non-payment 2. Please balance my escrow account and get the proper balance loaded to my escrow account as they are currently missing over {$3000.00} Please feel free to contact me at XXXX with any questions or concerns.
Company Response: Company believes complaint is the result of an isolated error
State: TX
Zip: 75022
Submitted Via: Web
Date Sent: 2024-02-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-28
Issue: Trouble during payment process
Subissue: Paying off the loan
Consumer Complaint: My primary residence is a Single-Family property located in XXXX, DC XXXX XXXX. On XX/XX/XXXX, I agreed to a XXXX Modification Agreement with SPS. ( See Attachment A - XXXX Modification Agreement ) o The terms of the XXXX Modification Agreement include a Deferred Principal Reduction amount of {$190000.00}. The XXXX Modification Agreement sets forth the terms of the Deferred Principal Forgiveness on the second page, Paragraph XXXX. o The Tax Consequences of Loan Modifications section of the XXXX Modification Agreement provides the following statement regarding IRS and borrower notifications : SPS will notify the IRS of the amount of principal forgiven on IRS Form XXXX, copies of which will be provided to you by XX/XX/XXXX of the year following the loan modification. XXXX. On XX/XX/XXXX - SPS filed tax Form XXXX with the IRS, the tax form confirms the amount of debt discharged as {$190000.00} and lists the date of the identifiable event as XX/XX/XXXX. ( Attachment B IRS Form XXXX ( Cancellation of Debt ) ) XXXX. Despite filing the debt cancellation notice with the IRS and the related requirement for me to report the amount as taxable income. SPS continues to erroneously include the discharged amount as part of the outstanding principal balance and attempts to collect the debt. XXXX. I sent multiple Notices of Error and Information requests to remove the discharged amount from the outstanding principal amount to SPS on the following date : XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. XXXX. On XX/XX/XXXX, SPS responded and refused to acknowledge the principal forgiveness and/or adjust the outstanding principal balance to remove the cancelled debt. ( Attachment C SPS response to Notice of Error and Information Requests )
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DC
Zip: 20020
Submitted Via: Web
Date Sent: 2024-02-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-28
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: Our escrow payments went up to over XXXX per month at the beginning of the year. This is in addition to the XXXX increase from 2023. Upon contacting my tax assessor she informed me that taxes did not go up, they went down. I contact the bank because I have lived in my house over 23 years and never had such a sustainably increase and have always been in good standing with our escrow account.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: 07036
Submitted Via: Web
Date Sent: 2024-02-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-29
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: In XXXX of XXXX, we purchase our home. On XX/XX/XXXX, we made our first payment by ACH transfer for the XX/XX/XXXX payment. Our loan on XX/XX/XXXX was serviced by XXXX ( division of XXXX ). On XX/XX/XXXX ( the day following our payment ), XXXX transferred servicing to Select Portfolio Servicing ( SPS ). Despite evidence of our payment, SPS has refused to apply said payment to the loan. This is despite SPS receiving our bank statement showing said payment and the XXXX ( XXXX ) loan history showing said payment was received and applied before the made the loan transfer. We made a formal payment reapplication inquiry with SPS due to their failure to acknowledge said payment. In the meantime, on XX/XX/XXXX our loan was transferred again from SPS back to XXXX. On XX/XX/XXXX, we made our second mortgage payment to XXXX. XXXX, to its credit, has acknowledged the payment and although they are still working on fixing the account, they admit we made the payment. Unfortunately, that is not the case for SPS. On XX/XX/XXXX, we received SPSs formal response to our payment application inquiry. Despite incontrovertible evidence of our XX/XX/XXXX payment from us AND XXXX SPS still says they will not accept we paid or apply that to the loan. Now I understand that SPS is no longer our servicer, but their continuation to assert we owe something we clearly dont is not only troubling but seemingly in violation of federal protection laws. I felt compelled to file this complaint as what they are doing is really mind blowing incompetence or utter disregard for the consumer. Had our loan not been transferred on XX/XX/XXXX back to XXXX, our RESPA deadline wouldve expired on XXXX. This means SPS couldve erroneously and adversely impacted our credit and said we were delinquent when we are emphatically not. I can only imagine how many consumers are facing this with them. At some point, enough is enough.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: 99223
Submitted Via: Web
Date Sent: 2024-02-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-28
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: Company has been requested over the phone, through uploaded documents two times, mailed documents, and through faxed documents to process request to close escrow account. No process has yet to be put in place to close the account. No acknowledgement of receiving documents has been received. The company website sends a general acknowledgement when files are uploaded, but that acknowledgement does not show that someone actually read the file.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 94102
Submitted Via: Web
Date Sent: 2024-02-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-27
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: In trying to work out a resolution on my reverse mortgage/balloon payment, I made a {$4100.00} payment via wire transfer to SPS on XX/XX/23, just as they required me to do, yet the payment was never applied to my account. I've called them multiple times, uploaded a copy of my payment receipt to SPS on their website, just as they instructed me to do in order for them to provide assistance and research the payment, and still no credit. This proves the malicious intent of SPS to wrongfully proceed with foreclosure. I have offered them additional payments, submitted financial assistance/modification applications, called them, emailed them... what haven't I done in good faith? The most recent statement from them shows an amount due of {$6700.00}! Where is my {$4100.00} payment?????? I need help, please help me.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MA
Zip: 011XX
Submitted Via: Web
Date Sent: 2024-02-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-27
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: In XXXX I took out a reverse mortgage loan for {$44000.00}. I do not speak English and did not understand what I was getting myself into. The balloon payment was due XX/XX/XXXX. I discovered this when the auto payments were no longer being withdrawn from my bank account. When I offered Select Portfolio a payment of the arrears, I was denied. I've been submitting forms to them, making calls, pleading assistance, and no matter how much effort I make to pay them off, they want to take my property from me. Today I received a foreclosure proceedings letter from an attorney. I need help immediately. I am elderly, a Veteran and have XXXX I am also a widow. My children are doing all they can to help but Select Portfolio keeps shutting the door on all of us. The XXXX XXXXXXXX is stalling on providing me assistance.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MA
Zip: 011XX
Submitted Via: Web
Date Sent: 2024-02-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-27
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: Select Portfolio Services continues to practice predator loan tactics by giving me contact information to an attorney office that is REFUSING to give me my rightful surplus funds from an ILLEGAL foreclosure sale they did on my deceased parent 's home during the covid19 federal mandate NOT to foreclose on ANY properties! Select Portfolio Services tries to skirt around this covid19 federal mandate law by claiming they put in the paperwork " before '' the covid19 federal mandate was passed into law. This is just another proof how they are practicing predator lending tactics in order to steal homes from hardworking citizens! XXXX XXXX XXXX XXXX they gave me the info to reach them did absolutely NO GOOD!!! these attorney 's are basically now doing the dirty work for Select Portfolio Services by holding MY INHERITANCE!!! on XX/XX/year> XXXX XXXX XXXX office hired by Select Portfolio Services received a FRAUDULANT affidavit of heirship from a XXXX XXXX and she has committed a crime along with XXXX XXXX XXXX because this person ( XXXX XXXX ) NEVER KNEW MY PARENTS! I've warned XXXX XXXX XXXX office regarding this FRAUD that they have committed along with Select Portfolio Services in order to hand on to my family 's surplus funds from the ILLEGAL foreclosure sale of my deceased parent 's home!!!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NE
Zip: XXXXX
Submitted Via: Web
Date Sent: 2024-02-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A