Date Received: 2020-05-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Due to COVID-19, I have negatively financially impacted. It is my understanding that based upon the Governor 's order that there would be a mortgage forbearance, however, that is not true. Select Portfolio Services is instead deferring my payment three months and then requiring me to pay a lump sum payment which does not help me. My understanding was that the payments were supposed to be moved to the end of my loan. Likewise, Select has now threatened foreclosure if I can not pay. I have tried to reach out to them, but they will not work with me. It is my understanding that they are violating the law.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91367
Submitted Via: Web
Date Sent: 2020-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-18
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: XX/XX/2020 To the Committee, Consumers Financial Protection Bureau, This URGENT COMPLAINT involves the REQUEST FOR CANCELLATION/STOPPAGE of a Pending Foreclosure/Auction Sale to be conducted by Select Portfolio Servicing ( SPS ) on XX/XX/2020 through their agent XXXX ( XXXX XXXX XXXX XXXX ). I have spoken with 4 or 5 diferent representatives from SPS and have requested to have this AUCTION SALE be postponed/cancelled as there are so many issues that are involved and many families/parties concerned that are affected. I have even mentioned that because of our current PANDEMIC LOCKDOWN issues, I asked SPS to postpone the Trustee Sale but they ( SPS ) are precisely picking this particular time to really put pressure and take advantage of the fact that we can not even go through our Court System to file/contest this illegal/unlawful Foreclosure Process. We have been through our Civil Court System on this property for almost twelve years now. I have given the Courts all the evidences to prove my case and have prevailed each time to stop Foreclosure. On the contrary, SPS have hired 3 different lawfirms to represent them and have lost each time. What SPS does is WAIT a few months to a year and then proceed again with their Foreclosure Process with a different lawfirm. The stress, harrassment and damage SPS have done to this family is worth for your Agency to investigate and impose necessary sanction/penalty on the company that SPS, only a Debt Collector, represents for a Trustee ( XXXX XXXX XXXX XXXX XXXX, as Trustee on behalf of the Certificate Holders of XXXX XXXX XXXX Mortgage XXXX XXXX, XXXX XXXX ), which has been terminated and does not even exist anymore. ***SPS XXXX ACCT. # XXXX under XXXX XXXX XXXX*TRUSTEE SALE NO.XXXX ... .scheduled for XX/XX/2020 ***Title No.XXXX XXXX ***Property Address : XXXX XXXX XXXX XXXX XXXX, XXXX XXXX We are therefore , asking your agency, the CFPB, to intervene and STOP the Trustee Sale that they have scheduled on XX/XX/2020. At least until such time that we can again duly represent ourselves under the Courts ' Due Process. We look forward to a Favorable Action from your Agency to what we deem is a flagrant deceiful way for a Debt Collector to run us down. Thank you, XXXX XXXX and XXXX XXXX XXXX for XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 913XX
Submitted Via: Web
Date Sent: 2020-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-18
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: On XX/XX/2020, I requested financial assistance from Select Portfolio Servicing, the interest rate increased to 7.650 % and could not afford the monthly payments. The company denied our request and provided a written notice detailing their decision. We appealed on XX/XX/2020, however the servicer denied the appeal also. The servicer 's response to the financial request are baseless and without any legal foundation. See copy of appeal where I responded to the servicer 's wrongful decision in detail. The servicer has engaged in Florida 's deceptive business practices. Our loan is a conventional loan, therefore all loan conventional loan modifications are underwritten under the XXXX XXXX and XXXX XXXX guidelines, regardless whether or not a XXXX XXXX loan, XXXX XXXX and XXXX XXXX dictate the industry programs unless you have an FHA loan. At this juncture, the only available options for conventional loan programs are the flex standard loan modification. The program targets loan amount higher than 80 % of the appraisal value in order to deferred some of the principal while extending the amortization to 40 year term and apply the current market rate. Based on our financial information and other factors explained in detail on the appeal we do qualify for a standard loan modification. The servicer 's reason for denial are completely baseless. See servicer response to our appeal dated XX/XX/2020. The servicer listed the exact income we provided which makes the debt to income ratio less then 40 % which is a qualifying factor. The denial dated XX/XX/2020, also reflects a misrepresentation. The contributors name is XXXX XXXX ( son ), we have no clue who is XXXX XXXX XXXX????. See proof of contributor for your review. Select Portfolio have engaged in illegal debt collection. Before the servicer scheduled a hearing for summary judgment, their legal counsel made the offer of cash for keys, we declined and shortly after a realtor claiming to be representing the bank, said we had to vacate the property. According to the realtor, the property had been sold by the bank and we had no choice than to vacate. In the state of Florida, a homeowners can not be evicted unless summary judgment has been granted in the banks favor and filed the proper eviction documents, none of this occur. The servicer claims to have legal standing to sue, however we disagree. According to plaintiff foreclosure complaint they have standing to sue by virtue on assignment of mortgage. See assignment herein. The assignment of mortgage makes no mention of the note, therefore the mortgage was transferred without the note which makes the instrument a void. The note reflects an endorsement by XXXX XXXX, the Florida division of corporation does not reflect she was ever employed by XXXX XXXX, nor the plaintiff offer any document proving she had authorization to have sign the endorsement. The servicer has attached fabricated documents to the complaint claiming standing to sue. This nation is facing an invisible enemy ( coronavirus ) that has caused many financial hardship thought our country. This is not the time for the servicing companies to play this kinds of games. We qualify for a loan modification under conventional products, its time for the servicer to do the right thing.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33157
Submitted Via: Web
Date Sent: 2020-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: COVID-19 has temporarily laid off my employment opportunity. I immediately contacted Select Portfolio Servicing that handles my mortgage and was told a deferment was set up at my request for 90 days. However, I constantly receive billings indicating I owe late fees and late payment! Where is this so-called COVID-19 help?! I complained to the SPS Ombudsman in writing but no answer. I struggled to enclose payment for XXXX. XXXX 's payment will come very late as I am trying to raise funds to cover it.Today is XX/XX/2020, and not one word from SPS despite its letter dated XX/XX/XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 77019
Submitted Via: Web
Date Sent: 2020-05-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Select Portfolio Servicing, Inc. ( SPS ) services mortgage holder XXXX XXXX XXXX XXXX ( a Delaware statutory trust ) will not provide forbearance without a balloon payment at end and that is not going to help me. My Wife has and currently care taking her now deceased mother and can only work several hours remotely, thus our combined income is severely lessened. As a business owner impacted by the XXXX we are dependent upon my business to make expenses and stay liquid. Please Help XXXX XXXX XXXX XXXX XXXX XXXX, # XXXX XXXX XXXX XXXX XXXX, Fl XXXX XXXX XXXX XXXX XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33062
Submitted Via: Web
Date Sent: 2020-05-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: To whom it may concern, I have a Conventional loan that is being serviced by XXXX XXXX XXXX, but I feel they have not provided a fair opportunity for me to maintain possession of my home. With all the economic uncertainty right now, its unfathomable that I HAVE BEEN DENIED WORKOUT ASSISTANCE OPTIONS due to what I feel is questionable reasoning from the Investor who holds security of my note. Per the servicer XXXX XXXX XXXX, the reason provided by the investor was not able to create an affordable payment. My loan is currently well above the national average in interest rate, currently at seven percent ( 7 % ). Is this investor trying to deliberately deny me knowing I have the income to support staying in the home? Millions of people are about to face this struggle. I can support a new payment, even if its the old payment I was making and fell behind on. Isnt that why assistance options are available? To help a struggling borrower? My loan was restructured in XXXX. I have heard of peoples loans being modified up to 3 times in the life of a Conventional loan. Is there anything that can be done under the CARES ACT? I submitted a complete Financial Packet, deemed complete on XX/XX/XXXX, which verifies I now have the necessary income to get back on track. Per their request, I submitted and verified with supporting documentation what caused me to fall behind, what the hardship was/is, and that I am now in a position to make regular monthly payments, if XXXX and the investor would do what they said they would do, which is restructure or modify my loan. XXXX verified its not the income that they are denying. This servicer and my current investor are using deceitful tactics in telling me to apply, causing me to fall further behind, and then making up a falsehood that they reviewed the alternative which would be to restructure the loan, change the interest rate, and/or re amortize the loan which would effectively create an affordable plan to keep me in my home. I feel they have turned their backs on me when I needed them most. I do not want to lose my home to foreclosure. I hit a bump financially and struggled to pay my bills. Fortunately, my household income has improved, and it appears that my loan qualifies for mortgage assistance. If XXXX XXXX XXXX would take the time to help me, they would conclude that my loan qualifies for retention options based on my current financial situation. I am appealing to your organization to step in and examine how they have serviced my loan to oversee whether or not they have treated me fairly and to stop an avoidable foreclosure for all parties involved. Unfortunately, due to unforeseen circumstances with employment, I was forced to miss mortgage payments. However, instead of XXXX XXXX XXXX providing me an offer of assistance, their representatives were difficult to deal with and harassed me throughout the entire process calling only when looking for the mortgage payment ; even though they knew very well that I was experiencing financial difficulties and going through the process of reaching out for help. I was under the impression that XXXX XXXX XXXX would work with me on my mortgage, but they have been unhelpful, and I find myself worried about falling further and further behind on my mortgage payment. I am not in a position to bring our mortgage loan current, but there must be some type of workout option that will allow me to put the missed payments at the end of the loan, or have the amount restructured into a new 30 or even 40 year loan, to save my home from foreclosure and provide a reasonable monthly payment. My financial situation is now stable, and I believe that my loan will successfully qualify for mortgage assistance if it is properly reviewed by XXXX XXXX XXXX and more importantly, my current investor. I have not been afforded every opportunity to save my home and I am being treated unfairly. I respectfully request that your organization contact XXXX XXXX XXXX on my behalf. I would like to see if you can have them initiate a review of retention options for my property. At 7 %, surely there is a way to re amortize and/or restructure. I want to ensure my loan is treated fairly and that I can save my home from foreclosure. I appreciate your time and assistance with this matter. My XXXX XXXX XXXX loan number is XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 90746
Submitted Via: Web
Date Sent: 2020-05-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-14
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: Date : During the month of XXXX, I contacted SPS Select Portfolio Services twice to modify/Refi my existing Loan, I am already approved for Forbearance. I already received a payment plan Letter which says XX/XX/XXXX, I need to pay XXXX for all the months I missed. SPS responded that I am under forbearance and could not modify/Refi. I asked that my loan could be refi. to a lower Interest rate and they said I have to wait till this period would be over. I am currently paying 4.75 % and current int. rate is about 3.75 % or lower. This does not make sense. I should be able to refi./modify to lower my payment. When I apply for forbearance, I was told I have a few options in order to come out of forbearance. like modify/Refi. .
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: 98052
Submitted Via: Web
Date Sent: 2020-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Hi I have select portfolio for a mortgage company and have a problem with forbearance and insurance claim.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 12590
Submitted Via: Web
Date Sent: 2020-05-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-13
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I applied to have my my mortgage modified in XX/XX/2019. I have sent all my documentation, tax returns, bank statements, P & Ls, deeds, leases, and more and still do not have an answer on the modification 8 months later. I feel the ACT the president approved was to give us the ability to modify our loans to make them more affordable, but Select Portfolio Servicing isn't affording me that right. They have every single document they need, and they just keep requesting updated documents because another month has passed prior to them getting around to looking at the docs I send. It is a never ending hamster wheel and I feel I am getting the run around, and that they have no interest in helping me. They call me and ask the very same question month after month, and I ask continually if i can speak with the underwriter to ensure they understand what they are needing clarification on constantly, and I am denied every time. I feel there should be a time frame that my request should be handled in to ensure timely processing, but over 8 months later and I am no closer to a modification than when I started. They do not care that it has been so long. I have asked that it be escalated to someone to roll up their sleeves and help me and put an end to my misery but they don't offer that type of assistance.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75115
Submitted Via: Web
Date Sent: 2020-05-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-13
Issue: Incorrect information on your report
Subissue: Information is missing that should be on the report
Consumer Complaint: On XX/XX/2020 made a request ( through CFPB ) to have Select Portfolio Services ( SPS ) report our payment history to the Credit Reporting Agencies. The Credit Reporting Agencies informed us they would report the information when we got the lender to provide the information to them. SPS, in a letter dated XX/XX/2020, stated : " Please be advised it is SPS policy to cease reporting to the CRAs after a Chapter XXXX Bankruptcy Discharge, unless a Reaffirmation Agreement is obtained. '' Thus closing the previous file. On XX/XX/2020 at XXXX XXXX I called SPS customer service and spoke with customer service rep XXXX. XXXX advised me that they could do nothing for me since it was the LAW that they could not provide my payment history to the CRAs without me sending them the Reaffirmation Agreement. After requesting a supervisor, I spoke with XXXX XXXX. I advised XXXX ( as I did XXXX ) the following : 1 ) A Reaffirmation Agreement was signed at the time of the BK XXXX and was necessary to complete the Loan Modification that is currently in effect and up to date. 2 ) After XXXX was unable cite the LAW that precluded them providing the information to the CRAs, she admitted it was just company policy. 3 ) The loan modification concluded 3 years after the BK XXXX. Meaning that the lender required fresh signatures on the new agreement. Therefore, every signature was indeed and in fact a " Reaffirmation '' of commitment to repay the loan. 4 ) The other party on the loan with me was not a party to the BK XXXX and was still entitled to have all information properly reported to CRAs. 5 ) SPS has the ability to properly report our information to the CRAs. SPS is being punitive and arbitrary. All I am requesting is for SPS to report our payment history, timely, completely and accurately, to the CRAs, as required by the Fair Credit Reporting Act. Thank you.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: 98133
Submitted Via: Web
Date Sent: 2020-05-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A