Date Received: 2019-06-24
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: During the housing crisis, my home loan was originated by XXXX/XXXX and was a subprime loan as well as predatory. This bank engaged in mortgage origination, servicing and foreclosure abuses upon me. Numerous violations of the laws have been committed against me by XXXX/XXXX in relation to this loan ( to name a few, not all inclusive ) : Fair Debt Collection Practices Act violations, predatory lending, TILA violations, valuation fraud, wire fraud, mail fraud, fraud inducement, and RESPA violations. My loan has a 10.69 % interest rate, when I qualified for a commercial loan ( s ) ; valuation fraud ( as the loan officer told me that they could not use my appraisal which I had completed less than 45 days earlier, the loan officer said we have to use our guy, upon their guy submitting his appraisal, my home value had increased by {$40000.00} ) ; the loan officer informed me that in order to qualify for my loan, I had to purchase XXXX/XXXX life insurance policy because I was a single male, with no kids or, wife and XXXX XXXX ( which I did purchase ) ; I was forwarded solicitations for loan refinancing and low rates by mail from XXXX/XXXX which was why I met with them at their offices ; and the loan was a negative amortization loan. I was subjected to foreclosure abuses during the period of XX/XX/XXXX to present and have not received any relief in spite of the numerous settlement agreements by XXXX/XXXX with federal and state agencies as a result of the loans they originated. My home is presently valued by SPSs appraiser ( XX/XX/XXXX ) at {$150000.00} and SPS states that I owe {$500000.00} for the payoff/principal amount. ( SPS obtained my loan from XXXX XXXX XXXX, who obtained my loan from the loan originator XXXX/XXXX ). In spite of me originally/allegedly having a loan for {$270000.00} from XXXX/XXXX on an artificially inflated property value ( as the home was only worth {$75000.00} ) ; the only transactions have been my loan being transferred/sold numerous times to other companies ( XXXX XXXX XXXX and SPS ) and now I allegedly owe an additional {$220000.00}, from unknown excessive fees, and other unknown reasons. In XX/XX/XXXX, XXXX/XXXX agreed to settle charges of abusive and negligent foreclosure practices dating back to XX/XX/XXXX. They agreed to commit {$26.00} XXXX ( along with 4 other predatory banks ) to help underwater homeowners and compensate those who lost their homes due to illegal and improper foreclosure practices. In spite of this agreement, I HAVE NOT RECEIVED ANY MANDATED RELIEF FOR THIS UNDERWATER HOME IN WHICH I PRESENTLY RESIDE. Additionally, on or around XX/XX/XXXX, as part of an enforcement action by federal authorities and predicated upon XXXX/XXXX abuses the OCC and Federal Reserve laid out the framework in which borrowers would receive compensation for a wide range of foreclosure abuses and errors. INSTEAD OF XXXX/XXXX COMPLYING WITH THEIR CONSUMER RELIEF OBLIGATIONS, AND TO AVOID DOING SO ; XXXX/XXXX by and through deceptive and elaborate schemes and/or fraudulent actions sold/transferred my predatory loan to XXXX XXXX XXXX to avoid providing the relief in which Im legally and lawfully entitled to receive and have not. As a result of XXXX/XXXX failing to comply with these numerous legal settlements and avoid providing me the relief to which Im entitled ; they transferred/sold my loan to XXXX XXXX XXXX ( who chose to ignore that my loan was originated with XXXX/XXXX ). Due to the housing crisis, and XXXX/XXXX failing to provide any relief to me for their illegal actions ( in which Im legally entitled ) and to avoid foreclosure, I requested a modification from XXXX XXXX XXXX. XXXX XXXX XXXX ( who got my loan from XXXX/XXXX ( my loan originator ) ) failed to provide any creditable and meaningful foreclosure relief. Instead of XXXX XXXX XXXX providing me the relief to which Im entitled from XXXX/XXXX ( as they originated my loan as well as participated in illegal foreclosure actions upon me ) ; XXXX XXXX XXXX choose to IGNORE THE FACT THAT MY LOAN ORIGINATED WITH XXXX/XXXX in order to avoid providing me relief. On XX/XX/XXXX, XXXX XXXX XXXX approved my request for a modification. They charged me {$9200.00} as a good faith payment ( in spite of me receiving no relief from XXXX illegal actions upon me and numerous settlements in which Im entitled to receive relief and still have not received ). On XX/XX/XXXX, XXXX XXXX XXXX approved a Modification Agreement Limited Term Interest Only ( Five Year Limited Term Interest Only ). This agreement consisted of numerous excessive fees, interest and other unexplained charges and questionable principal. XXXX XXXX XXXX CHOSE TO IGNORE THAT MY LOAN WAS WITH XXXX/XXXX AND FAILED TO PROVIDE ME THE RELIEF IN WHICH IM ENTITLED TO AS A RESULT OF ALL OF XXXX/XXXX SETTLEMENTS. This modification from XXXX XXXX XXXX only steered me ( a struggling homeowner ) into a risky modification ( in spite of me receiving no relief from XXXX/XXXX illegal actions upon me and numerous settlements in which Im entitled to receive relief and still have not ), by offering interest-only loans instead of permanent modifications. Instead of modifying my mortgage into a stable affordable permanent modification, XXXX modified my loan into an unaffordable loan modification with ballooning monthly payments I can not afford. XXXX XXXX XXXX failed to make a good faith effort to avoid foreclosure for borrowers whose mortgage loans have unfair subprime terms. XXXX XXXX XXXX appeared to favor short-term, interest-only mortgage modifications rather than permanent ones, even when a permanent modification was commercially reasonable. Then when the initial term of the mortgage expired, myself and borrowers would see mortgage payments balloon to an amount even higher than what I originally was paying and could not afford, setting me up to continue to face foreclosure. In XX/XX/XXXX, XXXX entered into a settlement which reflects a continuation of enforcement actions by the department and its federal and state enforcement partners to hold financial institutions accountable for abusive mortgage practices. The settlement parallels the {$25.00} XXXX XXXX XXXX XXXX ( XXXX ) reached in XX/XX/XXXX between the federal government, 49 state attorneys general and the District of Columbias attorney general and the five largest national mortgage servicers, as well as the {$960.00} XXXX settlement reached in XX/XX/XXXX between those same federal and state partners and XXXX XXXX XXXX. This settlement with XXXX is the result of negotiations that, as has been reported in XXXX XXXX plcs Annual Report and Accounts, began following the announcement of the XXXX. Under the agreement announced today, XXXX has agreed to provide more than {$470.00} XXXX in relief to consumers and payments to federal and state parties, and to be bound to mortgage servicing standards and be subject to independent monitoring of its compliance with the agreement. More specifically, the settlement provides that : XXXX will pay {$100.00} XXXX : {$40.00} XXXX to be paid to the settling federal parties ; {$59.00} XXXX to be paid into an escrow fund administered by the states to make payments to borrowers who lost their homes to foreclosure between XX/XX/XXXX and XX/XX/XXXX ; and {$200000.00} to be paid into an escrow fund to reimburse the state attorneys general for investigation costs. By XX/XX/XXXX, XXXX will complete {$370.00} XXXX in creditable consumer relief directly to borrowers and homeowners in the form of reducing the principal on mortgages for borrowers who are at risk of default, reducing mortgage interest rates, forgiving forbearance and other forms of relief. The relief to homeowners has been underway and will likely provide more than {$370.00} XXXX in direct benefits to borrowers because XXXX will not be permitted to claim credit for every dollar spent on the required consumer relief. XXXX will be required to implement standards for the servicing of mortgage loans, the handling of foreclosures and for ensuring the accuracy of information provided in federal bankruptcy court. These standards are designed to prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create new consumer protections. The standards provide for oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court. The servicing standards ensure that foreclosure is a last resort by requiring XXXX to evaluate homeowners for other loss-mitigation options first. In addition, the standards restrict XXXX from foreclosing while the homeowner is being considered for a loan modification. In addition to the above, and predicated upon the banks mortgage abuses XXXX/XXXX reached an agreement with federal agencies to address its mortgage origination, servicing and foreclosure abuses in the amount of {$470.00} XXXX and to provide {$370.00} XXXX in creditable consumer relief to benefit homeowners across the country and to reform their servicing standards. General Counsel XXXX XXXX of HUD stated : Mortgage servicers have a responsibility to help struggling borrowers remain in their home, not to push them into foreclosure. This agreement is another example of how multiple agencies in the federal government and state attorney general across the country are working to make sure the mortgage industry treats consumers fairly. This agreement not only provides relief to borrowers affected by XXXX past practices, it puts in place protections for current and future homeowners through tough mortgage servicing standards. They were mandated to help prevent past foreclosure abuses. This settlement agreement was entered into ( XX/XX/XXXX ) for {$600.00} XXXX with a series of federal agencies by the DOJ, HUD, CFPB and 49 states and the District of Columbia for XXXX/XXXX engaging in these abusive mortgage practices. ***IN SPITE OF THIS SETTLEMENT, AS OF THIS INSTANT DATE, I HAVE NOT RECEIVED ANY MORTGAGE RELIEF WHATSOEVER IN SPITE OF MY LOAN ORIGINATING WITH XXXX/XXXX AND BEING TRANSFERRED/SOLD NUMEROUS TIMES TO AVOID PROVIDING THE RELIEF IN WHICH IM LEGALLY ENTITLED AND HAVE NOT RECEIVED*** I HAVE NOT WAIVED ANY OF MY RIGHTS TO THE RELIEF IN WHICH IM ENTITLED AND HAVE NOT RECEIVED. In spite of all of these numerous settlement agreements by XXXXXXXX, I HAVE NOT RECEIVED ANY RELIEF TO WHICH IM ENTITLED. In XX/XX/XXXX, XXXX XXXX XXXX reached an agreement on these types of false modifications they entered into with struggling homeowners ( I HAVE NOT BEEN GIVEN ANY RELIEF FOR THESE ILLEGAL ACTIONS UPON ME ). XXXX XXXX XXXX was required to put a new loan modification program in place and review borrowers who currently have interest-only or short-term modifications to provide them more sustainable, affordable modifications. My interest-only fraudulent modification expires in XX/XX/XXXX. I HAVE NOT RECEIVED ANY RELIEF FROM XXXX XXXX XXXX ( IN SPITE OF THE FACT THAT XXXX/XXXX IS MY LOAN ORIGINATOR ). INSTEAD, MY LOAN WAS TRANSFERRED TO SELECT PORTFOLIO SERVICING ( SPS ). I HAVE NOT RECEIVED ANY OF THE RELIEF TO WHICH IM ENTITLED FROM XXXX/XXXX ( MY LOAN ORIGINATOR ) ; XXXX XXXX XXXX ( OBTAINED MY LOAN FROM TRANSFER/SELL FROM XXXX/XXXX ( MY LOAN ORIGINATOR ) ; AND/OR SELECT PORTFOLIO SERVICING ( WHO OBTAINED MY LOAN FROM XXXX XXXX XXXX FROM TRANSFER/SELL ( IN SPITE OF THE FACT THAT XXXX/XXXX IS MY LOAN ORIGINATOR ).
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33147
Submitted Via: Web
Date Sent: 2019-06-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-21
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am writing this letter because my attorney law group ( XXXX XXXX XXXX ) just informed me tha SPS just put my house in foreclosure when I requested a mortgage modification package on XX/XX/2019. Also, I hired an attorney who requested modification in XX/XX/2019. SPS is committing mortgage fraud and I plan to sue this company for millions.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30022
Submitted Via: Web
Date Sent: 2019-06-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: First let me start with my mortgage went from XXXX XXXX, to XXXX ( and they ended up in big trouble with the government ) then they rebranded to XXXX XXXX ( and they ended up in trouble with the government ) now my mortgage is going to select portfolio servicing Inc. ( I have a paper that says my mortgage with not sold to them that XXXX XXXX is still the original lien holder ) I have massive outstanding student loans my pay is already garnished for repayment, I started to do a loan modification with XXXX XXXX, before that could be finished my mortgage went to select portfolio servicing, I had to restart my mortgage modification with SPS, I filled out all of the paperwork correctly I sent them all of the documents that they wanted, and then the XXXX started, they couldnt read bank statement, so I resent them, then they said that I forgot to fill out a question on the original application, but on my copy I have here I filled it out, then They lost my W-2 tax forms, Then there was a little box that I didnt check off on one of the forms, then they couldnt read the bank statements again, then they couldnt read the W-2s I had to resend, this went on for 10 months, And finally I got a letter stating the only thing they could do to help me was add {$300.00} to my current so I wouldnt fall behind, that is the only option they have given me, when their website states they have several options to help people obtain their homeownership. This place is not out to help people they are out to hurt people and for them to lose my federal tax forms has got to be some kind of violation? Select portfolio servicing Inc. is not out to help the consumer they are out to bury them, And DonT expect to get the truth from anyone at SPS, even the customer service person told me they will LIE and threaten people with foreclosure just to get you to just pay the mortgage, and dont care if you have a hardship, the lady XXXX XXXX I was dealing with lied to me on numerous occasions, and when I called her on those lies she told me I MISS UNDERSTOOD! Im very afraid that my complaint will provoke retribution from them?
Company Response: Company believes it acted appropriately as authorized by contract or law
State: LA
Zip: 70506
Submitted Via: Web
Date Sent: 2019-06-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-18
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I spoke with SPS on several occasions and the calls were recorded. I was approved for a loan modification and was told that funds held in my suspense account would be applied to the first trial payment. I have spoken with several reps since then, now they are stating that the funds can not be applied until after the modification.
Company Response: Company believes complaint is the result of an isolated error
State: VA
Zip: 23832
Submitted Via: Web
Date Sent: 2019-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-18
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Purchased home for {$39000.00} in XX/XX/XXXX. Refinanced in XX/XX/XXXX, victim of predatory and subprime lending practices. Paid mortgage for 12 yrs., eligible and received HAMP modification with XXXX then mortgage was sold to investor group ( s ). I continued paying even while mortgage servicing change to 3 different companies. Mortgage debt amount forgiven on ( - {$44.00} ) in XX/XX/XXXX. New Servicer : Select Portfolio Servicing ( SPS ) has mortgage with a balance of {$35000.00} with a mature date of XX/XX/XXXX! I have little equity, even though I have been paying off mortgage 22 years! do I have ANY recourse? What should I do short of foreclosure? Mortgage Holder : XXXX XXXX : XXXX XXXX, XXXX XXXX XXXX XXXX XXXX., XXXX XXXX , NY Select Portfolio Servicing ( SPS ) XXXX XXXX XXXX XXXX XXXX XXXX , Utah XXXX Loan # XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OH
Zip: 44128
Submitted Via: Web
Date Sent: 2019-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-18
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have discussed several accounting discrepancies with SPS but SPS has refused to make corrections to my account. SPS statements they mailed to me indicates that I owe XXXX XXXX dollars ( XXXX ) for property taxes, which is not true but they refused to tell me how they derived at that number. There are also charges that show XXXX charges for inspections with no details as to why, especially since I was not in foreclosure. I sent SPS a payment history to show that the billing was incorrect however they refused to stop the Auction of my home scheduled for XX/XX/2019. I filed a Notice of Error on XX/XX/2019 they have ignored the notice, even though they have opened an inquiry for research. They indicated they did not have to stop it because of the RESPA regulations did not apply to Dual Tracking for this incident. The notice of error stated numerous accounting errors by SPS, over charges and other erroneous charges from companies that I do not know that are on the SPS statement of charges sent out by the previous servicer and SPS. I also was charged for numerous inspections charges for my home when my home was not in foreclosure. I was charged BPO charges and legal fees when my account was in a current status. I am not sure of what the charges are that are on my account and why, but I asked that SPS give an accounting to why they continued to charge those incorrect amounts to my mortgage account when I have indicated they were incorrect many times. They are currently ignoring my request. I requested that SPS review my account and make corrections to my interest and my principle, they have refused to this date to do that. SPS on XX/XX/XXXX received a QWR they have refused to respond to my request, they indicated they will respond to it after my home is auctioned off which does not make a lot of sense to me. SPS has given erroneous information about the status of my account, I was told by several managers especially one that opened the research to verify the accounting errors on my account that the auction of my home would be postponed until that happened. Of course that was lies. I have requested several call backs from supervisor in the department of the Ombudsman and litigations no one will return the call. I requested that other executives in SPS ( any department ) return the call and address my inquiries and there has been no response, no call back and no evidence that they are willing to allow a workout plan. This has been blatant bullying and harassment from SPS with refusal to discuss with me the status of my account. The interest on my account is incorrect because of the erroneous charges therefore the principle is incorrect I have as for a pay-off and settlement which they withdrew which was a breach of the prior agreement in place. I have charges on my account for forced place insurance that need to be corrected and adjusted on my account.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: KY
Zip: 40211
Submitted Via: Web
Date Sent: 2019-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-18
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Our mortgage fell into default due to missed payments. On XX/XX/2019, we cured the default by making our account current. On XX/XX/XXXX, the mortgage company reported to the credit bureaus inaccurate information regarding our account. After speaking with the mortgagor, I was informed that they reported the status of our account correctly as of XXXX XXXX, 30 days prior to the date they submitted our information. Currently, any review of my credit report shows that as of XX/XX/XXXX, we are past due on our mortgage and the last payment made was in XXXX, and the balance is {$300000.00}. None of that information is correct as of XX/XX/XXXX, or even as of XX/XX/XXXX. This is not that status for our account as of any date in XXXX and should not be reported as such. This information is extremely damaging to our credit profile with the three agencies and has been attributed by multiple financial institutions as the reason for negative action on our accounts. The mortgage states that they can not update the credit bureaus until XXXX with 30-say aged information regarding our account, or in other words the XX/XX/XXXX status of our account. This reporting practice is punitive and I believe intentionally so.
Company Response: Company believes complaint is the result of an isolated error
State: MA
Zip: 021XX
Submitted Via: Web
Date Sent: 2019-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-17
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I entered into a payment arrangement and contract with Select Portfolio Servicing in the beginning of XXXX and have made the payments on time, however SPS has been reporting my payments as delinquent and that is an error. The arrangement was to lower the monthly payment temporarily and SPS agreed to this, but reported to the credit bureaus in error and did not report to the credit bureaus accurately reflecting this change. The payment plan we have in place has been paid on time and the loan is being reported as delinquent when it is in fact current with our existing agreement and has been. All letters I have asked for verifying this have come without company letter head and also state the original monthly payment amount which is not relative to our payment agreement or my on time payments which are NOT delinquent as erroneously reported. Your letters say that I am past due, however the payment plan was paid as agreed and that is misleading information. The letter also does not reflect the on time payments for six month unemployment plan. I have never missed a payment as agreed with your company and yet you are still reporting me as delinquent. All payments under the new agreement have been made as agreed and SPS is not reporting the loan unfairly and unethically to the credit bureaus as delinquent which reflects as if I am not paying the loan at all, which is not true because I am current with our agreement. A new agreement was made to defer payments on XX/XX/XXXX and it is still being reported as delinquent. It is not fair to report the payments as delinquent when the payment plan is paid as agreed. My credit score has went from the 600s to the 400s because SPS is reporting the monthly payments as delinquent and that is FALSE. The monthly payments are current according to our agreement and I would like SPS to current the false reporting and backdate the delinquent payments as current according to our plan.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: UT
Zip: 84123
Submitted Via: Web
Date Sent: 2019-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-17
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: As of today XX/XX/XXXX an according to XXXX XXXX in the " ombudsman '' office which is an internal department of SPS, Select Portfolio Services has not processed the Deferral Agreement that I signed and was received by SPS on XX/XX/XXXX and the loan continues to negatively report on my credit although I have paid the payments we agreed to on time. Select Portfolio Serving told me that it would be report current in the beginning of XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: UT
Zip: 84123
Submitted Via: Web
Date Sent: 2019-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX is stated to be my " relationship manager '', but every time I try and reach this person they do not return my call or email. They have been my " relationship manager '' since the case began in the beginning of 2018. XXXX 's phone number is XXXX XXXX XXXX ext XXXX and email is XXXX. XXXX has not directly reached out to me at all. It is also instructed to contact XXXX if you can't reach XXXX. However, that email provides only a receipt that email was sent and then they do not respond either. Each time I try and reach them, there is no response from either Mr. XXXX or any of his colleagues.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: UT
Zip: 84123
Submitted Via: Web
Date Sent: 2019-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A