Date Received: 2019-03-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Hi my is name XXXX XXXX. I still have have some concerns with my servicer Select Portfolio Servicing. I have a scheduled foreclosure sale schedule soon on XX/XX/XXXX. Recently I have faxed and mailed in a loan modification Request for Mortgage Assistance form along with all the necessary documents that are essential to having a complete packet. SPS have received a complete Request for Mortgage Assistance packet and its under review. Im still just worried that they will play some game right before the sale and foreclosure on my home. They still have not cancelled or postponed the sale even though they have a complete loan modification packet and its still in underwriting review. This is a continuous game they play and always are putting me on the edge and fear that I will lose my home. Can they just cancel the sale and work with me. Give me a good loan modification with a principal reduction or something that I could afford monthly. As part of this bailout, on XX/XX/XXXX, the United States Government took over XXXX XXXX and pumped XXXX, which in XX/XX/XXXX, then Treasury Secretary XXXX XXXX said as much as {$200.00} XXXX would be pumped into XXXX XXXX and XXXX XXXX, each, which was separate from the {$700.00} in TARP funds given out to other lenders. 1. The guidelines issued by the United States Treasury set forth a detailed process whereby a participating servicer, either action or not acting through its subsidiary, must : a. identify loans that are subject to modification under the HAMP program, both through its own review and in response to requests for modification from individual homeowners ; b. collect financial and other personal information from the homeowners to evaluate whether the homeowner is eligible for a loan modification under HAMP ; c. institute a modified loan with a reduced payment amount as per a mandated formula, that is effective for a three-month trial period for borrowers that are eligible for a modification ; and d. provide a permanently modified loan to those homeowners who comply with the requirements during the trial period. Whether the homeowner qualifies for a modification or not, participating servicers are also required to provide written notices to every mortgage borrower that has been evaluated for a loan modification, whether or not the borrower has been found eligible. HAMP and its associated directives also set prohibitions against certain conduct including demanding upfront payments in order to be evaluated for a loan modification, instituting or continuing foreclosures while a borrower is being evaluated for a loan modification, assigning a single point of contact, maintaining an adequate level communication with borrowers, maintaining proper caseload to ensure HAMP objections are met, and restrictions on the way a servicer may report the borrower to credit reporting agencies. All servicers have systematically failed to comply with the terms of the HAMP directives and has regularly and repeatedly violated several of its prohibitions. Now that HAMP is over and expired due to servicers prolonging these modifications they are now proceeding with other alternatives. Under HAMP, the federal government incentivizes participating servicers to make adjustments to existing mortgage obligations in order to make the monthly payments more affordable. Servicers receive at least {$1000.00} for each HAMP modification. However, this incentive is countered by a number of financial factors that make it more profitable for a mortgage servicer avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans toward foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by the servicer. However, this incentive is countered by a number of financial factors that make it more profitable for a mortgage servicer such as Select Portfolio Servicing , Inc. to avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans toward foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by Service companies because Service companies do not carry a significant risk of loss in the event of foreclosure. California Business and Professions Code 17200 et seq., also known as the California Unfair Competition Law ( UCL ), prohibits acts of unfair competition, including any unlawful, unfair, or deceptive business act or practice as well as unfair, deceptive, untrue or misleading advertising. Select Portfolio Servicing, Inc. and all other previous servicers and their Investors conduct was unlawful in that : They illegally began and prosecuted the non-judicial foreclosure based on the lien to the 1st Deed of Trust, despite i was not in breach of payments on said lien ; They engaged in the uniform practice of requesting unnecessary documentation, seeking repetitive submissions of the same documents, and never rendering a decision, and in doing so, such activity provides the basis for an unfair inquiry and could deceive the public because it places burdensome requirements on me that served no purpose but to provide a basis for either engaging in Dual Tracking by selling my home and by denying loss mitigation options, such as loan modifications ; They failed to properly consider loan modification applications before trying to sell my home. 1. On information and belief, Select Portfolio Servicing , Inc. does not own a significant majority of the loans on which it functions as servicer. 2. Economic Factors that discourage Select Portfolio Servicing , Inc . 3. from meeting its obligations under HAMP by facilitating loan modifications include the following : a. Select Portfolio Servicing, Inc. may be required to repurchase loans from the investor in order to permanently modify the loan. This presents a substantial cost and loss of revenue that can be avoided by keeping the loan in a state of temporary modification or lingering default. b. The monthly service fee that Select Portfolio Servicing , Inc. as the servicer, collects as to each loan it services in a pool of loans, is calculated as a fixed percentage of the unpaid principal balance of the loans in the pool. Consequently, the modifying of a loan to reduce the principal balance results in a lower monthly fee to the servicer. c. Fees that Select Portfolio Servicing , Inc. charges borrowers that are in default constitute a significant source of revenue to it. Aside from income Select Portfolio Servicing , Inc. directly receives, late fees and process management fees are often added to the principal loan amount thereby increasing the unpaid balance in a pool of loans and increasing the amount of the servicers monthly service fee. d. Entering into a permanent modification will often delay a servicers ability to recover advances it is required to make to investors of the unpaid principal and interest payment of a non-performing loan. The servicers right to recover expenses from an investor in a loan modification, rather than a foreclosure, is often less clear and less generous. e. Fixed overhead costs involved in successfully performing loan modifications involve up-front costs to the servicer for additional staffing, physical infrastructure, and expenses such as property valuation, credit reports and financing costs. 4. Rather than allocating adequate resources and working diligently to reduce the number of loans in danger of default by establishing permanent modifications, Select Portfolio Servicing , Inc. has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted XXXX of dollars from the United States. Select Portfolio Servicing, Inc. delay and obstruction tactics have taken various forms with the common result that my loan serviced by Select Portfolio Servicing , Inc., in which iam eligible for permanent loan modifications, and have met the requirements for participation in HAMP, have not received permanent loan modifications to which iam entitled. 5. By failing to comply with the California Homeowner Bill of Rights ; specifically, by engaging in the unlawful practice of Dual Tracking, Select Portfolio Servicing , Inc. has left me in a state of despair and panic as I seek a loan modification from Select Portfolio Servicing Inc., only to have my home wrongfully, oppressively and illegally sold out from under my feet. If they proceed with the sale they will be violating the California Homeowners Bill of Rights Act
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 95691
Submitted Via: Web
Date Sent: 2019-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-18
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: My problem is with Select Portfolio Servicing , inc . I received a letter dated XX/XX/XXXX stating that they would not let me assume the mortgage of my late mother and they have rejected the modification request. I did not request a modification. I requested on XX/XX/XXXXa Repayment Plan. The XXXX XXXX XXXX XXXX XXXX also faxed them my request for a Repayment Plan. I had previously submitted all paperwork showing that my husband and I earn more than enough to pay a Repayment Plan. They never addressed the request for the Repayment Plan. I was told on the phone today -- at XXXX -- by one of their representatives ( and they have a recording of the telephone conversation ) whereby she stated that if the Investor -- which I understand is XXXX Bank -- does not want to negotiate with you -- no matter what you request -- they would not okay it. They have not stated this to me in writing. They just asked me to send the same paperwork over and over again. The letter stated that SPS is committed to home retention and there are other options available. They are giving me the run-around, and I have never heard of a bank that rejected a repayment plan. My late mother left her home to me. My name is on the deed of the home and her name is on the mortgage of the home. She passed away in XXXX of XXXX. I have been trying to resolve this ever since to no avail. SPS ( Select Portfolio Servicing ) are using deceitful means to try to take the home from me. Please help me. Thank you.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33510
Submitted Via: Web
Date Sent: 2019-03-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-16
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I am in foreclosure with a sale date XX/XX/2019, the new underwriters who purchased the certificates from other lenders did not complete my disagreements with my previous services who were found to be negligent by CFPB CEO. The damages were not corrected the demands were placed on me as the consumer and reported to the highest banking and court organizations by myself and not resolutions has been resolved.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-03-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-16
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am sending in a Qualified Written Request to Select Portfolio Servicing as I believe they don't have legal standing to be servicing this loan. I also believe that there are " errors '' in the fees and overall accounting of this account and I am requesting verification from SPS.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 857XX
Submitted Via: Web
Date Sent: 2019-03-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-16
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Attached is a timeline starting from XXXX XXXX,19 documenting dates/times/SPS rep names of phone conversations. I am Appealing SPS 's continued practice of illegal Dual Tracking while in Active Modification, as well as in legal disputes, and while waiting for SPS responses to my written requests. During this entire time SPS has ALWAYS held a sale date over me signifying they are not serious about modifying my loan but taking my property away with foreclosure. I am reporting SPS 's deceptive, unfair business practices, deceitful, non-transparent dealings as well as dual-tracking violations.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 857XX
Submitted Via: Web
Date Sent: 2019-03-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-16
Issue: Written notification about debt
Subissue: Didn't receive enough information to verify debt
Consumer Complaint: YOUR COMPLAINT I am disputing the debt owed to Select Portfolio Servicing for Acct # XXXX under the name of XXXX XXXX. XXXX XXXX XXXX my loan on behalf of XXXX XXXX XXXX XXXX XXXX, as Indenture Trustee, for the benefit of the holders of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I dispute the legitimacy of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX.I have asked Select Portfolio multiple times for correct information on this trust and only receive a reponse back about who owns the trust. I need actual information on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX to prove to me that this trust still actually exists. According to my research and in talking with reps from XXXX XXXX as well as XXXX XXXX, i can't get anybody to show me recent records of this trust. In my mind it doesn't exist and I dispute the legality of Select Portfolio Servicing actually collecting on it. I would imagine sind the are representing XXXX XXXX in collecting for this trust that they would know all about it and be able to show me evidence so that I could get this mortgage back on track with a peice of mind that my money is going where it should. If you look at my earlier complaints and the response I have gotten from Select Portfolio you will see they refuse to give me the exact information I am asking for. The foreclosure date of XX/XX/XXXX should be cancelled and they should give me what I need to get things moving forward.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-03-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Consumer Information Date Filed : XX/XX/XXXX XXXX : Mrs . First Name : XXXX Middle Name : A Last Name : XXXX Suffix : Address : House XXXX Colorado XXXX UNITED STATES Daytime Phone : XXXX Evening Phone : Fax : Email : XXXX ( email ) Business Information Business ID : XXXX Name : Select Portfolio Servicing , Inc . Address : XXXX XXXX XXXX XXXX XXXX XXXX : XXXX XXXX XXXX XXXX : UT Zip/Postal Code : XXXX Business Phone Number : ( XXXX ) XXXX URL : Complaint Detail / Problem Complaint Type : Mortgage Payment or Collection Issues Problem : Mrs. XXXX XXXX. Property Address:XXXX XXXX XXXX XXXX , CO XXXX Account Number : XXXX Select Portfolio Servicing , Inc. , was paid Cashiers Check by my Credit Union for XXXX mortgage payment in the amount of {$1000.00} on XXXX @ XXXX. Check no : XXXX. SPS, Inc., claimed cashiers check was never received. By law, I have to wait 90 days [ XXXX XXXX ] before I can place a stop payment on that cashiers Check which was issued with secured funds when I purchased it to pay SPS., Inc. As XXXX XX/XX/XXXX, that cashiers check has not been deposited nor has my credit union received any information from SPS.INC, or a stop payment request. On XXXX @ XXXX, a cashiers check from XXXX XXXX XXXX, for XXXX & XXXX Mortgage payments in the amount of {$2100.00} [ {$1000.00} + {$1000.00} ] Cashier check number : XXXX. SPS , Inc., automated service claimed check was received on XX/XX/XXXX. SPS., still indicated that XXXX payment has not been paid! but {$2100.00} has. XX/XX/XXXX, I called one of the service representative and he said that on XX/XX/XXXX, the cashiers check XXXX was returned for Insufficient funds. There was no return information and once again my credit union did not receive any information on a cashiers check paid from secure funds, nor would they. On XX/XX/XXXX, I received a NOTICE OF DEFAULT RIGHT TO CURE in the amount of {$2100.00} from SPS, Inc.,. After numerous phone calls with my credit union & SPS., Inc. , we had 3 way conference calls with SPS., Inc., supervisors XXXX XXXX & XXXX XXXX . Ms. XXXX confirmed that they saw cashier 's check had been received, but could not indicate where the check has been misplaced? As of XX/XX/XXXX, that cashiers check has not been deposited nor has my credit union received any information from SPS. indicating cashiers checks being returned when paid for by secured funds! Ms. XXXX indicated she would investigate this matter. on XXXX XX/XX/XXXX, a cashier Check : On XXXX @ XXXX, from my Credit Union for XXXX Mortgage payment the amount of {$1000.00} Cashier check check number : XXXX. SPS, Inc., was sent CERTIFIED MAIL [ XXXX with Adult Signature request, which was received and confirmed by SPS, Inc on XXXX XX/XX/XXXX. Desired Resolution / Outcome Desired Resolution : Billing Adjustment Desired Outcome : Matter of Cashiers checks for XXXX & XXXX payments are still missing and I am still getting unprofessional assistance from SPS. I would like cashier check # XXXX in the amount of {$2100.00} credited to my XXXX & XXXX Mortgage payment XXXX. I will be requesting a refund from cashiers check # XXXX in the amount of {$1000.00} from XXXX XXXX Check. I would like for them to locate my cashiers checks & credit my XXXX & XXXX Cashier checks to my mortgage payments. My bank will issue a refund for my XX/XX/XXXX payment XXXX # cashier check number XXXX. Complaint Background Not all of these questions are required. Please provide as much information as you have. 1. Product/Service Purchased : MORTGAGE PAYMENTS 2. Model Number : XXXX 3. Contract, Account, or Policy # : XXXX 4. Order # : 5. Purchase Date : XX/XX/XXXX 6. Date Problem First Occurred : XX/XX/XXXX Dates you complained to the company/organization 7. First Date : XX/XX/XXXX 8. Second Date : XX/XX/XXXX 9. Third Date : XX/XX/XXXX 10. Payment Made : In Full 11. Payment Method : Cashiers Check Name of Sales Person 13. First Name : 15. Last Name : 17. Purchase Price : {$3200.00} 18. Disputed Amount : {$3200.00}
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80207
Submitted Via: Web
Date Sent: 2019-03-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Last year I paid over 4400 dollars in escrow shortages and issues when my mortgage co SPS serving misapplied funds reduce principal payment and not to escrows or actual payments. I paid in XX/XX/XXXX ( XXXX ) and again in XX/XX/XXXX XXXX ) over after they said I still had an escrow shortage. After 3 months and multiple calls, I finally got an outside corporate rep to escalate the issue after my manual calculation showed where the error was in XX/XX/XXXX/ XX/XX/XXXX of last year, I was told my account had been corrected. Today I receive a shortage of escrow/escrow analysis document showing not only was the last analysis used ( they had to manually correct it since it was incorrect ) but they show I now have additional escrow shortage. After speaking with an account rep she verified to me that they AGAIN have been misapplying funds and have not taken out escrow out of my payment since XX/XX/2017. I have payment statements showing I have a ZERO escrow shortage and that my payment reflects escrow YET they are still misapplying funds. I am very upset and feel these applications issues from last year and now again has put undue strain on me mentally and my marriage. I have ZERO confidence this will be handled. I want to complain about their bookkeeping and their practices of amounts due and owing. If I did not catch this error I feel they would have again asked per the letter for me to pay {$4900.00} and additional charges for shortages. This issue If I have to pay any additional amount would put me at risk of foreclosure because I can not pay additional escrow or payments as it is difficult to make payments. Maybe this is a calculated way to default consumers? This company should be fined for the application of funds, improper charges, misleading information, and unprofessional practices. My next recourse if they do not fix this is to hire an attorney and sue for unfair accounting practices and fraud.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 32829
Submitted Via: Web
Date Sent: 2019-03-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-14
Issue: Attempts to collect debt not owed
Subissue: Debt was paid
Consumer Complaint: The extortionists have confirmed that they will foreclose on a XXXX balance I DO NOT OWE. I HAVE LITERALLY PAID OVER ONE MILLION DOLLARS for the {$210000.00} some actually gave to me and an {$82000.00} line of credit that was paid off and released in XXXX. Of the XXXX dollar payments I made {$390000.00} was paid to principal and {$220000.00} interest has been reported to the IRS. I want the extortionists serving this debt they say I owe to provide me with exact application of the other {$450000.00}. And answer why {$390000.00} didnt pay off the {$82000.00} second mortgage AND the {$260000.00} First mortgage!? This left {$44000.00} that paid the {$44000.00} paid to credit cards from the second mortgage I already paid! In addition the XXXX 1st mortgage paid off {$260000.00} at XXXX in XXXX. I believe this amount paid off a loan on my duplex on which XXXX XXXX foreclosed for a {$53000.00} balance. I believe this balance is the remaining amount due on a {$260000.00} loan! This loan was released for the SECOND TIME in XXXX. + + a XXXX second mortgage that was subordinated to the loan on my duplex then paid off and released in XXXX. Next a second {$260000.00} loan was released AGAIN for the second time in XXXX. I NEVER HAD A {$260000.00} line of credit! I did not sign nor agree or informed of any XXXX mortgage that apparently they think secured the UNSECURED credt cards DISCHARGED IN BANKRUPTCY! In addition I believe I already paid back 100 % of the principal balances of these cards. Moreover these cards were used to pay the disbursements to taxes and insurance for which I ALREADY PAID! These cards were - no - WERE THESE CARDS PREPAID? The bankruptcy I filed in XXXX to keep my house ( but they took the duplex anyway ). Wasnt discharged until XXXX. DID ANY OF THE PAYMENTS I HAVE MADE TO THE MODIFICATION GO TO CREDIT CARDS? If so I want them to provide proof to XXXX XXXX and to the XXXX vs XXXX settlement for which my claim was denied for lack of documentation- I CAN NOT PROVIDE! I believe that {$190000.00} assets abandoned by the trustee was the money I paid to a VA loan I DID NOT MORTGAGE. NO ONE GAVE ME ANY MONEY. I PAID OFF THE SELLERS LOAN. I PAID ALL 345 payments + {$5100.00} to a XXXX {$33000.00} loan. I also paid all of the taxes and insurance due and disbursed. I paid the seller {$10000.00} to assume a {$31000.00} balance in XXXX. There were no taxes paid after XXXX. Insurance was paid through XXXX. I forwarded the {$1600.00} refund to the buyer ( although I just realized all of it was mine. ) I dont want them to pay me back by paying {$1900.00} on my house this year. I want them to pay me back the {$54000.00} that paid off my duplex to XXXX XXXX and give me back the full {$260000.00} value they thought my duplex was worth. The extortionists need to use the {$190000.00} in the escrow account and the extra {$100000.00} Ive paid since to pay off this {$200000.00} balance I have already paid and dont owe. The Cfpb needs to piece all of this together for the one first mortgage Ive paid off to XXXX XXXX XXXX and XXXX XXXX ( fleet ). The ONE second mortgage I paid off at XXXX XXXX XXXX and XXXX The one loan on my duplex I paid off to XXXX XXXX and XXXX ( and XXXX ) This is outrageous unless it is legal to steal {$720000.00} a duplex my house and my reputation. for which I have now paid including the apparently prepaid credit cards It seems Ive paid twice. And my duplex for a FRAUDULENT LOAN WHAT IS THE CONSUMER PROTECTION BUREAU GOING TO DO ABOUT THIS? The money is now being laundered through XXXX XXXX series 113.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MO
Zip: 64081
Submitted Via: Web
Date Sent: 2019-03-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Select Portfolio Servicing, Inc of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, UT XXXX is habitually in violation of Federal Reserve Reg Z. Specifically, Section 226.36 ( c ) Crediting Payments as of the Date of Receipt. They are posting payments as-of their processing date, rather than the date received as required under Reg Z. This results in days of additional interest charges to my account. Payments are sent via my 3rd party bill pay service that will attest to date received by. SPS seems to lack controls and appropriate policies and procedures to insure compliance. They have failed to comply with requests to supply me with the time stamped received payment envelope.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: RI
Zip: 028XX
Submitted Via: Web
Date Sent: 2019-03-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A