Date Received: 2019-01-27
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: My mortgage provider changed from XXXX XXXX XXXX to Select Portfolio Servicing inc. in XX/XX/XXXX. Since then SPS has sent me a letter every month fraudulently rasing the interest rate over and over again ( 30 letters as of XX/XX/XXXX ). Every letter is the same ( see attached ) and it states : begin quote : INTEREST RATE : We calculated your interest rate by taking a published " index rate : and adding a certain number of percentage points, called the " margin ''. Under your loan agreement, your index rate is 2.33167 % and your margin is 3.10000 %. Your index is 1 YEAR TREASURY CONSTANT MATURITY AVERAGE RATE and is published MONTHLY BY THE FEDERAL RESERVE BOARD. end quote : My interest rate never increased with XXXX XXXX ( 3.51 % XX/XX/XXXX ) but ever since SPS took over they've been fraudulently raising the interest rate over and over every month ( 5.43 % XX/XX/XXXX ) and above what it's supposed to be at the current ARM rate. This company is taking advantage of me and fraudulently over charging me. SPS will not stop fraudulently raising my interest rate every month and will keep doing it to take advantage of me. My ARM rate needs to be corrected and adjusted to correctly reflect the current ARM rate. SPS fraudulently increased my mortgage payment from {$1300.00} to {$1400.00} on XX/XX/XXXX. Again they increased my mortgage payment from {$1400.00} to {$1500.00} on XX/XX/XXXX. Again they increased my mortgage payment from {$1500.00} to {$1600.00} on XX/XX/XXXX. In a matter of 3 years my mortgage payment has increased {$240.00}. My interest rate is not being correctly adjusted and this needs to be fixed.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92054
Submitted Via: Web
Date Sent: 2019-02-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: SPS, the loan servicer on my mortgage account is demanding {$6100.00} from me on a repayment schedule to repay their claimed balance of approximately {$120000.00} on the loan. I am disputing the amount of the monthly repayment because SPS never asked me for income information during the year XXXX to substantiate and prove that I could make this payment on a repayment plan and this is against the law. Approximately {$50000.00} of the amount they are claiming is from taxes and insurance SPS claims they have paid on the property. I have had expensive repairs on the house since XXXX which were not covered by insurance such as a collapsed 220 linear feet retaining wall and many fallen trees on the property at that time. I had to replace the wall and take down the felled trees without any insurance coverage and that was a financial hardship for me. At the present time, I have a serious problem on the roof with leakage and the roof must be replaced and I have felled trees on my neighbor 's lot which have to be removed. These are very expensive projects at this time. I am claiming the amount of {$38000.00} plus applicable interest for the period XXXX to XXXX for bank errors made on my account which started with the XXXX XXXX modification in which XXXX did not credit a payment made on XXXX by cashier 's check to replace a check which had returned NSF from the bank. XXXX XXXX proceeded to add the charge for that check plus {$3000.00} in interest fees and corporate advances which equals XXXX. Plus they sent us a new modification agreement which increased the former one done on XX/XX/XXXX for {$18000.00} to {$27000.00} an increase of {$9500.00} on the new modification done on XX/XX/XXXX. In addition, they demanded that we send a cashier 's check of {$3000.00} with the new modification agreement. This was clearly a bank error. Then in XXXX, there were two payments not credited to my account which total {$6200.00} In XXXX when XXXX, which acquired XXXX during the financial crisis, offered us a new modification, the amount of {$12000.00} was not credited to my account as they only credited our payments made through XXXX, XXXX. Therefore the amount of {$12000.00} was not credited to my mortgage account. Then there is the issue of charges made to my escrow account for insurance premiums prior to XXXX when the charges for insurance and taxes were impounded in the mortgage payment. This amount, according to our analysis of the escrow statement from XXXX XXXX was {$7400.00}. Therefore the amount I am claiming that is owed on my mortgage account from XXXX to XXXX is {$38000.00} plus applicable interest and penalties. Some of the payments made on my mortgage were held in suspense according to the mortgage transaction history and I understand it is illegal for banks to hold funds in " suspense '' past a specified payout period Other amounts in dispute on my mortgage account are : XXXX - {>= $1,000,000} Trial payments on loan not credited on XXXX Payment History XX/XX/XXXX to XXXX, XXXX {$26000.00} dispute on funds owed for payments made and not credited to my account XXXX, XXXX to XXXX, XXXX Excess payment to mortgage escrow account {$27000.00} XXXX to XXXX The amount of {$11000.00} two payments held in " suspense '' and not credited. XXXX to XXXX The amount of {$1600.00} which was an excessive amount charged for taxes in escrow account. XXXX {$10000.00} for three trial payments not credited on XXXX payment transaction history. Amount in dispute on my mortgage account to XXXX {$91000.00}. My mortgage account was capitalized in the amount of {$170000.00} from XXXX until XXXX. With a projected balance of {>= $1,000,000} claimed as due on the loan at present,, that leaves a total of {$140000.00} capitalized on the loan balance since XXXX and that is including all the mortgage payments made on the loan since that time. I am disputing this amount as being excessive and inaccurate. If I can not make the monthly repayment plan of {$6100.00} per month according to the Proposed repayment plan which is based on as 12 month period plus a Balloon payment of {$50000.00} due on XX/XX/XXXX, I stand a very good chance of losing my home. And as I pointed out, SPS calculated this payment amount without obtaining proof of income from my for XXXX and XXXX which according to my understanding is illegal.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 94803
Submitted Via: Web
Date Sent: 2019-02-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I recently started the 3 payment trial period with my mortgage servicer Select Port Folio XXXX. My 1st payment was sent to them XXXX. I have received a property foreclosure notice for XXXX. I'm paying the mortgage payment, how am I receiving a foreclosure notice with a sale date for my home. Also please contact foreclosure attorney XXXX XXXX TN, XXXX to cancel foreclosure sale.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 380XX
Submitted Via: Web
Date Sent: 2019-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: on XX/XX/XXXX select portfolio servicing put my home on auction even though i have been trying to pay them for a year! they said i needed a modification, which i did not, and they stopped accepting payments! then they said they never recieved my paperwork even though i had tracking numbers etc. now my home has been sold even though i filed ch XXXX in a timely fashion. Also they said i owed at least 3 times what the missed payments were making it impossible for me to redeem my property.NOW they have not recieved my cash for keys agreement, despite my having a tracking number proving otherwise, ,now they say the offer is expired.They stole my home and wont even honor their agreement! when i called today to ask about it, the man said '' let me see, thats step # 7 ''., he then told me he was reading of a cheat sheet and that all his answers were pre scripted!!!! when ever i requested records from them i never recieved them, except for my signature on a loan doc which i did not sign.it was dated XX/XX/XXXX, i know for a fact i did not sign any docs that day because that is the EXACT day my grandson died and I know exactly what I was doing that day and it wasnt signing docs!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 923XX
Submitted Via: Web
Date Sent: 2019-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-25
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I originally submitted a complaint on XX/XX/19 regarding the mishandling of a refinance through Select Portfolio Servicing ( SPS ). I received a response on XX/XX/19 that doesn't even address all of the concerns I listed. They indicated that I was requesting more information about the CEMA. That is not what I was doing. I provided a detail account of the multiple missteps SPS took in handling the refinance that resulted in significant, additional fees I incurred. SPS was completely non-responsive, untimely and irresponsible with the handling of my refinance. If you reference my original complaint, you can see that I am requesting a reimbursement of fees I incurred. I expect a more thorough review of my complaint. The response I received from SPS is unacceptable is a further testament to why this firm should not be in business. I will continue to take action until a satisfactory resolution is provided.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 10014
Submitted Via: Web
Date Sent: 2019-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our mortgage was sold to Select Portfolio Servicing and during the transition of the loan to them a type was made on my last name inputting a " XXXX '' instead of an " XXXX ''. My wife 's name is entered correctly. I have called the company multiple times and have been advised that the issue will be corrected on my next statement. The next statement comes and my last name is still spelled incorrectly. I have spoke to consultants and supervisors who have all viewed my loan documents and have confirmed the error on their end and guarantee it will be corrected. This causes me to receive a tax form every year due to the mis-spelling. All I want is someone to correct the spelling to what is reflected on my wife 's name and on my loan documents, it should not be this difficult and require multiple calls and it is still not corrected.
Company Response: Company believes complaint is the result of an isolated error
State: PA
Zip: 15235
Submitted Via: Web
Date Sent: 2019-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-24
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have a foreclosre sale coming up on XX/XX/XXXX and Select portfolio is not removing the sale which will be in violation of my Home Owner Bill of Rights. Time after time this is a never ending battle with Select Portfolio Servicing to receive a loan modification. Im still having issues and have very big concerns regarding my home and Select Portfolio Servicing. They have placed my home on a foreclosure sale and has not yet removed the sale due to my loan modification in review. Select portfolio Servicing employee advised me they received my full request for Request for Mortgage Assistance packet and its in review. As soon as it seems like we are moving forward with the review process they are in need of something else. Finally they said they have all requested documents in their Ombudsman department. SPS has all my loan modification documents needed for a review they are reviewing it but still have the foreclosure sale when asked Select Portfolio Servicing they say its still active. How if im in review they still have the sale up. Im really worried about them selling my home. They have been jumping me around for a very long time now with my loan modification. I can not get a loan modification without them threatening me with a foreclosure sale date. I still to this day can not get a loan modification they always denying my loan modification. Please help me with this I have sale on my home XX/XX/XXXX I am out of options I do not know what else to do for them to stop the sale and give me a loan modification. Please help me please I need someone to talk to about this. They are violating my Home Owner Bill of Rights and I need the sale stopped imminently for my modification to go through. This is way too long over four years now and I can not get an offer. Im ready to pay my mortgage but need help setting up and receiving a loan modification. As part of this bailout, on XX/XX/XXXX, the United States Government took over XXXX XXXX and pumped billions, which in XX/XX/XXXX, then Treasury Secretary XXXX XXXX said as much as {$200.00} billion 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 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 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 does not own a significant majority of the loans on which it functions as servicer. 2. Economic Factors that discourage Select Portfolio Servicing from meeting its obligations under HAMP by facilitating loan modifications include the following : a. Select Portfolio Servicing 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, 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 charges borrowers that are in default constitute a significant source of revenue to it. Aside from income Select Portfolio Servicing 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. 3. 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 has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted billions of dollars from the United States. Select Portfolio Servicing delay and obstruction tactics have taken various forms with the common result that my loan serviced by Select Portfolio Servicing, in which im eligible for permanent loan modifications, and have met the requirements for participation in HAMP, have not received permanent loan modifications to which iam entitled. 4. By failing to comply with the California Homeowner Bill of Rights ; specifically, by engaging in the unlawful practice of Dual Tracking, Select Portfolio Servicing has left me in a state of despair and panic as I seek a loan modification from Select Portfolio Servicing, only to have my home wrongfully, oppressively and illegally sold out from under my feet. Even when Making Home Affordable program was in use in the U.S the company still prolonged the process for us and never gave us any offers or options through the program until it expired by the government. This is deceptive ways to get the borrower out and not to give them the loan modification.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 95630
Submitted Via: Web
Date Sent: 2019-01-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-24
Issue: Attempts to collect debt not owed
Subissue: Debt was already discharged in bankruptcy and is no longer owed
Consumer Complaint: I filed Chapter XXXX Bankruptcy on my XXXX XXXX XXXX XXXX XXXX and the balance of {$79000.00} was discharged XX/XX/XXXX. I have been maintaining the payments in order to keep the property. In XX/XX/XXXX. XXXX XXXX XXXX sold my account to Select Portfolio Services and now they are calling me, requesting payment. XXXX XXXX XXXX told me that they would have to follow the same laws and could not call and harass me. I informed the last representative that I filed bankruptcy years ago and that they are not allowed to call me. This representative, XXXX XXXX, said that they are allowed to continue to call me as long as I keep the property. I spoke with an attorney and was advised that they are NOT allowed to call me and request this debt. I have also received bills from them informing me that I am late! They have called me multiple times a day and even on a Sunday before XXXX XXXX!!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OK
Zip: 74017
Submitted Via: Web
Date Sent: 2019-01-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-23
Issue: Trouble during payment process
Subissue:
Consumer Complaint: There are two separate issues. First, I received a letter on XX/XX/2019 after the escrow true-up in XXXX that said the escrow was short and I needed to send in extra dollars. The letter itself gives no explanation or steps on how to actually make this payment. I then called customer service and was told to make the payment in the normal way. However, the extra payment was not applied to my escrow and they complained that I had not paid it correctly. Escrow payments should be handled more carefully. Further, they've told me that they've now fixed this and applied the payment correctly but have refused to send me any documentation at all to confirm that this is true. Secondly, Select Portfolio Servicing missed sending me my XXXX statement. The CSR said that " the computer must have accidentally skipped your account ''. She's now ordering me a new statement which will take 1-2 weeks for me to receive ( after the payment due date ). More generally, Select Portfolio Servicing is not transparent with customers on policies, requirements, payments, or balances.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 220XX
Submitted Via: Web
Date Sent: 2019-01-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-01-23
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My home caught fire XX/XX/17 and the insurance company paid for the fire the insurance put the check in my name and the mortgage company name, I am 85 % done with repairs SPS is holding on to the reminder of the funds and I cant get done with my property until they release the reminder of the funds, they are tying to keep the balance. but with out the reminder I cant finish the property repairs. they are even trying to get the inspector to lie and say things that are not true they are stealing my funds, I have filed before and your agency is not helpful, you need to make them show proof of them no releaseing the balance of my funds in the matter. I need for the management of your company to follow through on this matter. because they are stealing my insurance money so I cant finish my property.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 95758
Submitted Via: Web
Date Sent: 2019-01-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A