Date Received: 2017-06-02
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Our Client has applied for modification to save her home from foreclosure on her own and then again with us, XXXX XXXX XXXX XXXX She signed on with us for help on XXXX . Prior to our help she was offered a repayment plan for 13 months with monthly payments being {$580.00} with a large balloon payment on the XXXX month of about {$10000.00}. We reapplied and was given the same plan. Modification was denied due to not meeting investor guidelines. A foreclosure sale date has been se t for XX/XX/XXXX . This repay ment plan is far outside the affordability of our client due to the strict limited income she lives on. The loan originated on XX/XX/XXXX and matures on XX/XX/XXXX with prior monthly payments of XXXX . This she can afford. Her income is only about {$800.00} per month from SSI and limited food stamp assistance. We are hoping that something can be done to stretch this loan out further in order to keep her payments around what they were when it was affordable. She is an elderly woman with medical issues that are ongoing. She fell behind due to these medical issues and would like to get things back on track, because her situation limits her ability to relocate and affordable housing is limited. We have tried to work this out with the Lender, though they do not want to budge on this. Please help us find a reasonable resolution.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IN
Zip: 461XX
Submitted Via: Web
Date Sent: 2017-06-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: confirmation for XXXX Ombudsman XXXX XXXX AttachmentsXXXX XXXX (6 days ago) to Ombudsman Hi XXXX, I am in receipt of the letter from SPS of notice of default. I was waiting for the email you were going to send regarding our recorded conversation on XXXX XXXX XXXX at XXXX MST. I also am waiting for you to call me back after you sent your manager notice regarding my rights to request a forbearance for six months for the amount owed of $XXXX, as we discussed in our conversation. Perhaps SPS should have instructed me to fill out forbearance forms instead of re-modification forms since I already have a remodification with HAMP, when I told SPS back in XXXX XXXX, and every month since about my financial hardship that was impending. To that statement, there are no specific forbearance forms or payment plan forms on the SPS website to fill out. As I'm sure you recall since the call was recorded, I told you that I would like to speak with the owner of the note and you told me that the owner was XXXX. You didn't mention XXXX XXXX. Now, are there different loan numbers for XXXX and XXXX XXXX as I do not see those numbers in the letter from SPS that I received today. HUD, the Colorado AG, and OIG want these numbers for verification of the loan. Of note, the only dispute I have with SPS is the fact that they had me fill out the wrong forms (RMA) and there appears not to be any forbearance forms or repayment of a late payment form/agreement on the SPS website or in any SPS communications but they do state that these are options for consumers. Thank you for the help. I look forward to speaking with you regarding the request for forbearance/repayment plan that we discussed. And could you please make sure that you send me the bank loan numbers for each bank and the correct forms that I should fill out for SPS non-banking facility. Again, thank you so much for the assistance in this matter, I look forward to your call. Cordially, XXXX XXXX XXXX XXXX XXXX, XXXX., XXXX., XXXX XXXX XXXX XXXX XXXX, CO XXXX email: XXXX phone: XXXX XXXX XXXX Attachments area XXXX XXXX AttachmentsXXXX XXXX (6 days ago) to relationship.m. Hi XXXX XXXX, I am forwarding this email I sent to the Ombudsman XXXX XXXX. It seems to me I should have filled out a forbearance or repayment form for the $XXXX rather than the RMA forms. I brought my financial hardship to SPS attention in XXXX XXXX XXXX. No one sent me a letter that the RMA forms were denied. This is extremely frustrating as it make it appear that I have not been communicating on this matter which is not true. I have spoken every month with someone except after XXXX XXXX XXXX when SPS stopped communicating with me. No messages, status updates, emails, or phone calls except for XXXX who called to set up three ACH payments. The third is due Saturday, XXXX XXXX XXXX. The LOD is for XXXX XXXX XXXX per XXXX XXXX, yet the letter states XXXX XXXX XXXX, and I requested a chance to make payment of $XXXX in full within six months. XXXX stated that she would send this to a manager. My thing is that I was not told of this "denial" in XXXX or any other time via SPS website that I have been monitoring. Of course, I would not qualify for a RMA, I have one already so I should have been informed and given the forbearance and repayment paperwork to fill out which is not on the website and was never sent to me just the RMA forms, which you all received as I was denied a RMA. I did notice after the phone call between XXXX and myself, I received an email at my personal address and on the website regarding the XXXX XXXX XXXX Event in XXXX, CO between XXXX-XXXX MST. As XXXX and I spoke, I wondered why I would go to this if the only people that are going to be present are people that only fill out forms and have no earthly idea of what the loans and settlements state? That is what I got from XXXX when she told me she did not know of XXXX XXXX $XXXX XXXX dollar settlement for subprime loans, the loans she is working with. I'm getting confused as to SPS role. I understand SPS to be a debt collector only. They do not have rights to loan as they do not have a brokerage license in Utah, they cannot rewrite loans, they can only collect a check and threaten people with foreclosure. There is much double speak from XXXX, and it's not her fault, she is after all just reading off a computer screen and I doubt she or any of the ombudsman have a degree in finance. I just think that if someone who initiated contact in XXXX XXXX, and is dealing in good faith with SPS, SPS, XXXX, and XXXX XXXX, should follow the laws set forth in the criminal settlement agreements and afford the borrower/consumer who is dealing in good faith time to cure. I have notified the Colorado AG, HUD, and OIG per some guidance through SPS letters. I want this situation corrected. I have stated that through all of my communications yet, I get strung along in an attempt for XXXX to grab my home. It will not happen. I have been up front and fair. XXXX, SPS and XXXX are the one's still attempting to scam the borrower. According to HAMP and the settlements, I the borrower have a right to cure. I need the appropriate paperwork given to me by SPS to fill out so I may exert that right. Hotline to HUD.gov 8 of 606 Print all In new window Select Portfolio Services/XXXX Fraud AttachmentsXXXX XXXX (8 days ago) to hotline Hi, I sent the attached on the website yesterday. I sent an email to SPS that I notified the OIG and today I received a call from SPS that they denied my request from XXXX XXXX XXXX for a hardship assistance. If I could speak to someone that knows about the XXXX XXXX settlement and how the HAMP program works (which is online and very understandable in english and XXXX, however XXXX at SPS doesn't seem to understand how any of this works.) it would be greatly appreciated. XXXX told me that she didn't know anything about any of the banks and subprime fines and settlements that sent the U.S. crashing in XXXX. If she doesn't know anything about this why is she working at SPS? Why is she coming to XXXX, CO., XXXX XXXX XXXX between the hours of XXXX-XXXX WITHOUT attorneys to explain the XXXX XXXX settlement to the people of Colorado? How can she help the people of Colorado or any other state with the XXXX XXXX settlement if she does not know the laws and speak on the laws of the HAMP/HARP modification program? This is deceitful business practice on the part of XXXX and SPS. It's a money grab and another way for them to steal more homes from people in order to make up their XXXX in fines. The second attachment is what I got today when I logged on to SPS. Still no messages, no status, no record initially for me to look at but I did capture a ghost page that I did file electronically in XXXX XXXX and then per email XXXX XXXX XXXX by SPS deadline. XXXX told me that SPS sent me a decline letter. I told her I had not received any denial from SPS. I owe 2 months payment $XXXX. I told SPS that this was going to occur back in XXXX XXXX through email and phone and asked them if I could put it on the back of the loan or get a forbearance and that is when they had me fill out modification paperwork. I didn't want a modification, I already had it, I just needed more time to catch up the 2 months because my disability payments weren't enough for all of my bills between XXXX XXXX and now. I could not record today's call with XXXX so I asked her to send me a copy of the recorded call. She said I could subpoena it. I gave permission to record the call, I should be sent a copy of it. I initiated the contact with SPS. I knew that I was going to have issue's because I had to pay $XXXX for my XXXX degree so I could get an easier XXXX job so I don't have to live off XXXX. All I was asking for was time for 2 months worth of payments and now SPS/XXXX says I'm in default (which technically I am, I know) but I thought these programs and settlements were set up to help people instead of harming them more. I didn't ask for a subprime loan. I didn't ask to have XXXX XXXX and other major XXXX. I've paid on this house since XXXX and have only had issues when XXXX bought out XXXX XXXX. I've paid over $200,000 for a $XXXX loan since XXXX. I trusted XXXX. I asked XXXX to put me in contact with XXXX because when I call they say they don't have me as a customer, yet SPS has no rights to change the loan they are just a servicer, debt collector. XXXX stated that XXXX denied the modification for me that they did in XXXX. SPS has been taking my payments since then. XXXX sold the servicing rights to SPS in the middle of my modification. XXXX/SPS never filed with the county the modification papers but they accept my payments. So the question becomes is the modification real/valid? Is XXXX and SPS stealing money from me and thousands of others? XXXX doesn't have the original paper work or the original deed that is why they cannot file with the county. I'm so over this. I'm sure you are as well. I worked with Colorado Housing Authority for my modification. SPS is doing the same business practices as they did when they were called XXXX XXXX XXXX. The government shut them down and banned the owner from participating in any debt collecting or banking services. Guess what...when the government shut down XXXX XXXX they allowed the employee's to change the name, open up SPS and they kept the same business practices. You know, the practices that put us in the Great Depression in XXXX. SPS and XXXX string people along until there is no return. They do not follow the laws or settlement agreements. This needs to be investigated. Just type in SPS reviews and you get the same story over and over. Thousands of people across the country cannot be colluding against the banking industry. OIG Letter re: SPS/XXXX Hi, I have/had a mortgage with XXXX. In XXXX, with the assistance of Colorado Housing, I applied and obtained a modification. This is all in question now as the original modification with XXXX was transferred in the middle of the process to Select Portfolio Services formerly XXXX XXXX XXXX., shut down by "you the government" for engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans. XXXX was allowed to reopen as Select Portfolio Services and oversee HARP/HAMP modifications. The actual owner was not allowed to do business as SPS but his executive cronies were/are. The issue now is I am XXXX and I came upon a financial hardship recently and wrote/spoke with SPS. They had me fill out RMA documents and offered "modification/forbearance" for the two payments that I have been behind on. I have filled out the paperwork twice, once on their website and then I filled it out by hand and emailed everything to them on their timeline. SPS has stopped communications with me. I have NOT stopped communicating with them. SPS sent me a letter last week telling me to fill out "modification forms", yes the same modification forms that I already sent in. Today, XXXX XXXX XXXX, I received a letter from SPS stating that on XXXX XXXX XXXX between XXXX-XXXX they are holding an event in XXXX at the XXXX to address the XXXX XXXX bulk settlement agreement. SPS is doing the same thing they did as XXXX XXXX XXXX. I will go into this meeting and come out of it with yet another modification that will not be filed appropriately with XXXX county as SPS/XXXX/whoever does not have original loan documents or my ORIGINAL DEED to the property. I have requested on several occasions for SPS/XXXX to produce the original Deed and they have refused. So I would like you as the OIG office for housing to tell me how much longer to I get to be XXXX XXXX by these people? I have made over $200,000 on this property since XXXX on a $XXXX loan with my mother. When she died, I received the DEED to the property due to insurance. This would be why SPS/XXXX does not have the original DEED and why they have NOT filed the modification paperwork from XXXX, XXXX, or now. Yes, I went to XXXX XXXX XXXX XXXX and dealt with XXXX XXXX. SPS has accepted my payments without filing with XXXX county. Thus, they are still keeping the reputation of, "engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans." Which unfair practice, subprime loans, a made up interest rate, pick any that are in the SEC claims. Nobody deserved what these people did to them. I'm much better off as I at least now know that I've been XXXX by SPS/XXXX and the government because everybody that works for these people lied and cheated not only me but thousands of people. Yet, we continue to get XXXX and lied to and we have no recourse nor do we have the ability to hire attorneys that know what the hell is going on. I can't afford an attorney. I get $XXXX dollars per month. I pay all of my XXXX medications as XXXX doesn't kick in until my $XXXX deductible. Yes I pay $XXXX bucks a month to XXXX for NO insurance coverage. I do however get discounts on my XXXX XXXX medications by XXXX XXXX in my community. I'm suppose to be paying for my XXXX and XXXX from my XXXX XXXX, but I need to have gas, electric, and water in order to keep the XXXX XXXX running. I can't afford to pay my utilities, medications, so I cut, I don't go to the doctor anymore because I cannot afford the co-pays. I'm stuck right now through no fault of my own. XXXX just happens. I have tried and tried to correct the mess that I have found myself in by myself and with the help of Colorado Housing and XXXX XXXX. But apparently NOTHING is enough. The housing bubble that occurred in XXXX, is happening again because it is allowed by our government regardless of settlements. Please stop this. Please help me stop SPS/XXXX from taking my home that I have paid $XXXX for on a $XXXX loan. I am a good citizen and I didn't deserve this nor did others deserve this. I don't deserve it happening to me again. How do I stop them? They don't seem to have to follow the laws, regulations, or settlement agreements that have been set. Office of Inspector General U.S. Department of Housing and Urban Development CONTACT XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 801XX
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am facing foreclosure on my home. I have been try ing two years to obtain a loan modification.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 95118
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I filed a complete loan modification application on XX/XX/XXXX. Following that, the bank filed a Praecipe for sale on XX/XX/XXXX. At around the same time, SPS informed me that I needed additional 'Required Information ' in order to review my account for a loan modification. Around XX/XX/XXXX, I learned that a foreclosure sale had been set forXX/XX/XXXX. I filed with SPS all of the " Required Information ' on XX/XX/XXXX, which was 39 days prior to the sale date of XX/XX/XXXX. As a result of having a complete application, and the updated 'Required Information ', SPS should have taken steps to stop the sale pursuant to federal law. However, what has been happening instead is almost everyday since XX/XX/XXXX, SPS has come up with a new piece of 'Required Information ' that they then tell me will take 4-5 days to evaluate after I submit that newly-required information. If there was new information required, it could have and SHOULD have been given to me all at once so that the whole process could have been completed within a week. And by 'whole process ', I mean the process of establishing what, if anything, was still missing. Instead, it 's been nearly three weeks since I submitted a complete application, and SPS still ca n't tell me if they have everything. At the same time, they 've refused to stop the sale. This appears to be a deliberate attempt to inflict emotional distress, and to that extent, its clearly working. I 'm confident that when I call back later this week that they 'll find something else new, and another 4-5 days will be added to the ongoing agony of having the sale date hung over my head like a sledgehammer. It 's truly unconscionable. In addition, I have repeatedly asked SPS to 'Cease and Desist ' any and all collection activities on this account since they have failed to properly Validate the Debt per two letters I sent them via certified mail. Instead, they simply respond that they we '' Cease and Desist COMMUNICATION with me, but they are still moving forward with collection ( IE foreclosure sale ) of a non-validated debt, in clear violation of federal law.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OH
Zip: 44406
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We first submitted our first modification application with the assistance of the housing counseling agency XXXX XXXX XXXX , XXXX We submitted a complete package on XX/XX/XXXX for the HAMP modification before the XX/XX/XXXX deadline. Then for the next 3 months they asked us questions about the income. On XX/XX/XXXX we submitted a Profit and Loss statement for our XXXX Income. Then they asked us for a monthly profit and loss statement which we submitted on XX/XX/XXXX, which was within 7 days of being requested.
Ok then we submitted a new profit and lost that included the first quarter of XX/XX/XXXX. Then they told us they did not understand that the XXXX Income was Income. Then they said that we had to submit a new package due to the age of the information. We submitted a new package only to be told that we now are not eligible for the HAMP modification because it is after the date. We believe SPS held out the documents just so we could be outside of the HAMP Modification guidelines and deadlines. We are being pushed out of our home because we can not make the back payments. We can make the current payment but we can not make double payments.Company Response: Company believes it acted appropriately as authorized by contract or law
State: NC
Zip: 27713
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-30
Issue: Took or threatened to take negative or legal action
Subissue: Sued you without properly notifying you of lawsuit
Consumer Complaint: Select Portfolio Servicing Inc has threaten ed and has taken legal action allegedly as Attorney in Fact but falsely on behalf of XXXX XXXX re A ccount number XXXX /property XXXX XXXX XXXX XXXX , XXXX , FL XXXX . In the same threatened actions supposedly on behalf of XXXX XXXX instead Select Portfolio Servicing Inc submits a limited power of attorney instead by XXXX XXXX XXXX to it allegedly to collect on behalf of Trustee XXXX XXXX XXXX XXXX NOT XXXX XXXX - see attached - yet XXXX XXXX XXXX XXXX is not listed as creditor nor mentioned in any chain of title regarding the LOST NOTE and has failed to submit an affidavit under oath - likely because it knows it is commiting fraud upon the courts and recording offices. Moreover, it has also submitted fraudulently an Assignment of Mortgage as allegedly as evidence of transfer of the mortgage to to XXXX XXXX XXXX as Trustee not XXXX XXXX nor XXXX XXXX XXXX XXXX . More evidence of the fraud is the fact that this Assignment of Mortgage ( see Attached ) was executed on XX/XX/XXXX by XXXX XXXX XXXX to XXXX XXXX at a time that XXXX XXXX XXXX NO LONGER EXIST ED ( s ee attached ). XXXX XXXX XXXX XXXX was fraudulently and Select Portfolio Servcing relying on such evidently false information is seeking to recover on a mortgage whereby XXXX XXXX cold not have been creditor based on fraudulent Assignment of Mortgage that was attemtpted fraudulently after the fact and years after the closing date of the relevant trust and pooling and servicing agreement ( see Assignment of Mortgage for name of Trust and that trust had a closing date several years prior to the execution of this assignment of mortgage ). Furthermore, the assignment of mortgage is fraudulently signed by XXXX XXXX and XXXX XXXX allegedly as Attorney i n Facts. I n fact, on XX/XX/XXXX , fi nancial giant XXXX XXXX XXXX announced it was suspending XXXX foreclosures because its documents may ha ve been submitted without proper review. including those whereby XXXX XXXX and XXXX XXXX signe d Assignments o f Mortgage years after the closing date of the trusts at issue like in this case. XXXX XXXX XXXX and Select Portfolio S ervicing are fraudulently creating mortgage docs to falsely claim an interest in a mortgage and LOST NOTE as alleged in court in order to foreclose that which it never had a right to foreclose. XXXX XXXX XXXX XXXX is listed as Trustee of the alleged trust yet the complaint in state court is by XXXX XXXX by Select Portfolio Servicing as its attroney in fact. When did XXXX XXXX give Select Portfoilio Servicing authority to foreclose on trusts whereby XXXX XXXX XXXX XXXX is the listed trustee and not XXXX XXXX ? Creating documents to retroactively fraudulently lay claim to something that was not transferred to it especially in light of the fact that the alleged subject Note has been lost since XX/XX/XXXX as a lleged in complaints and thus you can not transfer that which did not exist. XXXX XXXX and Select Portfiolio Servicing and XXXX XXXX XXXX and XXXX XXXX have never held the alleged subject note and are now commiting fraud in order to gain that which it and or they are not entitled to. The timeline of the closing date of the alleged subject trust ( see attached assignment of mortgage ) and the nonexistence of XXXX at time of assignment of mortgage to it reflects attempt to circumvent the federal banking and consumer fiance regulatory agencies and the bankruptcy and the state courts especially whereby another entity in bankruptcy court already alleged made claim to the alleged subject note different than XXXX XXXX or XXXX XXXX XXXX XXXX . Select Portfolio Servicing is a fraudster pushing paper on behalf of fraudster e ntities to foreclose on properties that it is not entitled to foreclose upon - this is pyramid fraud shell game by them in order not to be discovered of their fraud which must stop now before it is too late. How could XXXX XXXX assign something to an entity that did not exist at time of assignment? How could XXXX XXXX and XXXX XXXX execute docs as attorney in fact for XXXX XXXX but the assignment if not by XXXX XXXX but instead by XXXX XXXX XXXX also that no longer existed? how can limited power of attorney reflect that Select Portfolio Servicing has certain limited rights for XXXX XXXX XXXX re XXXX XXXX XXXX XXXX yet instead Select Portfolio Servicing threatens lawsuit and brings lawsuit instead on behalf of XXXX XXXX ? Only possible logical answer is that Select Portfolio Servicing i s commiting fraud on behalf of itself and the alleged entities and chain of entities it fraudulently represents.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33186
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-31
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am writing to ask you to intervene on my behalf. After years of fighting with Select Portfolio Servicing, LLC, they h ave finally agreed to offer me a modification. I h ave completed the 3 trial pay ments as directed, and they have provided me what appears to be a reasonable arrangement to allow me to keep my property.
However, the principal balance they have established is approximately {$130000.00} over the current market value of my property. That balance also includes nearly {$9000.00} of overcharges or fraudulent charges assess ed by SPS or a predecessor servicer ( likely XXXX ) for things such as force-placed insuranc e when I have proof that I had paid the premium myself for this insurance, and " Property Preservation '' charges when I was maintaining the property continually, and even hired a property management firm to assist in that endeavor. During the foreclosure case, I also discovered nearly {$4000.00} of phantom and unexplained/unjustified charges assessed to my account in the earliest years of the loan. During this time, I was paying extra funds toward the principal of the loan, but these fees, that I had no way of knowing were being assessed, robbed me of a good bit of those payments toward principal, as well as cost me additional interest that should have decreased as a result of these additional principal payments. So the actual overcharge/fraudulent charges would well exceed {$10000.00} if that interest were also calculated. Since the stated principal balance that I would be agreeing to pay with the modified loan includes these overcharges, I believe SPS must c orrect these errors, as I have provided proof that they are in error, and decrease the principal balance owed and recalculate the modification payments and/or balloon payment as a result. I have entered a request for SPS to resol ve the errors and this dispute ( copy attached here ), but I have only u ntil XXXX XXXX 2017 to accept their modification offer. From past abuses at the hands of this c ompany, I feel that they will likely delay correcting these overcharges so that I risk not being able to take advantage of this modification I have fought for now for nearly 2 years. Make no mistake about it -- the other terms of their offer are reasonable and I want to take advantage of it. However, paying an additional $ 10,000+ d ue to errors made by a previous servicer that have never been corrected, is not attractive to me at all, given the loan to value ratio of the current modification offer. So I am asking you to contact SPS to urge them to remove these additional charges and recalculate the principal balance on the modified loan in time so that I can accept their offer by XX/XX/XXXX . I w ould also ask that you ensure that they have, in fact, done what is necessary to cancel the foreclosure sale set for XX/XX/XXXX , and to eliminate the foreclosure case from the dockets in a manner that will not require me to have to spend additional legal fees to see that this is done. Also, the loan modification offer states that the principal balance owed is {$400000.00} with an additional forbearance amount of {$57000.00}. However, their website lists my remaining principal balance as of today as {$300 000.00} ( see attached screenshot from their website taken earlier today ). Why such a large discrepancy between just over {$300000.00} and the new amount I have to pay of roughly {$470000.00}?Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: 29072
Submitted Via: Web
Date Sent: 2017-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-27
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Good Afternoon. I am submitting a request for a formal complaint in regards to the loan modification that was handled by SPS Servicing back in XX/XX/XXXX, modifying the terms of the note/security instruments signed by both my husband and I. This was the " alternative to going into foreclosure ''. This was due to some back tax payments that were on the account. I still do n't know that we ever got a full explanation as to even what happened there to begin with. We just wanted to make sure our home was secure for our children, so we did whatever they advised us to do and that this was the option we had at the time.
The issues with the modification that we 're disputing are the following : *The modification was not signed off by both note signors. I am clearly shown as an obligor under the note, and my signature is clearly present. I am now going through paperwork and seeing that not only did they not include myself on the modification, they did not demand me at anytime during this process and never include me on notices that were sent. This is required as a note signor to be given any notices. The servicer and/or investor can not modify the terms of the note, without the actual note signors agreeing to it, unless there was divorce decree, or other circumstances that would have led to myself to not being part of the agreement. This is not the case. *The company clearly took advantage of the mortgage crisis, and put both my husband and I in a worse position, because they actually made a modification for us, that has us now paying a mortgage through XX/XX/XXXX. Please be advised we were XXXX years old when this was made. This would mean that we would be deceased when this modification was done, and on top of that, they put a balloon on the end, so that when we are then deceased, our children would be responsible for this? This situation clearly defines predatory lending to the fullest. How many people have these bad mods, and do n't know it? How many older people were put into this situation and now will be XXXX or XXXX years old when it 's matured? I would like to know who decides on this type of extended mortgage to a borrower who is simply trying to reduce their interest rate. We 've lived in this house for 28 years now. If we add this modification to the amount we 've already paid in this house ( which is 400,000 or so to date ), and if you add this modification, that puts us to pay around 1 million dollars for this house. My current house is most likely appraising right now at roughly 130,000. Do the math, this is the definition of predatory lending. Nothing was taken into consideration on this besides getting more money from your borrowers. More steps should have been taken while throwing out modifications to everyone during the crisis, instead of just giving them to everyone without fully explaining this. Do you honestly think that someone would do a mod, knowing they could never move, never refinance or do anything for the rest of their lives and that they would be putting their children into this crisis when they were gone? The only reason we actually knew we were locked into this mortgage for the rest of our lives, was because I called a mortgage company to refinance to get down to a lower rate, and that 's when we were informed that we had a 40 year mortgage now on our property and we were n't ever going to be able to get out of this. We were absolutely taken back. We are not attorneys, mortgage loan officers, and this clearly this was n't explained to us when we did the modification. We did n't even know this! We would have NEVER signed something that expired when we were XXXX years old. This clearly would have left a burden on our children. They dropped our interest rate, but absolutely stuck it to us on the maturity date ( by the way, it was n't disclosed/explained in conversations about the extended time of the note/mortgage terms ). This would have never been signed. I ca n't tell you the amount of people I 've talked to that are so taken back in regards to this situation. Once I was advised of this I called our mortgage company absolutely baffled as to what was going on with this XX/XX/XXXX" maturity '' date. I asked for paperwork to be sent, the note specifically. The note I received in the mail, had no endorsements/allonges to show the current holder of my note. I still have n't gotten it. I also requested a full payment history on my account. That was about a month ago, never got one. We had to modify in XX/XX/XXXX, because I was diagnosed with XXXX XXXX. Now this modification, was 20 years. Also, my signature is clearly on that modification. Why is not on the 2nd one that was done? To me, that makes the modification absolutely null and void. I 've called the mortgage company on several occasions asking for information to be sent. I never get the full information sent. I even called back again, asking who held my note, she advised she did n't know. I called again and asked for info, and informed the gentleman that time that we were n't sent the full note and he said he understood and would get it out. We still did n't get that. On one particular call with a CRM, they advised me that they do n't go over these modifications in detail, because they do n't have time because there are so many. She, in fact, told me that they do n't do this because there 's 20 more people waiting to talk to them. That 's a very bold, and inappropriate statement by a CRM, and to my knowledge CRMs were put in place as CUSTOMER RELATIONSHIP MANAGERS, right? for the customers? That statement clearly shows not. We are beyond frustrated, and considering hiring counsel at this point to look into the fact that we were n't noticed properly, and the mod is flat on it 's face without both note signors on it. Unless you can show me where there 's something showing that I signed off on my obligations. You wo n't find it. I was under the impression that this is just how the paperwork came, until we looked into this further and found out that I did sign the note, the mortgage and the prior mod. When you 're dealing with customers who are n't part of the mortgage industry, it is the servicers DUTY and OBLIGATION under their contract with their investors to make sure they 're disclosing what they should be to their borrowers/customers. Looking at the mod, it just says " maturity date XX/XX/XXXX ''. We had no idea what that even meant, because again that would n't have been signed knowing we would be dead before it was done and we could n't do anything or move ever again. We 've made every payment under this modification. We have been customers for a long time. We definitely feel that we have been clearly taken advantage of and or/mislead with this modification. This was not handled properly at all. In the process of trying to " fix '' the mortgage crisis with their borrowers, SPS and their investors took advantage by writing bad modifications. They 're extending these mods beyond what anyone could ever pay. Another roughly 500,000 under this mod? How is that helping anyone, besides the investors?Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: 48035
Submitted Via: Web
Date Sent: 2017-05-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-27
Issue: False statements or representation
Subissue: Told you not to respond to a lawsuit they filed against you
Consumer Complaint: I called Select portfolio on several occasions and informed them when I was going to pay them but instead they acted as if I never called and arranged payment. They then sent a person to my house to bring papers after speaking to me more than 2 weeks prior. Then I receive a letter from XXXX a collection agency advising of the debt but I was already given a time frame to get my payments up too date. This company is not keeping track of communication from their mortgage holders and sending mortgage holders to collection agency and sendi ng door knockers for no apparent reaso n after they have already received calls in order to bill a mortgage holder for services that are not necessary and to be harassed by a collection company at the same time after they have accepted payment arrangement.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MS
Zip: 39212
Submitted Via: Web
Date Sent: 2017-05-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-05-25
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I HAVE APPLIED FOR A MODIFICATION TO SAVE MY HOME AND WAS RECENTLY DENIED AND THE REASON THAT WAS STATED WAS BECAUSE MY INVESTOR HAS A RIGHT OF APPROVAL. I WAS NOT DENIED DUE TO INCOME OR AFFORDABILITY, JUST BECAUSE MY INVESTOR SAID SO WHICH IS XXXX XXXX . I HAVE AN INTEREST RATE OF 9.65 % AND IT IS APPARENT THAT THEY ARE ONLY INTERESTED IN KEEPING ME IN A ABSURDLY HIGH INTEREST RATE INSTEAD OF REVIEWING ME FOR ASSISTANCE MY WIFE AND I DESPERATELY NEED IT. WE HAD TO CARE FOR OUR PARENTS , ONE WHICH HAD XXXX XXXX AND THE OTHER THAT HAD XXXX XXXX XXXX WITHIN 2 DAYS AND NOW XXXX XXXX XXXX . THESE RESPONSIBILITIES HAVE FALLEN ON US AS WE BOTH ARE XXXX XXXX OF OUR PARENTS AND MEDICAL BILLS ARE RACKING UP. NOT PAYING MY MORTGAGE IS NOT SOMETHING WE WANT TO DO, WE JUST NEED TO BE CURRENT SO WE CAN CONTINUE TO MAKING OUR PAYMENTS. WE CANT AFFORD THE DELINQUENT AMOUNT, WE ARE ONLY ASKING TO BE CURRENT SO WE CAN SAVE OUR HOME.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NC
Zip: 275XX
Submitted Via: Web
Date Sent: 2017-06-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A