Date Received: 2023-07-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Select Portfolio Servicing, Inc ( SPS ) sent Annual Escrow Account Disclosure Statement dated XX/XX/XXXX. Indicated on the statement was that our monthly payment would increase to {$2100.00} effective with the XX/XX/XXXX payment. Not wanting to see the monthly payment increase by some {$230.00}, we opted to pay the requested shortage amount of {$2400.00}, feeling that our monthly payment would remain the same at {$1900.00}. The representative I talked to at SPS ( XXXX ) on XX/XX/XXXX processed the payment of the escrow shortage while on the phone with her. ( XXXX ) XXXX indicated that we must still make the {$2100.00} payment due XX/XX/XXXX " because that payment amount was already in the computer '', AND subsequent payments would increase to some $ XXXX. We don't understand 1 ) why we must make the {$2100.00} payment for XX/XX/XXXX and 2 ) why our monthly payment will increase to $ XXXX. Opting to pay in full the requested escrow shortage should leave our monthly payment unchanged at {$1900.00}.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We have filed complaints each year about Select Portfolio Servicing not applying our payments in the past. This year we fell behind and tried to call them to pay our mortgage. On XX/XX/XXXX we inquired about reinstating our mortgage. They told us it would take {$7200.00} to reinstate our mortgage by XX/XX/XXXX. We tried to call today to pay the amount ( XX/XX/XXXX ) well before their deadline and they have now stated they will not take the payment. We have to wait until they give us a reinstatement amount which they gave us on XX/XX/XXXX which we have tried to pay. They are stalling until the date now to force us into foreclosure. We had a witness to this conversation who can sign an affidavit. The witness helped us modify our mortgage in XXXX and is a state agency that works to help people stay in their homes.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85742
Submitted Via: Web
Date Sent: 2023-07-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have been trying to make arrangement to get our mortgage caught up since XX/XX/XXXX ; however, SPS Servicing company has declined to help us in any way. I have sent them checks in the mail, and they just return them to me, stating that they are not sufficient in the amount to resolve the dispute? I requested to make two payments, to spit up the difference to make it little easier on us to get the payments caught up, but again, they refuse to work with me. We have been in our home since XXXX ; and have a family who we are trying to raise.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MO
Zip: 63026
Submitted Via: Web
Date Sent: 2023-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-17
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I reached out to the ombudsman department requesting a review of my account. I received a call on XX/XX/2023 wherein the offered me the following : New principal balance : {$370000.00} Interest : 5.994 % Term in years : 23 years I followed up on XX/XX/2023. I received a secured email letter stating the formal offer/modification is forthcoming on XX/XX/2023. I followed up again on XX/XX/2023 and received a letter informing me the offer was not approved. I have a Motion for Summary Judgment scheduled for XX/XX/2023. I did not retain counsel to represent me because I believed we reached a settlement. If I did not follow up I would not have learned that the formal modification was not coming. Now I am not prepared to argue against the Motion for Summary Judgment. This appears to be more misconduct by the lenders. Wells Fargo is the lender and XXXX is now the servicer.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-16
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I bought my home almost 20 years ago with a purchase mortgage through XXXX. This mortgage is now being serviced by SPS and I feel that their actions and decisions are unethical and now we are in foreclosure. SPS denied me access to homeowner assistance programs that I should be considered for. Our family went through a difficult time due to XXXX and reached out to SPS for help. We were offered a " temporary hardship forbearance plan '' for a period of XXXX months with a requirement that we would have to make a balloon payment in the XXXX month to catch up. ( paperwork attached ) I am now aware that there was a government sponsored program called CARES that was designed to help homeowners impacted by XXXX ( my family ) and would allow a XXXX month forbearance with no demand for balloon payment at the end of the term, offering instead a review of reasonable options to resolve the payments from the plan. I don't understand why we were not offered the CARES forbearance because the decision that SPS made to put us in the other plan with no options to fix this has led to foreclosure. I have tried repeatedly to get SPS to consider us for programs such as deferment or loan modification but instead get told the only option is a short term repayment plan that raises my payment over {$1000.00} a month and is equal to about 75 % of my fixed income. This is wrong and I want my case escalated and I want a full review of the handling of my loan and situation. I worked XXXX XXXX XXXX XXXX XXXX XXXX years and after divorce in XXXX I worked more and made sure the mortgage was paid. In XXXX when I was dXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I made sure the mortgage was paid. In XXXX I was able to draw money out of my pension so that I could remodel, add on and upgrade my house so that my daughter and son in law and grandkids could all move in with me. As the construction proceeded we started having some problems and come to find out that the contractors lied to me and were not licensed. Not long after they walked off the job when it was only halfway done. I took them to court but the damage was done and now myself and my daughter and son in law were all scraping to pay to finish the construction out of our pocket, but we still were able to pay the mortgage on time. When XXXX hit in XXXX we were in trouble. My daughters family was living in the home and contributing to the bills but both had loss of income and hours due to the pandemic. Due to the unfinished construction there were no savings because of the scam. When I called SPS to ask for help in XX/XX/XXXX I was glad to hear that they had a program to help us, the temporary hardship forbearance, but based on the impact of Covid and the loss of income in our household a three month forbearance with a balloon payment to get caught up in month 4 does not seem like very much help, especially considering that the CARES act forbearance allowed a much longer term and did not require a balloon payment at the end of the forbearance. Because of the plan that was offered we have been struggling financially ever since. I was able to resume making payments but were just scraping by and could not get caught up. SPS offered us a repayment plan with a first payment due in XX/XX/XXXX and we made the payment, but later found that our bank account had been hacked and the payment was returned. After that SPS refused to accept payments and filed foreclosure papers. I continued trying to talk to SPS to get them to work with us and consider us for a deferment or recapitalization of the delinquent payments or a loan modification and I have been told no, the repayment plan is the only option, you need to pay us {$2500.00} a month. I did not have the money and called in begging SPS to help and work with me and their agents said no, and that if I did not find a way to make the repayment plan payment they were going to take my house.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80226
Submitted Via: Web
Date Sent: 2023-07-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: SPS has not proven the loan was assigned to them by XXXX XXXX nor that they have any interest in a loan taken out in XXXX and sold to XXXX XXXX. The accounting is wrong and does not correspond to our loan. We dispute any and all statements from SPS since they are attempting to collect on a Zombie loan as stated in Regulation F FDCPA. WASHINGTON, D.C. Today, the Consumer Financial Protection Bureau ( CFPB ) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The advisory opinion clarifies that a covered debt collector who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act and its implementing regulation. A time-barred debt is one whose statute of limitations has expired. The CFPB is issuing todays advisory opinion in light of a series of actions by debt collectors attempting to foreclose on silent second mortgages, also known as zombie mortgages, that consumers thought were satisfied long ago and that may be unenforceable in court. Some debt collectors, who sat silent for a decade, are now pursuing homeowners on zombie mortgages inflated with interest and fees, said CFPB Director XXXX XXXX. We are making clear that threatening to sue to collect on expired zombie mortgage debt is illegal. Leading up to the XXXX financial crisis, many lenders relied on predatory practices to lock homebuyers into mortgages they could not repay. In the case of todays advisory opinion, the CFPB is focusing on piggyback mortgages. Generally, this piggyback mortgage product, known as an XX/XX/XXXX loan, involved a first lien loan for 80 % of the value of the home and a second lien loan for the remaining 20 % of the homes valuation.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91505
Submitted Via: Web
Date Sent: 2023-07-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Apparently, the people at Select Portfolio Servicing ( SPS ) whose address is XXXX XXXX XXXX, XXXX XXXX XXXX, UTAH XXXX are scum : totally sinister, dishonest thieves who either lost or stole all the {$69000.00} ( documented on ALL Checking Account Statements I printed from XXXX, XXXX ) in Equity Money I have paid to Select Portfolio Servicing ( SPS ) for the house at XXXX XXXX XXXX XXXX XXXX, Kentucky XXXX purchased on XX/XX/XXXX for the sales price of {$95000.00} with {$33000.00} used as a downpayment ; and {$3000.00} which went to closing costs for {$65000.00} mortgaged through XXXX XXXXXXXX XXXX XXXX XXXX I still have all the Closing Documents when I purchased the house on XX/XX/XXXX. Very Recently, I was considering trying to obtain a loan using my house as collateral. It is my understanding that Equity is the amount of money I HAVE ACTUALLY PAID INTO THE HOUSE, which is now {$69000.00} which SPS is unable to locate in their records when I called several times in the last three weeks. From XX/XX/XXXX to XXXX, XXXX the mortgage was serviced by XXXX XXXX XXXX ; and then by XXXXXXXX XXXX ( who is now XXXX XXXX ) under the mortgage account with the last four numbers ending in XXXX. I do not know if XXXX is one of XXXX 's loan servicing companies ; however XXXX kept the same mortgage loan number ending in XXXX which was reported on my Checking Account Statements. In XXXX, XXXX, the mortgage was sold to Select Portfolio Servicing ( SPS ). The Mortgage Account Number at SPS is XXXX. XXXX XXXXXXXX XXXX was ALWAYS able to tell me- to the penny - how much Equity/Cash I had paid into the house whenever I called in to ask them in the eight years from XXXX to XXXX. When I called SPS three ( 3 ) weeks ago to ask how much Equity/Cash I've paid into this house so that I could have an idea how much money could be used as collateral for the Loan I would like to obtain, the clerk at SPS said she only saw that I had paid {$700.00} something dollars on the current loan with SPS ; and only {$58.00} has been paid to principal. She seemed very defensive and argumentative when I told her I have a heck of a lot more money in the house than that. She talked to me as though I was stupid, and refused to transfer me to someone in upper management who could help me track down my money. The other two phone clerks in subsequent phone calls were also rude, argumentative, and unhelpful, and refused to transfer my phone call to someone on their upper management team to help me track down my {$69000.00}. Select Portfolio Servicing is either extremely sloppy in their bookkeeping or they are total dishonest scum, who PROMISED ME when they restructured the loan after the COVID-19 Relief program ( which started with XXXXXXXX XXXX and ended with XXXXXXXX XXXX ) when XXXX sold my mortgage to SPS, that none of the money I had ever paid into the loan would be affected. In fact, representatives at both XXXXXXXX XXXX and Select Portfolio Servicing promised that none of the money I had paid into the house would be touched. Why can't Select Portfolio locate my {$69000.00} and show me in writing where all the money is I have paid on this house all these years? There is definitely something wrong with a Mortgage company like Select Portfolio who can not even tell their customers how much cash they have paid into their mortgage account to the penny.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NM
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Select Portfolio Servicing ( SPS ), has been claiming we owe them over {$7000.00} in escrow and in inspection fees. They are incorrect. This dispute goes back to 2021, and we have been unable to resolve it. Please see attached documents for full explanation.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CT
Zip: 063XX
Submitted Via: Web
Date Sent: 2023-07-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Feed Back for XXXX The need to communicate discrepancies with Select Portfolio Servicing ( SPS ) via the Consumer Financial Protection Bureau ( CFPB ) can not be more evident, in light of SPS deceitful/misleading response to this CFPB complaint. The following will show SPS intentional use of deceit and omission of keys facts that completely obscure the truth. 1. Under the caption Payments, in the first paragraph Select Portfolio Servicing, claims that, because the payments were sent via third party bill pay, application instructions could not be provided to SPS with the funds. SPS, conveniently omitted, the fact that we called SPS prior to submitting the escrow shortage payment as well as numerus calls to SPS after the payment was received. We informed SPS each time, that we were paying the escrow shortage in full. During each call to SPS we were informed that our call was being recorded, in which we agreed to. So SPS claim that they did not know how to apply the fund, is deceitful and not the truth. Moreover, the very reason that we had to file this claim with CFPB, is due to the failed oral communications with SPS regarding these funds. 2. Under the caption Payments in the first paragraph Select Portfolio Servicing, speaks to the use of a third-party bill pay provider in somewhat of a condescending manner. So, we need to level set the use of a third-party bill pay provider. The third-party bill pay provider, functions similar to that of a Process Server. Like the Process Server, the third-party bill pay provider provides us proof of delivery. Or in this case, proof of payment. This gives SPS no wiggle room to dispute the delivery of payments given each transaction is timestamped. 3. Under the caption Payments, in the second paragraph, is where we find SPS most egregious omission of the facts. In the documents that we provided please find the Annual Escrow Account Disclosure Statement dated XXXX XXXX. In this XXXX XXXX Annual Escrow Account Disclosure Statement, it reported that there is an escrow shortage of {$1600.00}, that could be paid with {$130.00} over the next 12 months. We called SPS and told them that we are paying for the shortage in full. Please review the XXXX proof of payment escrow shortage. Given that the escrow shortage was paid in full, we adjusted the monthly payments to {$1000.00} by removing the {$130.00} monthly shortage. The XXXX, XXXX XXXX and XXXX monthly payments all adhere to the XXXX XXXX Annual Escrow account computation year. 4. Under the caption Payments, in the second paragraph, SPS is trying to include disbursements for next years Annual Escrow account computation year with the XXXX XXXX Annual Escrow account computation year that was satisfied XXXX XXXX. 5. What is the definition of ANNUAL? Occurring once every year. 6. ( i ) Annual escrow account statements. For each escrow account, a servicer shall submit an annual escrow account statement to the borrower within 30 days of the completion of the escrow account computation year. The servicer shall also submit to the borrower the previous year 's projection or initial escrow account statement. The servicer shall conduct an escrow account analysis before submitting an annual escrow account statement to the borrower. These are some of the tactics that SPS uses to inflect undo hardship on its borrowers. Their unwillingness to apply payments correctly. Incorporating disbursements for next years Annual Escrow account computation year into the current years Annual Escrow account computation. That was already reported and satisfied. It is our desire that, Select Portfolio Servicing : 1. Apply all payments correctly. 2. Apply all disbursements in the correct Annual Escrow account computation year.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WI
Zip: 53217
Submitted Via: Web
Date Sent: 2023-07-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Every year my servicer, Select Portfolio Servicing ( SPS ) sends me a letter about my PMI. The letter clearly states that under the Homeowners Protection Act that I can request for my PMI to automatically terminate at 78 % of the original value. Since I have hit that mark, I have attempted twice for them to drop it. Each time I'm told that I need to pay for an appraisal of the property, which is against that their letter states. An appraisal costs ~ {$600.00} and I pay $ XXXX/mo in PMI, so the break even point is not enough to pay for an appraisal. I've attached both the Annual letter they send regarding the PMI, and the denial letter telling me they never received funds to pay for the valuation. Should the PMI drop off at 78 %, or do they have the right to require that I pay for an appraisal?
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 211XX
Submitted Via: Web
Date Sent: 2023-07-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A