Date Received: 2016-07-29
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Select Portfolio Servicing continues to provide fraudulent information to the credit reporting agencies in regard to my Acct. # XXXX .... They refuse to take this negative information off of my credit reports even though I have told them it is totally wrong. They bought then sold my mortgage from XXXX XXXX XXXX during the financial crisis and later sold it back to them. During that process, all my records were lost and they report that I was delinquent in my mortgage. I now have a clean mortage with XXXX XXXX XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: KY
Zip: 40245
Submitted Via: Web
Date Sent: 2016-07-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-30
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: W currently have a home loan with Select Portfolio Service. We are looking to refinance with another company to lower our interest rate and they informed me that with Select Portfolio in 20 years we will have to come up with a balloon payment of approximately XXXX dollars or lose our home. This information caught us completely off guard. We bought this house XX/XX/XXXX with a " coffee arm loan '' soon after we refinanced to a 30 year fixed rate at 4.75 % so we thought. I called Select Portfolio yesterday to discuss this with them and they proceeded to tell me we have a Loan Modification with a balloon payment due XX/XX/XXXX for XXXX. My husband and I feel we were misled in regards to the terms of this loan. The lender I am currently speaking with suggested I contact you, he calls this a " Toxic Feature '' I hope you can help us with this situation.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: 98026
Submitted Via: Web
Date Sent: 2016-07-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-30
Issue: Application, originator, mortgage broker
Subissue:
Consumer Complaint: XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX, XXXX XXXX Headquarters address Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX Dear XXXX XXXX : REMEDY I have struggled with an aggressive mortgage underwriting by XXXX for 11 years. I am XXXX today and can no longer make the payments. I would like a return of my {$20000.00} down payment and interest In XX/XX/XXXX I was aggressively marketed by XXXX for mortgage financing. XXXX misrepresented the following : The mortgage was uneconomic, monthly taxes exceed monthly principal amortization XXXX encouraged me to take out a second mortgage " as a new norm ''. A XXXX Modification required a principal deferral equivalent to the second mortgage as the first underwriting. This modification did not bring financial relief. and appears to have been design to maintain the original high underwriting risk and correct the misrepresentation and excessive risk. BACKGROUND When I purchased my home at XXXX XXXX XXXX XXXX, XXXX I was residing in XXXX XXXX and had lost touch with the changes in the US mortgage market. I had been out the country during the mortgage boom. I left the country in XX/XX/XXXX. I purchase my current home in XX/XX/XXXX. Today is the 11th year of ownership After a cursory review, it is revealed that if I had received a traditional mortgage underwriting the amortized balance would be {$730000.00} which is my current principal payment base less a {$150000.00} principal deferred balance. My monthly principal payment would be {$1800.00}. The interest would be {$3400.00}. It is quite apparent that adding my property tax at an estimate of {$2400.00} a month. Would have made it impossible to qualify for the XXXX mortgage. This would have made the " all in '' monthly mortgage payment would be {$7600.00} compared to {$5100.00} today. Another factoring evidencing the complex representations is the fact the monthly principal payment of the mortgage is less than the monthly property taxes. If fully disclosed I would have seen that the mortgage was Uneconomic. At the time of the original underwriting I was encourage to execute a second mortgage and minimize the cash out lay. This debt has since been settled. By coincidence the second mortgage is the same amount as the current deferred principal balance, {$150000.00}. It appears that the XXXX modification was designed in the same reckless aggressive spirit as the original XXXX transaction. I have paid over {$530000.00} in interest since XXXX on a {$730000.00} principal balance. I have received no relief from my XXXX XXXX XXXX. Sincerely, XXXX XXXX CC : XXXX XXXX XXXX Select Portfolio Servicing XXXX. XXXX XXXX XXXX XXXX XXXX, XXXX XXXX APPENDIX Mortgage Amount {$910000.00} Mortgage term Mortgage term in years XXXX Or Mortgage term Term in months XXXX Interest rate Interest rate per year % 5.500 TODAY 'S RATES Mortgage start date XXXX XXXX XXXX CALCULATE {$5100.00} MONTHLY PAYMENTS Interest Principal Total Principal Paid {$910000.00} or 48.92 % of payments made. DATE PMT PRIN INT TOTAL INT BALANCE XXXX XXXX {$5100.00} {$990.00} {$4100.00} {$4100.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$8300.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$12000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$16000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$20000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$24000.00} {$900000.00} XXXX. XXXX {$5100.00} {$1000.00} {$4100.00} {$29000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$33000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$37000.00} {$900000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$41000.00} {$890000.00} XXXX XXXX {$5100.00} {$1000.00} {$4100.00} {$45000.00} {$890000.00} XXXX XXXX {$5100.00}
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MN
Zip: 30319
Submitted Via: Web
Date Sent: 2016-07-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-28
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: Trying to get mortgage assistance. I have a XXXX and XXXX degree and a XXXX XXXX XXXX. I spent 12 years in XXXX and consider myself an expert. I can not imagine a person without my background working with these people. I am doing this for the greater good. For example, they asked for a Profit and Loss statement because I am self-employed. I prepared it and sent it. I called to follow up and they asked me why my Profit and Loss statement was negative. I said it was negative because it was a loss. They asked why I sent it in then.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: XXXXX
Submitted Via: Web
Date Sent: 2016-07-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-27
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: misrepresented the amounts consumers owed.ALLEGED LAW VIOLATIONS The complaint charges XXXX with violating several federal laws, including the FTC Act, the Fair Debt Collection Practices Act ( FDCPA ), the Fair Credit Reporting Act ( FCRA ), and the Real Estate Settlement Procedures Act ( RESPA ) enforced by HUD. Fair Debt Collection Practices Act The complaint also alleges that XXXX violated several provisions of the FDCPA, in connection with collecting loans that were in default when XXXX obtained them. Specifically, the FTC alleges that the defendants falsely represented the character, amount, or legal status of consumers ' debts ; communicated or threatened to communicate credit information which was known or which should have been known to be false, including the failure to communicate that a debt was disputed ; used false representations or deceptive means to collect or attempt to collect a debt, or to obtain information concerning a consumer ; collected amounts not authorized by the agreement or permitted by law ; and failed to validate debts. misrepresented the amounts consumers owed. INFLATING ORIGINAL PRINCIPAL BALANCE ] This not the first time select portfolio servicing ARE inflating original principal balance ON MY LOAN assignment fraud, XXXX XXXX, XXXX XXXX, not my lender ... XXXX XXXX, AN ENTITY THAT STOP EXISTING IN XXXX due merge with XXXX, a sub prime pat of XXXX XXXX XXXX XXXX The case was challenged as to assignment fraud the assignments fraud was caught when the prior defunct plaintiffs XXXX fka XXXX fka XXXX XXXX XXXX all defunct debt collector law firm shut down was caught entering fraudulent assignments of mortgage in XXXX prior fillings by defunct XXXX XXXX XXXX XXXX XXXX defunct XXXX and XXXX assignment fraud from a defunct finance XXXX that XXXX to exist in XXXX and no live person at XXXX XXXX and XXXX nothing to assign. FULL DEPOSITION TRANSCRIPT OF XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX lending group filed for Chapter XXXX bankruptcy protection in Delaware in XXXX it is still under that " protection '' ) XXXX XXXX, AN ENTITY THAT STOP EXISTING IN XXXX due merge with XXXX, a sub prime pat of XXXX brothers XXXX brother where is the permission to act from bankructy trustee of XXXX XXXX for XXXX XXXX to manufacture thus fraud ASSIGNMENTS Where is permission to act from th bankruptcy trustee for mers and its OFFICER reviewing this document questions whether XXXX or any of its officers had prior to convey this property out of XXXX XXXX, XXXX a defunct entity. MOTIONS : ILLEGAL BUSINESS PRACTICE XXXX XXXX XXXX OF XXXX XXXX for depositions WHO holds title as document control officer for select portfolio servicing and address XXXX XXXX XXXX XXXX XXXX, UT XXXX ANDALL UNDER CONTROL OF XXXX XXXX. XXXX XXXX, SELECT PORTFOLIO SERVICING, XXXX XXXX AND XXXX XXXX AND PLAINTIFF XX/XX/XXXX REQUEST A HEARING AND INVESTIGATION OF CFPB ALLEGED LAW VIOLATIONS The complaint charges XXXX with violating several federal laws, including the FTC Act, the Fair Debt Collection Practices Act ( FDCPA ), the Fair Credit Reporting Act ( FCRA ), and the Real Estate Settlement Procedures Act ( RESPA ) enforced by HUD.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: XXXXX
Submitted Via: Web
Date Sent: 2016-07-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-26
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: This will be my XXXX complaint, with the unethical business practices of Select Portfolio Servicing, they are the servicing company that has the control over my property short sale, I have a case number XXXX. XXXX Bank who I had my mortgage with for 13 years I never was late on a payment, This pass year my Husband, had major medical problems, that changed are income, and he now is on XXXX, and we are no longer able to maintain a number of are financial commitments, this property was a rental we had, the property can not be sold and the debt be paid off, for the property is up side down. we have no other choose but to short sale, I have been working with SPS since XXXX of XXXX, I sent them the documents they needed, with a cash offer of {$180000.00} they said they wanted {$200000.00}, we listed the property at XXXX with bank approval, a month or so went by and we received a offer for {$190000.00} cash, SPS requested all papers be updated before they would review, all paper work was updated ( again ) that is when my problem got worst, SPS came back and said they will not except this offer for now they want XXXX. Knowing that any property does not increase {$30000.00} in a month or so, I asked SPS how can I and the realtor show you that the {$230000.00} amount is not realistic, they gave me and the realtor a long list of documents, that they would need to review, to make any change in the asking price, and gave us till XXXX XXXX to do so. as documents were sent I called to make sure all was received and nothing further was needed, they said no I was under review, until I received a letter from SPS requesting documents I had already sent, needed to be resent because they have expired. I filled my XXXX complaint with CFPB, received a call From XXXX XXXX from Ombudsman dept. SPS, she received my complaint from CFPB and would take care of short sale process XXXX XXXX XXXX, I said finally we can move forward. the documents, that needed to be resubmitted again, had expired and needed to be resubmitted by XXXX XXXX the realtor and myself gave them every document they ask for by the XXXX XXXX date, I keep in contact with SPS I never again spoke to the XXXX XXXX that was to keep things moving ( XXXX XXXX XXXX I was back to talking to who ever answered the phone ( no negotiator ) to follow thru with the file. I had no choice but to regenerate more duplicate papers with new dates. because you receive SPS famous letter ( we can not review till we receive and then another request for more documents, with a deadline. ) this last batch of updated documents was do by XXXX XXXX XXXX, I followed thru with all documents, my last call was to SPS on the XXXX XXXX XXXX I asked do you have all documents that was asked of me and my Realtor, to complete the review, they said yes and I would hear back by XXXX XXXX, XXXX, but instead on XXXX XXXX, a letter, it been dated XXXX XXXX XXXX it said SPS is unable to complete my review for we have not received all documents we previously requested. If we do not receive the required documents by XXXX/XXXX/XXXX we will consider your request to be withdrawn. I read the letter that they added XXXX more documents, I could not believe this, the same thing was happening again, I had to let my Lawyer go I paid him to short sale he was doing resubmitting papers over & over, each paper submitted needs written, Name, address, account, I have stacks papers, he asked for more money, that I did not have, If SPS is doing a short sale they should know what documents, are needed to complete one, instead of having an XXXX and XXXX shift to have people look at a screen to tell you the need more paper, they should hire people capable of negotiating a short sale, I feel SPS pushing me closer to foreclose. and it should not be my husband can not work like he use to. I need help SPS is not doing their job.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IL
Zip: 60185
Submitted Via: Web
Date Sent: 2016-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-07-26
Issue: Taking/threatening an illegal action
Subissue: Seized/Attempted to seize property
Consumer Complaint: This is a Claim of continuous UDAAP violations pursuant to FCRA, FDCPA 15 U.S. Code 1692e - False or misleading representations, 15 U.S. Code 1692f - Unfair Practices, and O.C.G.A. 9-3-25 Georgia statute of limitation. - These violations require urgent attention by the CFPB Administrative Tribunal in that the continuous nature of the deceitful acts are inflecting severe harm upon us. 1. Select Portfolio Servicing Inc. and XXXX XXXX, XXXX Has, yet again made another representation and implication that seizure, attachment, or sale of our property in a non-judicial foreclosure sale scheduled for XXXX XXXX, XXXX is imminent unless a loan modification or short sale is agree too by us. See EXHIBIT-G, SPS Inc. ( sales notice ), then see EXHIBIT-H, ( SPS Inc. 's third party letter urging us to modify, alter or otherwise recommit to a charged-off and closed loan ). 2. This is a case where SPS Inc. bought collection rights to an account that both SPS Inc. and XXXX knew or should have known were unenforceable ( charged-off and closed ), or had insufficient information to support collection of the debt claimed to be owed. 3. SPS Inc. after acquiring the dead account began publicly broadcasting threatening messages calming they have a right to foreclosure threw a secured interest. 4. This is SPS Inc. 6th attempt in the past 7 month threatening collection of unsecured debt and/or unsecured property by means of illegal foreclosure. 5. SPS Inc. and XXXX XXXX XXXX actions amounts to debt collection thru intentional inflection of emotional distress, and should not be allowed to happen by this Administrative tribunal. 6. SPS Inc. and XXXX XXXX XXXX. has, on the XXXX day of XXXX, initiated a non-judicial foreclosure action in defiance of an existing Cease and Desist letter, ( See respondents expressed Intent to comply stated in CFPB case # XXXX at the respondents opening paragraph 1 ), then see EXHIBIT-K. ( ambiguous letter sent by us mail to us on XXXX/XXXX/XXXX ). 7. SPS Inc. has sent a foreclosure document when both SPS Inc. and XXXX XXXX XXXX. have personal knowledge that the loan they are attempting to foreclosure on is dead because the account was charged-off and closed by XXXX on or before XXXX XXXX, XXXX, as evidenced by the exhibits cited in paragraph 10 ( A ), ( B ), ( C ) and ( D ) below. 8. Both SPS Inc. and XXXX XXXX XXXX. have personal knowledge that any rights to default debt after 4 years is barred by Georgia statute of limitation, O.C.G.A. 9-3-25. 9. When a note is charged off and closed. The note no longer exists. It can not be sole because the purported loan that backs the note is gone. Thus, the note and loan is gone. All that remains is collection rights to the default debt which is now time barred. 10. Note that nether SPS Inc., or its clients have a security interest in our property as is evidenced by the following documented proof. to wit, A. The loan was CHARGE-OFF as of XXXX XXXX, XXXX, see EXHIBIT-001C ; and B. The LOAN was CLOSED as of XXXX XXXX, XXXX, see EXHIBIT-001A ; and C. The collection rights was sold to SPS Inc. in XXXX, years after the loan had been charge-off and CLOSED in XXXX, see EXHIBIT-001B ; and D. As proof that any collection rights to any default debt resulting from the charge-off and closure of account # XXXX is now time barred by GA 's 4 year statute of limitation, see EXHIBIT-001A ( it show when the statute began to run ). note that as of today 's date the statute of limitation has already lapsed. When the original subprime loan was charged off and closed by XXXX on or before XXXX, XXXX, XXXX the loan and note no longer exist ( according to UCC requirements ). All that remained was collection rights to possible default debt. AND, those rights can be transferred by assignment ONLY, and not by " transfer '' of a negotiable note
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30349
Submitted Via: Web
Date Sent: 2016-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-25
Issue: Application, originator, mortgage broker
Subissue:
Consumer Complaint: XX/XX/XXXX XXXX, GA XXXX Director XXXX Consumer Financial Protection Bureau XXXX, IA XXXX Headquarters address Consumer Financial Protection Bureau XXXX Dear XXXX ; Please allow me to introduce myself. My name is XXXX XXXX. I purchased a home at XXXX XXXX XXXX in XXXX XXXX. I was returning back to the US after servicing my country not in the military but as being XXXX of the XXXX based in XXXX. I invested my life savings of {$200000.00} on the home. Today I am exploring foreclosure options with Select Portfolio Servicing due to a XXXX in XXXX. I am XXXX today. I believe that I was defrauded by XXXX at the time of my mortgage origination. An uneconomic and irrational payment structure. My mortgage principal and interest is less than my monthly property taxes and insurance. After a modification my monthly mortgage payments are higher than my original payments. This was a negative Home Affordable Mortgage Program experience. My Principal Balance today, XXXX, after 16 years is higher than it was in XXXX. Reccomendation Please conduct and audit and analysis of my mortgage modification and complete history with XXXX, XXXX and SPS. Please assist me in receiving a debt " cram down '' valuation base of my history for the mortgages. For example, my total payment from XXXX to XXXX approximates my original principal debt or {$990000.00} in payments vs. XXXX in original debt. Thank You. Sincerely, XXXX XXXX SPS ACCOUNT XXXX XXXX XXXX XXXX AMOUNT PRINCIPAL {$760000.00} DEFERRED {$140000.00} PRINCIPAL {$900000.00} MONTHLY PMT PRINCIPAL {$1100.00} INTEREST RATE {$1200.00} {$2400.00} ESCROW {$2500.00} TAXES INSURANCE
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30319
Submitted Via: Web
Date Sent: 2016-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-25
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: IN XXXX 2016 I HAVE SENT IN XXXX PAYMENTS FOR MY MORTGAGE PAYMENT AND THEY HELD THE XXXX ONE BECAUSE THEY SAID THAT I DID NOT PAY THE WHOLE AMT. I TOLD THEM CAN THEY LEGALLY HOLD MY MONEY AND REFUSE TO APPLY IT TO THE MORTGAGE LOAN AND THEY SAID YES THEY CAN DO THAT. IS THAT CORRECT? I THEN SEND IN A XXXX PAYMENT IN THE SAME MONTH THEN THEY APPLIED THE FULL PAYMENT TO THE LOAN AFTERWARD. I WRITTEN LETTERS TO THEM ON XXXX XXXX, XXXX XXXX, AND XXXX XXXX THRU FAXES AND ALL FAXES WERE SENT TO THEM SUCCESSFULLY. THEY WROTE BACK AND SAID THEY RECEIVED ALL CONCERNS BUT REFUSED TO GIVE ME AN ANSWER IN WRITING IF IT WAS LEGAL OR NOT TO HOLD MY MONEY. I TOLD THEM THAT THE XXXX PARTIAL PAYMENTS I WANT THEM TO APPLY ON THE DAY THEY GOT IT AND NOT HOLD ONTO IT. IN ADDITION I WANT TO KNOW IF THEY LIED TO ME OR NOT WHEN I WAS IN A LOAN MODIFICATION IN THE PAST 2 YRS OR SO. I ASKED THAT SOME OF THE MORTGAGE LOAN TO BE FORGIVEN BECAUSE I WAS TOLD BY THE MAKING HOME AFFORDABLE ACT THAT IF YOU HOUSE IS VALUED LESS THAN WHAT YOU OWE YOU SHOULD BE GRANTED THAT AMT. I HAVE ASKED FOR THAT TO DO BE DONE SINCE SPS XXXX VALUE CAME IN AROUND $ XXXX BUT THEY SAID NO THEY WILL NOT DO IT. I ASKED SEVERAL TIMES ON THE PHONE AND IN WRITING. CAN YOU TELL ME IF WHAT THEY SAY IS CORRECT THEY DO N'T HAVE TO FOLLOW THE RULES OF MAKING HOME AFFORDABLE ACT. I HOPE TO HEAR FROM YOU.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WI
Zip: 53225
Submitted Via: Web
Date Sent: 2016-08-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-07-24
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: My servicing was change from XXXX to Select Portfolio Services , Inc. They have incorrectly calculated my monthly principal and interest payment as well as take out escrow amounts for home owner 's insurance when I pay that myself. On top of that, they charge my high late fees since I refuse to pay the additional incorrect amounts.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: 088XX
Submitted Via: Web
Date Sent: 2016-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No