Date Received: 2016-06-06
Issue: Application, originator, mortgage broker
Subissue:
Consumer Complaint: A brief background and summary of why I have been trying to get a loan modification. I started a mortgage brokerage company in XXXX and grew the business to XXXX offices, XXXX loan officers and XXXX processors. I was also XXXX holding some for cash flow, then in XXXX when the mortgage crisis started I struggled for several years trying to turn things around but as the economy worsened so did my entire business, the expenses and reduced income were overwhelming. After reducing my expenses and draining my savings I was still forced to file for a personal chapter XXXX bankruptcy. My bankruptcy plan was confirmed in XXXX of XXXX for a 5 yr. pay off. It has been a struggle but all payments have been made on time to the Trustee as well as all my Lenders and creditors. I am soon to be XXXX XXXX XXXX and have some medical issues that I am dealing with that have forced me to drastically cut back on my work schedule and it has become a major hardship to keep up with all the payments so I have been trying to negotiate a loan mod. with Select Portfolio Services ( SPS ), the Lender that holds my 1st mortgage on my primary residence. On XXXX XXXX, XXXX I applied for a Loan Mod. with SPS. I completed the loan Application and supplied all the documentation they asked for. I contacted them 30 days later for an update and I was told that additional documentation was needed so I gave them what they needed. I called back a week later and I was again told that new different documents were needed which I sent in, I then called back 10 days later and they again told me they needed more paperwork which I also sent in. In XXXX XXXX I was told that they could not find the original application and that I needed to complete a new XXXX which I did, I called them after 2 weeks and was told that they needed more paperwork. This went on for another 8 months, I would call them every 10 days to see if they had everything they needed and they always told me they needed more paperwork or needed clarification on something until I was so frustrated I gave up. In an effort to keep my home ( which is underwater ) on XXXX XXXX, XXXX I again applied for a Loan mod, I was desperate to lower my mortgage payment. I have been going through the exact same issues as before, I do n't know why I thought it would be different. It has been almost 14 MONTHS since I applied for the second time, I have been calling SPS sometimes on a weekly basis but I have been given the same run around as before, they continually ask for more and more paperwork week after week and I continually send them exactly what they ask for but they just come back the following week asking for clarification of something or just asking for more paperwork. I would constantly ask to speak to a supervisor but they do not allow homeowners to speak to anyone with authority or that actually make decisions on these mods. I have owned and operated a successful mortgage company and there is no acceptable reason it would take 14 months to underwrite or process a loan especially when I supply everything they ask for week after week. I thought the whole purpose of offering Loan mods were to help homeowners with hardships? This company is either not interested in helping homeowners at all or they are so incompetent it 's ridiculous, I do n't know why they even offer them. I guess they are hoping that the homeowner gets so totally fed up with the process at SPS that they give up and that way they do not need to offer the mod!!! I would be curious to know how many loan mods they have actually offered and completed successfully??
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 209XX
Submitted Via: Web
Date Sent: 2016-06-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-06-06
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: I am the SOLE AUTHORIZED ADMINISTRATOR for the PERSON noted as XXXX XXXX XXXX. I am the sole creator and owner of the monetary instrument Promissory Note used for the referenced property and account. I asked Select Portfolio Servicing, Inc. to return my property to me and they refused to do so.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MA
Zip: 02368
Submitted Via: Web
Date Sent: 2016-06-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-06-02
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: My previous mortgage holder was XXXX since XXXX and they approved my modification agreement to affordable terms in XXXX XXXX. In XXXX XXXX I was notified by Select Portfolio Servicing Inc. ( SPS ) that my mortgage was transferred from XXXX and they were not obligated to honor the modification agreement workout from XXXX. Therefore SPS rearranged the agreement and added back the arrears that XXXX removed for the agreement terms to work. SPS increased the mortgage beyond what I could afford and the arrears began to incur additional interest and penalties. I continued to pay the mortgage until XXXX XXXX while trying to obtain a new modification agreement with SPS. For nearly two years I continued to apply for the new modification agreement with SPS. In XXXX XXXX I was notified that the modification application and two years of effort was denied. They stated the numbers did not work for their investors and underwriters. Subsequently, they recommended and approved a Short Sale option in XXXX XXXX with a relocation allowance. The other option was foreclosure losses, a damaging credit rating and no relocation allowance. A purchase offer contract was presented to SPS by the real estate agent in XXXX XXXX. SPS sent a Short Sale Counter-Offer letter XXXX XXXX, XXXX. Subsequently SPS sent a denial letter XXXX XXXX, XXXX stating " The Short offer presented does not meet our minimum acceptable net proceeds. '' XXXX XXXX, XXXX letter states SPS " has received your request for a Home Affordable Foreclosure Alternative Short Sale Payment Plan. SPS is unable to approve your request for assistance at this time for the reasons marked below. '' " We have determined that this option is not available at this time. '' I have owned my home since XXXX. I had financial hardship due to economic decline in my field of work as a consultant. They were errors in the transferring of my mortgage since it transferred over 4-5 times previously and I obtained attorney consultation to assist me with pursue the errors with other mortgage companies in addition to SPS not honoring XXXX modification agreement. However, I am unable to pay additional attorney fees for research of documents over the last ten years. The equity value in my home has diminished by over {$100000.00} since the banks transferring my mortgage were taking place in the last several years. My home was appraised in XXXX at {$250000.00}. The current mortgage is {$230000.00}, which include the payments, penalties and interest accrued since the XXXX XXXX when the Short Sale Option was approved and in effect. The current assessed value according to the bank is {$150000.00}. That is {$83000.00} under the value of the current mortgage. It is my ultimate desire to keep my home and have the terms affordable and the arrears removed to the back of mortgage as XXXX previously proposed. Also, I would like the current principal mortgage adjusted to the current market value as assessed by the bank.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30215
Submitted Via: Web
Date Sent: 2016-06-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-06-02
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: We are threatened with foreclosure. We took out a ARM home equity loan in XXXX in Texas with XXXX. Prior to that time, we had always been on time with our mortgage payments, having bought our home inXXXX at a foreclosure bank auction with 25 % down but an interest rate of 10.75 %. We paid at that interest rate until our first home equity loan in XXXX when Texas citizens voted to change the Texas constitution and allow home equity loans in Texas by using the Texas Home Equity Instrument. The Texas Home Equity Instrument was signed by ourselves as borrowers and the lenders, XXXX at the closing for our XXXX home equity loan. The Texas Home Equity Instrument required lenders had to apply payment to principle and interest first and late fees last ( on page XXXX of the Texas Home Equity Instrument ). I did not discover that lender requirement until XXXX when I notified XXXX attorney XXXX XXXX of that requirement by certified mail as required in the Texas Home Equity Instrument on page XXXX of the XXXX pages. Because XXXX did not correct the problem in how our mortgage payments were applied in 60 days, also per the Texas Home Equity Instrument on page XXXX, our mortgage loan should have been voided. That protection was never enforced in all the legal proceedings we have had since. In XXXX XXXX XXXX bought XXXX and refused to give us a payoff amount when we had lenders for a fixed rate mortgage ready provide a home equity loan at a lower rate. From that point on, I saw mortgage servicing irregularities such as using payments we submitted for bank fees ( such as {$3000.00} in late fees in XXXX ) and not principal and interest payments which of course made us look further and further behind in our mortgage payments and ruined our credit to take out any another home equity loan to replace the ARM loan with XXXX. In XXXX IRS recommended recommended we file for Ch XXXX to get some of our IRS tax debt dismissed. However, XXXX used that opportunity to claim that we were 3 months behind in our mortgage payments. The Ch XXXX judge spread out what we owed over 3 months in XXXX payments. The payments were mailed on time but had to be mailed to a XXXX XXXX in Florida so overnight delivery was not available. Even when I went to a local XXXX bank branch here in XXXX, Texas ready to pay cash for our payment due, the payment was refused. XXXX constantly reported these payments 4-7 days late and when we reported as making these catchup payments late 3 times, the Ch XXXX judge dismissed our Ch XXXX case and XXXX began to move towards foreclosing on us in XXXX. We stopped making mortgage payments at that time because foreclosure on our house appeared inevitable. XXXX at that point claimed we owed {$57000.00} in back payments owed. Our credit was too poor to find any other home equity lender. We filed for Ch XXXX again to protect our house in XXXX to protect our home. We were not aware that XXXX had sold our mortgage as good quality mortgage loan bundled with XXXX of other quality mortgage loans as a securitized bundled mortgage instrument. Back mortgage payments we were paying as part of our monthly Trustee payments that should have gone to XXXX as interest and principle payments were kept by XXXX, now the mortgage servicer, and applied to other fees that XXXX kept as profit. The XXXX attorney at our XXXX/XXXX/XXXX Ch XXXX hearing bragged that XXXX did not have to cooperate with state law requirements and XXXX had no idea of what was going on in our mortgage loan as well as the XXXX of other mortgage loans in the bundled mortgage security instrument XXXX had purchased. Ultimately, XXXX lost the paper records of our mortgage loan along with thousands of other paper records in XXXX when the records were shipped to from XXXX to XXXX and never arrived at the warehouses in XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 78703
Submitted Via: Web
Date Sent: 2016-06-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-06-03
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Select Portfolio Servicing ( SPS ) did not address our issue. Select Portfolio Servicing failed to provide reasons as to why they placed us in false default in XXXX, and continued to service, by recorded assignment, and discharge, in XXXX XXXX - without any authority to do so. We requested correction of County filed records, that falsely provided a cancellation of mortgage, without authority, or assignment, to do so, by invalid Limited Power of Attorney. Instead of correcting the record to backdate to XXXX, SPS, continued to act as servicer, and filed a false assignment/discharge in XXXX XXXX, without the proper legal and valid authority to do so. In addition, in the process of complaints, SPS admitted that we were in default in XXXX, by assessment of false placed insurance. This is false, as we had insurance, and were not required to purchase additional insurance, and not provided with any NOTICE that any forced placed insurance had been placed. This caused our loan to be placed in false default, and " paid out '' by another entity, just prior to our refinance in XXXX XXXX, by which our payoff check was diverted, and monies pocketed by SPS, and not paid to the proper investor - keeping us in false default for years. It appears, by telephone conversation, that SPS was the entity that placed the false forced placed insurance, and falsely placed our loan in default. This has caused title problem issues to our property. We will file a new complaint, and continue to do so, until SPS provides all information requested, including correction of false default, name of entity that SPS sold our loan to - prior to our payoff of the loan, and the exact phone number for the entity that SPS purchased forced placed insurance against us, which caused a false default, diversion of our actual payoff monies, and destruction of our title. Thank you.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: 07470
Submitted Via: Web
Date Sent: 2016-06-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-06-02
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: After noticing several invalid charges in a XXXX XXXX, XXXX statement, I sent Select Portfolio Servicing, Inc. ( " SPS '' ) a Qualified Written Request ( " QWR '' ) challenging {$670.00} in insurance charges and {$660.00} in eviction charges. Since I have never let my homeowners insurance lapse and have not been evicted, these charges were obviously wrong. In response to my QWR, SPS removed over {$5000.00} in forced placed insurance charges and {$660.00} in evictions charges. SPS ' excuse for charging me over {$5000.00} of forced placed insurance was a rescinded foreclosure sale in XXXX of XXXX. However, the unlawful sale was rescinded almost immediately and my homeowners insurance was still in place. SPS gave absolutely no valid reason for charging me Eviction Fees and Costs in XXXX XXXX other than " because we can '', and the charges were clearly removed because of my QWR. SPS failed to provide any details for the charges or to identify who provided the " service '' for which I was charged.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 86326
Submitted Via: Web
Date Sent: 2016-06-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-05-31
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: Due to family hardship ( husband being diagnosed with a XXXX ( increased medical cost ) and loss of child support income ( $ XXXX/month ), I was not able to pay the mortgage. I applied for a second modification, but did not qualify. I was given XXXX options : short sale or deed in lieu. In XXXX, 2016 after all else had failed, I opted to pursue the deed in lieu. I received a letter dated XXXX XXXX, 2016 outlining the details of a XXXX Deed in Lieu. At that time I had tenants in my home. I sent it the supporting documents ( copy of lease, electric bill and a request for relocation assistance ). My tenants were displeased with having to move and did not cooperate. On XXXX XXXX, 2016, I signed all documents in the presence of a notary ( deed and agreement - attached ). My relocation date was scheduled for XXXX/XXXX/16 by XXXX. I requested additional time due to my tenants failure to move. I was granted time to process an eviction. I contacted SPS regularly to update my progress. On XXXX XXXX, 2016, I called to notify them that the house was vacant and in a broom swept condition as required by the agreement. It was my understanding that after the condition of the house was verified, I would receive notification and a check. ( as noted in the letter dated XXXX/XXXX/16 ). As of XXXX XXXX, 2016, I have not received a check or any written explanation. I have called on multiple occasions and been given different answers. I called several times. On XXXX XXXX, 2016 XXXX XXXX XXXX XXXX the final walk-through to verify the house was vacant had not been completed according to XXXX XXXX, a supervisor and he did n't see why it was taking so long. He called another supervisor who agreed it should n't be taking so long and then said give us a couple of days and check back on Monday or Tuesday. On XXXX XXXX, 2016 XXXX XXXX XXXX - I was told by XXXX XXXX " looks like we are working on recording in the final process '' ... " nothing else is required on your end. '' I requested to speak to a supervisor. I spoke to XXXX XXXX. I asked for a timeline regarding the completion of the process and he refused to give me XXXX. When I told him about the time frame given on the letter I received he still refused saying it could be the end of this week or longer. XXXX XXXX, 2016 I called again XXXX XXXX I spoke to XXXX XXXX - no new information. XXXX XXXX, 2016 XXXX XXXX I spoke to XXXX XXXX XXXX She took some time to research the case. Stated all information had been completed by me and that SPS would honor whatever they sent me in writing. She stated she would put in an escalation request to have my check issued and to see what the time frame was for the process to be completed. On XXXX XXXX, 2016 XXXX XXXX XXXX, I spoke to XXXX XXXX who told me that I did not qualify for XXXX. I asked when was this decision made and what were the terms under the current status. He could not provide me with any information. I hung up and called back. I spoke to XXXX who told me that I did n't qualify for the relocation, but I was under XXXX and a check would be issued once the deed was filed. Supposedly the deed was out for recording. XXXX also said she did not understand why they were only giving me $ XXXX when I qualified for {$10000.00}. No explanation of the process used to calculate it.Today XXXX/XXXX/16 I spoke to XXXX XXXX who said that the deed was actually sent to the attorney on XXXX XXXX, 2016 and she does n't know why it 's taking so long. She also stated the check should be issued as long as the house has been verified vacant. She stated she would Escalate the account to the processing department. I explained that each month this is n't resolved another negative report goes to the credit agency. Response time for escalation is 3 business days. Complaint : Multiple conflicting updates from SPS with no real end in sight. I have fulfilled my requirements under the agreement
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30680
Submitted Via: Web
Date Sent: 2016-05-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-05-30
Issue: Cont'd attempts collect debt not owed
Subissue: Debt was paid
Consumer Complaint: Complaint against : Select Portfolio Services Address of Foreclosed Property XXXX XXXX XXXX XXXX, FL XXXX SPS Account Number XXXX ENCLOSURES : Verification Letter re : date of original delinquency/Chase Demand Letter to SPS Recently, I applied for a mortgage and was approved. The company in question, Select Portfolio Services ( SPS ) became the servicing agent for mortgage foreclosure that was filed in XXXX, and they took over servicing in XXXX. It is still being reported by them with a date of original delinquency of XXXX I contacted them to let them know that the date of original delinquency predated my dispute by over 7 years and must be deleted. Their response was essentially that it is the date of their last activity, not the date of original delinquency, that determines when the 7 year period begins to run, and that they will continue to report this delinquency until XXXX in direct violation of the FCRA. I sent them a letter demanding that they delete this entry but as of this date I have gotten no response. The loss of the home and other substantial assets, like a pension, a job, etc, were the direct result of the XXXX mortgage debacle. I have already suffered enough loss from that. I believe SOMEBODY has to have some relief for me instead of the banks. I contacted the original creditor, XXXX XXXX XXXX, to verify that the date of original delinquency is over 7 years. Their verification, which I believe is incorrect and I will further investigate, said the date of original delinquency is XXXX. It is my belief that there were several missed payments before that date. Assuming that to be true, any reference to this debt must be deleted in XXXX of XXXX. SPS has refused to acknowledge this and insists that it may report until XXXX. I had a mortgage in place a few days ago, but because of this entry, and the false record of the date of delinquency, the mortgage was declined at the last minute and I was unable to make the purchase. Disputes have been sent to reporting agencies and the response was the same. They believe the date is extended by the date they got the account. Another factor is that when the started servicing the loan, it was to be under the terms and conditions agreed to by XXXX. Part of that agreement was that XXXX would take a deed in lieu of foreclosure. SPS refused to do so and cause more damages because of the time it took to finally get the property out of my name. My concern is not only for my account. If they are following this procedure on all of their accounts, they are undoubtedly reporting countless accounts in error. This is not a clerical mistake. It is their policy and procedure, and it a clear violation of law. They need to stop, and they need to be sanctioned for each and every violation. I have enclosed documentation to support my claim.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33917
Submitted Via: Web
Date Sent: 2016-06-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-05-29
Issue: Settlement process and costs
Subissue:
Consumer Complaint: SPS has confirmed my investor is not XXXX, f/k/a XXXX ( is Trustee only ) however was vague as who is my actual investor on my mortgage Trust XXXX Mortgage Pass Through Certificates, Series XXXX is the owner of the account letter went on to say loan ownership status may change from time to time? please clarify SPS has been servicing loan since XX/XX/XXXX and should know who the current investor is as of XX/XX/XXXX. As the investor is whom denied my KYHC because it was over XXXX by less than XXXX XXXX dollars. I am sure SPS with removing some servicing fees would have met the XXXX limit to except Keep Your Home California. I have a right to know whom the 1. investor is as of XXXX XXXX XXXX copy of all assignments to make sure SEC guidelines were met XX/XX/XXXX-to XX/XX/XXXX. 3. A complete breakdown of all transactions including insurance, fees, legal cost, and copy of mailing/shipping receipt I have been charged on my account
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2016-05-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-05-26
Issue: Disclosure verification of debt
Subissue: Not given enough info to verify debt
Consumer Complaint: I believe I am victim of Mortgage and Mortgage Servicing Fraud. XXXX XXXX XXXX and Wells Fargo N.A . are both claiming to be the note holder of a loan in my name which is being serviced by a third party entity. I have sent both parties Qualified Written Request and Debt Validation Request and neither have sent adequate responses.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: 483XX
Submitted Via: Web
Date Sent: 2016-06-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes