Date Received: 2015-03-24
Issue: Application, originator, mortgage broker
Subissue:
Consumer Complaint: Dear Consumer Financial Protection Bureau, Thank you for responding. I am attaching the XXXX XXXX XXXX suit that XXXX XXXX group prepared for us in their findings on our loan history. They had proved mortgage fraud, but it seems like no one can get anything done in XXXX in behalf of the consumer. Our loan was illegally pushed by XXXX XXXX XXXX. The property appraiser that worked with XXXX XXXX was arrested for over appraising homes, to push and get loans approved for XXXX XXXX. XXXX bought the loan and would never really work with us for a loan remodification they just went through the motions. They had XXXX different offices in XXXX states within XXXX that sent us XXXX sets of fees and tacked them on to our loan creating a bigger mess. When we first applied for a loan remodification the representatives at XXXX financial had said they would work with us. We kept getting request for the same paperwork package three times not realizing that they had XXXX different offices within the same corporation in XXXX different states working on the same loan remodification. After they told us we did not qualify they tacked on all the back fees to our loan from XXXX different applications so it was times XXXX because no one from their company was communicating with anyone else. When I started to complain they sold us to XXXX. We found it so frustrating and wondered how they could get away with this. My wife XXXX and I then tried through the XXXX XXXX XXXX to get help out of XXXX, to see if through them, we could get results. In the beginning they put us through the process of applying for the loan remodification. When the XXXX XXXX group pressed they sold us again to SPS who decided to tenaciously hold ground and not help us. We found out later that XXXX owns both XXXX and SPS, How convenient. After XXXX XXXX XXXX proved Mortgage fraud committed by the banks which I have sent the prepared custom Lawsuit in an attachment to you XXXX XXXX XXXX gave up and said that because the Banks were not cooperating the only alternative was to sue. Since all this we had to pay back all fees and try to catch up the loan so as to avoid foreclosure. The banks are playing games with the consumer and the Federal Government and we are desperate to get help. If we had not been granted the refinance on our home loan that XXXX XXXX wined and dined us to process and get us to sign for, we would be only a year and a half from our loan being paid off. We felt stupid that we let the mortgage loan officers from XXXX talk us into thinking this was the right decision for us. Again thank you so much for even just a response. Please help us, XXXX XXXX XXXX XXXX. XXXX XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 34953
Submitted Via: Web
Date Sent: 2015-03-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2015-03-23
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: Borrower : XXXX XXXX. Address : XXXX XXXX XXXX XXXX XXXX, CA XXXX. Loan # : XXXX. Servicer : Select Portfolio Services. Foreclosure Date : XXXX/XXXX/XXXX at XXXX. Bankruptcy Ch XXXX filed on XXXX/XXXX/XXXX at XXXX. XXXX/XXXX/XXXX : XXXX was approved for a Trial Modification under HAMP/MHA by XXXX XXXX. She made 2 trial payments to XXXX. XXXX/XXXX/XXXX : Loan was transferred to Select Portfolio Servicing. She completed the trial payments and after months & months of waiting/calling for updates and demanding answers and requesting escalations the Final Modification documents were drafted on XXXX/XXXX/XXXX. It took them 7 plus months to finalize a modification. In the mean time XXXX who is XXXX year old was being visited by XXXX Real Estate agents from XXXX XXXX XXXX who coerced her into signing a Listing Agreement to sale the home. XXXX/XXXX/XXXX : A XXXX XXXX XXXX agent called SP Servicing and cancelled XXXX 's loan modification on the same day it had been approved, Unbeknownst to XXXX. XXXX/XXXX/XXXX : XXXX and her authorize 3rd party call SP Servicing to get details of the Final Modification so she could sign the documents and mail back. She is told the modification was cancelled and home was in process of Short Sale. She realized she was being defrauded by the agents and cancels the short sale process and demands her modification be validated. She plead with SP Servicing and explained she did n't request the cancellation of her modification for which she had been struggling to get approved for months. They refused to help. She reapplied, but her brother & niece moved out and she no longer had their contributed income to include in her modification application so the review was closed out. She then had no other option, but to sale her home. She listed with a new agent. The previous agent and previous buyer sued stating they had a Right of First Refusal to purchase the property at previous accorded price and with the same agents. This prevented her from closing on the offer she had currently accepted. She hires an attorney to combat these 3rd parties claiming interest in her property. Select Portfolio is aware of her legal battle and on XXXX/XXXX/XXXX XXXX XXXX from SP Servicing confirmed the account would be placed on a forbearance status to allow XXXX to clear the legal issues which would n't be long so she could close escrow and result with a much bigger gain then in a foreclosure. The sale would pay off all liens on the property and afford her with some money to live off of. XXXX/XXXX/XXXX : XXXX XXXX, Supervisor, agreed to postpone the sale date scheduled for XXXX/XXXX/XXXX, but did not and XXXX Filed BK Ch XXXX. After many other calls with SP Servicing, her 3rd party was told they would postpone additional sale dates, and work with the homeowner, but did not and foreclosed on the property on XXXX/XXXX/XXXX after she had filed for Ch XXXX bankruptcy before the sale. On XXXX/XXXX/XXXX, a supervisor from SP Servicing said the sale would be rescinded and it has not yet. The new buyer wants the rescission to be ASAP if it is going to be rescinded to her money is not tied up. Please help this XXXX year old woman get the sale rescinded so she can in turn sale her home to the buyer who is in contract for that sale would leave her with money to live off of in a high rent area in XXXX XXXX. Besides the mishandling of home retention options by SP Servicing was poor with disregard of a XXXX in need.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 94110
Submitted Via: Web
Date Sent: 2015-03-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2015-03-19
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: I am contacting the CFPB for urgent help in dealing with my mortgage company, SPS. I have been attempting to get a loan modification since I was current in XXXX of XXXX when I knew I wouldnt have the money to make my payment. Because I was current, I was denied ... I fell behind from there not being able to work due to being self employed and out for proven medical issues and XXXX. I was denied every few months from XXXX through as recently as XXXX XXXX. All stating I do not make enough money or I make too little money. I went online and completed an XXXX from XXXX and it came back may be eligible. I resubmitted a complete modification on XXXX/XXXX/XXXX and I was told this was not received. I refaxed and emailed the submission XXXX which my documents did not start getting uploaded until XXXX and I was then told today because there was not 10 days before the sale, they can not help me and I will lose my home.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 20147
Submitted Via: Web
Date Sent: 2015-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2015-03-19
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: I am writing this letter because my mortgage account experienced an error when it was servicer transferred from XXXX XXXX XXXX to Select Portfolio Servicing on XXXX XXXX, XXXX. I was in the middle of a trial loan modification that began on XXXX XXXX, XXXX. I made all of my payments on time, which kept me locked into my trial modification agreement. I have attached a copy of my bank records, which show the payments being withdrawn from my bank account each month since the trial modification began. After the initial XXXX month trial period, I was informed by XXXX XXXX XXXX that my permanent loan modification documents were not ready to be produced yet. I was instructed by XXXX to keep making my payments each month in the same amount as the trial period payment. I ended up making payments for XXXX and XXXX in the trial amount of {$640.00}. I spoke to an XXXX representative named XXXX in XXXX XXXX. He informed me that I can begin to make my payments in the amount of the permanently modified payment, which came out to be {$850.00}, but the permanent documents are not ready yet. I made the payments for XXXX and XXXX XXXX in this amount. I spoke to XXXX from XXXX again on XXXX XXXX, XXXX. He was very apologetic about the errors on XXXX 's end. He explained that the XXXX and XXXX payments are short of the normally scheduled payment of {$850.00} because they had informed us to make payments of {$640.00} during these months. Each XXXX of these months is {$200.00} short from making a full modified payment. In order to credit the account for the full payments in XXXX and XXXX, he said the account is due for {$410.00}. He informed us to make the shortage payment along with the payment for XXXX and the account will be permanently modified and brought completely current. This would allow them to apply all of the funds properly through XXXX XXXX, XXXX. He said XXXX is working to rectify the issue prior to the transfer to Select Portfolio Servicing, but they will notify SPS of their error prior to the transfer so that there are no issues with the modification when the loan is transferred to SPS. As you can see in my bank records, which are attached, I made the payment to Select Portfolio Servicing on XXXX/XXXX/XXXX in the amount of {$1200.00}, which can be broken down into {$410.00} for the shortage in XXXX and XXXX plus {$850.00} for the XXXX payment plus an additional {$30.00}. I contacted SPS on XXXX/XXXX/XXXX to ensure that the payment had been received. I was informed that the payment was received, however they were still working on the transfer process. I called back and spoke to SPS on XXXX/XXXX/XXXX and I was informed that they were showing the account due for XXXX payments. I tried to explain that the account was current and I was advised to send in a dispute letter for the account. I ended up submitting a dispute letter on XXXX/XXXX/XXXX. I received a response on XXXX/XXXX/XXXX that SPS could not find any errors on their end and there is still a delinquency on the account. However, this is not correct information, as you can see in my bank statements that a payment has been withdrawn for each month since I began my trial modification in XXXX XXXX. I sent another dispute letter into SPS on XXXX/XXXX/XXXX. They responded with the same letter as their first response and claimed that there is not a payment issue on the file and they claim that I am XXXX payment behind on the mortgage, which is not the case. I ordered a payment history to prove that payments were made, but SPS conveniently began their payment history on XXXX/XXXX/XXXX, whereas the payment was made and accepted by them on XXXX/XXXX/XXXX, in which they claim they did not receive the payment of {$1200.00}.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: 08005
Submitted Via: Web
Date Sent: 2015-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2015-03-19
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: I was approved for a trial modification with Select Portfolio Servicing under the Tier XXXX modification program and was told this would be based off a 2 % rate for first 5 years and it would step up to the XXXX XXXX rate after that. When I received the final modification documentation I was offered a 5 % interest rate instead with a large balloon payment as a deferred balance. In the most recent verion of the XXXX handbook under XXXX XXXX it clearly states that in order to acheive the 31 % of the monthly gross income as a monthly payment, the lender is to first reduce the interest rate down to 2 %. " XXXX Step XXXX -- Interest Rate Reduction In the second step, the servicer reduces the starting interest rate in increments of XXXX percent to get as close as possible to the target monthly mortgage payment ratio. The interest rate floor is XXXX percent. If a borrower has an ARM or interest-only mortgage, the existing interest rate will convert to a fixed interest rate, fully amortizing loan. If the loan is a fixed rate mortgage or an adjustable-rate mortgage, the starting interest rate is the current interest rate. If the loan is a Reset ARM, the starting interest rate is the Reset Interest Rate if it is within 120 days of reset. If the current mortgage rate ( or the ARM reset rate, if applicable ) is not at a XXXX percentage point increment, servicers should not round the interest rate first. Begin with the un-rounded rate and reduce it in XXXX percentage-point increments until the target monthly mortgage payment ratio is achieved. Upon reaching the point where a further XXXX percentage-point increment will reduce the rate below XXXX percent, set the rate to exactly XXXX percent with no term extension and determine if the target monthly mortgage payment ratio is achieved. If it is not, move to the next step of the waterfall ( term extension ). The interest rate must be fully reduced to XXXX percent prior to any term extension. For example, test for the target monthly mortgage payment ratio at XXXX percent ; if it is not achieved, reduce the rate to XXXX percent and test again ; if it is not achieved, reduce the rate to XXXX percent and test again ; if it is not achieved, fix the rate at XXXX percent and move to the term extension step of the waterfall. If the resulting rate is below the Interest Rate Cap ( as defined in XXXX XXXX ), this reduced rate will be in effect for the first five years. This is followed by annual increases of XXXX percent per year ( or such lesser amount as may be needed ) until the interest rate reaches the Interest Rate Cap, at which time the rate will be fixed for the remaining loan term. If the resulting rate exceeds the Interest Rate Cap, then that rate is the permanent rate. '' It is clearly defined that the rate is to be reduced down to 2 % before moving on to any type of deferral of principal or any other steps in the waterfall process. PLEASE HELP!!!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91316
Submitted Via: Web
Date Sent: 2015-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes