SELECT PORTFOLIO SERVICING, INC

2018-02-03

Magnolia, TX

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: House was scheduled for Foreclosure on XX/XX/XXXX As of XX/XX/XXXX I was still in a possible loan modification. I have the paperwork to show this from the lender. OnXX/XX/XXXX I spoke with lender who said they would not foreclose on me and would removed my home from the auction based on a cash for keys deal. This was on a recorded line verified by my lender. In a letter dated XX/XX/XXXX my lender stated that they were reviewing my modification. Lender is XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-02-03

Clayton, MO

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: On XX/XX/XXXX, I received my annual PMI disclosure notice from my mortgagor, XXXX XXXX, along with my mortgage interest statement. The disclosure properly contained a notice under the Homeowners Protection Act of XX/XX/XXXX, that PMI should be cancelled on my account on or after either of the following : ( 1 ) the date the principal balance of your loan is first scheduled to reach 80 % regardless of the current balance or ( 2 ) the date the principal balance of the loan actually reaches 80 %. When I called XXXX tonight to acquire about ( 1 ), I was given false and misleading information. I told the customer rep that under the terms of my original loan agreement, that the scheduled date should have occurred 7 years after I first signed my mortgage in XX/XX/XXXX. She first said that they can't give me a date when the loan was scheduled to reach 80 %. She told me that I just have to wait until it actually reaches 80 %. When I told her that her statement contradicted by the notice I received from XXXX and also was in violation of the law, she then actually pulled up the actual notice that was given to me so that she could see that the statement she provided over the phone was in error. She then said that because I had modified my loan, then they can't give me a date. I told her that the loan modification doesn't eliminate XXXX ' requirement to follow the law and abide by and provide an amortization schedule of when the loan is scheduled to reach 80 % of the balance. The entire time the representative was talking to me, she was also getting guidance from a supervisor. This tells me that both your regular and management employees are poorly trained and not knowledgeable about important laws impacting your business.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-02-02

Summerfield, FL

Written notification about debt

Debt collection: Mortgage debt

Didn't receive notice of right to dispute
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-02-02

Oxford, GA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: From beginning of XX/XX/XXXX up until XX/XX/XXXX, I have been trying to work with my lender to try to get something done about the property. I informed them back in the early party of XX/XX/XXXX that i had been laid off of my job and i needed to do a loan modification to try and offset what i new would happen inevitably. I tried to do the modification, but eventually my unemployment ran out, so i began to look for a buyer, when i could not find a buyer on my own, i recently went to a Realtor. I was under the impression that i had to pay a realtor to actually list the property. I do not deny that a lot of this situation is procrastination on my part, but i need this short sale to make the matter right. The property is listed at {$130000.00} and we have had a lot of activity with phone calls and showings. I currently have an offer that i would like for the lender to review.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-02-01

NJ

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: On or before XX/XX/XXXX, I sent XXXX XXXX XXXX XXXX ( SPS ) numerous requests ( 6-7 ) for information regarding my XXXX parent 's home in an attempt to establish communication regarding loss mitigation possibilities available by law, as a Successor in Interest. It was not until XX/XX/XXXX, after filing a CFPB complaint did SPS respond with a procedure for me to follow to document and verify my status as Successor In Interest. I expeditiously faxed the required documentation as requested the very next day and followed up with SPS via telephone on XX/XX/XXXX. Their response was, " we have no information regarding your request at this time. '' When asked when they would know, they stated we do not know when, call back in a few days to check. Please keep in mind I had already been verified by XXXX as a Successor in Interest prior to XXXX sending my parent 's loan to SPS for servicing. SPS 's response was that I had to start the process all over again. Therefore, this process has been going on for well over six months. SPS 's calculated attempts to impede my lawful rights as a Successor in Interest is suspicion for fraud. As time goes on, their self serving profit generating actions further impede my right to explore loss mitigation options that may allow me to keep my parent 's home and avoid litigation. Therefore, SPS continues to violate the early intervention requirements of the Real Estate Settlement Procedures Act, as well as other laws enacted to protect the consumer.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Hidden Valley, NV

Closing on a mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Newark, NJ

Struggling to pay mortgage

Mortgage: FHA mortgage

Complaint: I am writing this letter and submitting a claim because I believe financial harm and predatory lending practices are being done to me. Please reference mortgage loan # XXXX. The servicer of this mortgage is Select Portfolio Servicing ( SPS ). I would also like to note that I submitted a previous claim in regards to this same topic. REF Claim # XXXX and I thought my case was resolved with the confirmation letter provided to me by SPS on XX/XX/XXXX. I also believe that financial harm has been done to me. On XX/XX/XXXX, I received a confirmation letter from SPS stating that upon completion of the final trial modification payment that the final modification offer will include Principal, interest, taxes and insurance. Taxes and Homeowners Insurance is considered escrow. As proof of the false misinformation provided to CFPB and myself by SPS ( Select Portfolio Servicing ), I will be submitting all the pertinent documents, ranging from the letter stating that escrow will be included in the permanent modification documents along with the documents stipulating the terms and conditions of the new mortgage modification. That said I would also like to highlight financial harm that is being done just on the permanent mortgage modification offered. No Escrow in the mortgage modification as previously stated. It seems like this modification was streamline and no debt to income was taken into account Prior to default the length to maturity of this mortgage was roughly 19 years. With this new modification the length to maturity is roughly 20 years. The servicer and the owner of this mortgage could have extended this mortgage to 30 years. Prior to default my mortgage was {$1100.00}. XXXX now the new permanent mortgage payment will be {$320.00} excluding escrow. My current escrow is roughly {$650.00}. If SPS were to include Escrow in my mortgage payment then my new mortgage would add up to roughly {$950.00}. Now based on the information provided in the bullet points, the reason why I know financial harm as well as predatory lending practices are being done to me are as follow. According to the permanent modification documents and should I signed and accept the terms and conditions of this offer. I would incur financial harm because my mortgage amortization ( speed by which my mortgage will be paid off ) and the maturity of the loan are not completely factored in or are done as a predatory tactic. That is why my new mortgage payment will only be {$320.00} ( PRINCIPAL AND INTERERT ONY ) and not roughly {$460.00} ( PRINCIPAL AND INTEREST ONLY ). The servicer of the mortgage ( Select Portfolio Services ) and the owner of the note ( mortgage ) did not extend the mortgage maturity to at least 30 years in order to factor 31 % Debt to Income. Due to the new terms and conditions of the new mortgage modification, I incur a balloon payment of roughly {$53000.00}. Of the $ XXXX-balloon payment roughly {$17000.00} were not fully amortized. Therefore this will add {$17000.00} to the {$36000.00}, which according to the final modification terms will be in an escrow account, making a balloon payment of {$53000.00} upon maturity of the mortgage. In conclusion, I totally believe that the mortgage servicer ( SPS ) executed a streamline in house medication and never provided me the opportunity to submit my financial data so that the mortgage servicer can evaluate my debt to income. If the mortgage servicer had included my debt to income then the mortgage servicer would have immediately realized that including escrow my mortgage could have been roughly {$1200.00} based on the 19 years remaining on my mortgage and not extending the years to pay off the mortgage. For the record, between my Social Security and pension income, I make roughly {$3900.00}. If the servicer did a proper analysis of my debt to income, this mortgage offer would not have been made under these terms and conditions. When evaluating a mortgage modification including escrow the servicer and/or owner of the mortgage would normally do so based on a 31 % debt to income. Lastly when a modification is done, ESCROW is mandatorily Impounded meaning that the mortgage payment must include Principal, interest, taxes and insurance ( ESCROW ) With that being stated I am submitting this claim and state that financial harm is being done to me and that the verbal original terms and conditions along with a confirmation letter stating that Escrow will be included in my final modification are being violated.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Dolton, IL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Montclair, NJ

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-31

Loganville, GA

Attempts to collect debt not owed

Debt collection: I do not know

Debt is not yours
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-30

Republic, WA

Trouble during payment process

Mortgage: Other type of mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-30

Newnan, GA

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I had an insurance loss to my property on XX/XX/2018. XXXX XXXX my insurance provider took sometime in paying the mitigation part of this claim. It has been twenty five days that this company have been paid. I signed a contract with them stating that they would be paid with in five days, which they allowed me two weeks. The payment got to me from XXXX XXXX and I mailed it to my mortgage company. This was to be a non monitored claim. After submitting the two payment to the mortgage company, I asked if they could expedit this so I would not be charged the late fee and the default in payment fee. However later this afternoon I was informed that the amount of the check was over ten thousand dollar that I would have to send in a adjustor report. I would not have a problem with this, but there is not one, and they know this. The adjustor paid off of the contractors report. So now I'm stuck paying the late fee, and default payment. I explain to them that I don't have this type of money and that they need to send the check. She just told me to call back in the morning. WHO is going to pay this amount? I feel that I'm not responsible for this amount.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-30

Laurel, MD

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: We thought that we could get a lower rate from 4.95 %, principal balance forgiveness or some sort of assistance, we were asked to put in for a loan modification to get help. What we got was an interest rate of 4.95 % which is what it supposed to be anyways plus a final balloon payment ( over 139,000 ) -a rip off. You advertised on your website that you are committed to helping home owners with home retention, so how have you helped us? You asked to a bunch of documents, we sent them in for assistance, what we got is a total rip off. Attached are supporting documents for the interest rate of 4.95 % which is where were at prior to the first mod.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-30

Colfax, IN

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: XXXX XXXX XXXX transfer my loan to SPS servicing. For the last three years they have tormented me stating they dont have proof of flood insurance and I know they do because it renews in XXXX every year and they have all the information. Every year they threaten to force place Flood insurance on me at the rate of {$4500.00} per year. I have provided them proof and they keep threatening. Most recently XX/XX/2018. Every time I call in there I get stuck talking to a person from a different country that can not understand English. When my loan was modified by XXXX XXXX XXXX they took advantage of me and my family financially ( by placing us in a 40 year loan that we didnt need ). Then they turn around And sell the loan to SPS Because they did not want 40 year loans on their books. It has been a complete headache in more ways than one. Please Help.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-30

Dracut, MA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-29

Agnew, WA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-29

Fountain Valley, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-29

Oxford, GA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: after making XXXX XXXX dollar payments since XX/XX/2005. only XXXX XXXX has gone to the principal after 13 years. That is definitely wrong.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-29

Billerica, MA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-29

Phila, PA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-27

Bradley, FL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: This complaint is being field against Select Portfolio Servicing ( SPS ) negligence, misrepresentation and deception. This matter surrounds events and conversations which took place between the dates of XX/XX/XXXX until XX/XX/XXXX, with SPS agents and supervisors. We received two separate loan modification offers one stating that a payment was due in the amount of {$310.00}, by the date of XX/XX/XXXX. The second modification offer was requesting payment by XX/XX/XXXX. Payment was made in the amount of {$310.00}, on or about XX/XX/XXXX. According to the SPS, agent XXXX XXXX, XX/XX/XXXX, it was discussed that at the time this payment was posted to the account that particular offer had been cancelled by SPS. XXXX XXXX, then stated that our loan had been approved for modification .what is known as a Streamline offer from the Investor. Payments were to be made in the amount of {$310.00} due by XX/XX/XXXX. As a result, XX/XX/XXXX, Call was internally transferred to XXXX XXXX, XXXX XXXX advised that she was able to concur with all of the information that XXXX XXXX had previously provided. XXXX XXXX, then suggested that since there was an approval for the Streamline offer, which didnt require payment due until XX/XX/XXXX, a payment only be made in the amount of {$2.00}. She stated that SPS, would apply the suspense payment of {$310.00} with the {$2.00} and apply it as a whole payment toward the modification offer valid at that time. XXXX XXXX, went as far as placing the call on an extended hold in order to acquire supervisor XXXX XXXX. XXXX allegedly gave his approval of the payment terms, to be applied as one payment the XX/XX/XXXX. As a result of both the lack of guidance in SPS agents XXXX XXXX and supervisor XXXX XXXX, the terms of acceptance of the XX/XX/XXXX, loan modification offer have been cancelled. These errors and misconduct have placed our home in foreclosure as well as SPS have collected payments and misapplied payments inappropriately which are violations nine recent categories of requirements under the provisions added by the Dodd-Frank Act to the Truth in Lending Act ( TILA ), and, therefore, reside in TILAs implementing regulation, Regulation Z, 12 C.F.R. Part 1026 ( Reg. Z ). The remaining six arise from Dodd-Frank amendments to the Real Estate Settlement Procedures Act ( RESPA ) ; those six reside in RESPAs implementing regulation, Regulation X, 12 C.F.R. Part 1024 ( Reg. X ). [ 1 ] and the FDCPA 1692e : Debt collector false statements and misleading representations are prohibited. . SPS, is now demanding that we start this process all over and they have failed to apply modification payments accordingly. This is an error made by SPS and we demand that our payments be applied as according to the events that surround this complaint.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Timely Response

2018-01-26

Laurel, MD

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: We believe that XXXX is bent on foreclosing our property if not a Shylock type modification will not be proposed. We hereby acknowledge receipt of your proposed modification, however we do not agree with the terms and are therefore not signing it. Reading through the agreement, we concluded that it is a case of once bitten twice shy. The terms thereby are by no means " modification '' as you call it, and do not proffer any solution to our current predicament. You put the interest rate at 4.95 % which was what it should be anyway as this was the interest rate prior to the previous modification. We faxed you a copy of the agreement with XXXX XXXX to reduce the initial interest rate from 5.9 % to 4.95 % but you claim you did not receive it. Also on your modification, we will pay {$3200.00} for 417 months and at the end of maturity of the loan we will still owe you {$130000.00}, please explain what you mean by that. And what do you want to change the maturity date? We would not have agreed to that anyways as we dont want to pay mortgage into our graves. If you claim to reduce the interest rate why do we still owe you this much. Also how did the principal balance get up to {$520000.00} from {$520000.00} when it was transferred to you? It not does look like your investors are ready to provide any help in anyway. This obliviously seem like another sharp practice and we are not falling into this trap again. We just sent you the rest of the required documents on Monday XX/XX/XXXX, your modification is dated Tuesday XX/XX/2017, this tells us no due diligence was put into this modification agreement. We hereby seek a short sale or deed in lieu if no reasonable modification can be offered. We are tired of all these sharp practices and Shylock decisions and we need our peace. Attached is a copy of the XXXX XXXX interest rate reduction. So how have you helped us? We were having trouble at 4.95 % that was why we had the modification then. Current home mortgage rate are in the 3 %. Thank you!
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-26

Ivalee, AL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-01-25

Ashburn, VA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response