Consumer complaint received 2024-01-19
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Trying to communicate with the company to fix an issue with the loan closing

Complaint:
On XX/XX/XXXX I sold my property to a qualified buyer and approximately XXXX weeks after I sold my property at XXXX XXXX XXXX XXXX XXXX XXXXXXXX, XXXX XXXX XXXX FL XXXX XXXX XX/XX/XXXX I spoke with an SPS Representative who informed me that further documentation was needed to close out my account with SPS, such as a hardship letter. I never questioned the hardship letter or even thought it was due from me for having a distressed property according to SPS as I hadnt sold or bought a property since the referenced property on XX/XX/XXXX so I thought it was just part of the process and some new lending changes. I then called an SPS Representative on XX/XX/XXXX XXXX, who informed me that day that my property had gone into short sale proceedings. I NEVER authorized a short sale on my property when I had a qualified buyer, and a surplus on my sale with the SPS payoff for nearly {$100000.00} - as I am a masochist or something. 

I had XXXX dig into the documentation for when the short sale was initially triggered for an event that someone with malicious or negligent intent caused harm on me that I am still dealing with today, on XX/XX/XXXX. She at some point in our conversation and due diligence mentioned the date XX/XX/XXXX. That was the day that I sold the property and what I thought had closed - and off my back -and on to a new buyer. XXXX then started reading me a transcript verbatim that I did not record or write any of the dialogue down a conversation between someone from the buyers attorneys office, XXXX XXXX XXXX Firm and a SPS Representative coordinating that payoff on the balance for my mortgage/loan with Select Portfolio Servicing , Inc. and in that conversation someone from XXXX XXXX XXXX who was coordinating the payoff amount mentioned that that they would be sending the HUD/Closing Disclosure which is never done with a real estate transaction unless the seller was in some sort of financial hardship, such as missed payments, late/missed XXXX payments, et al. and if you look at my payment history there is a XXXX XXXX back to XXXX that shows every payment to SPS from XXXX XXXX XXXX for account # XXXX was on time and never delinquent. 

I requested several times to remove the short sale proceedings on XXXX XXXX XXXX XXXX # XXXX, XXXX XXXX, FL XXXX via uploading a letter to my SPS Portal, verifying that I did NOT authorize a short sale. I also faxed the letter to SPS and mailed it to the forwarding address on file. 

So today on XX/XX/XXXX I was informed that the original payoff that XXXX XXXX XXXX XXXX was holding in their escrow for {$140000.00} that was returned to them at some point and time after it was initially wired on XX/XX/XXXX was still pending which is preposterous! I spoke to a SPS Representative on XXXX, XX/XX/XXXX and a SPS Rep. said that they received the wire for {$140000.00} again back from XXXX XXXX XXXX XXXX  on XX/XX/XXXX the day prior and it should close out my account with Select Portfolio Servicing, Inc. by the end of the week if not earlier. 

Well- here we are on XX/XX/XXXX ( XXXX ) days after SPS received the wire from XXXX XXXX XXXX XXXX and it still is in processing because of an answer that is completely unacceptable. Two SPS Representatives said it was because it was a large amount of funds and that was their reasoning. No financial institution like Select Portfolio Servicing, Inc should have to take more than ( 5 ) days to clear and close out a wire with SPS when you are banking with XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX. And I noticed that I am being charged a daily late per diem fee for {$12.00} every day that its in processing and if that amount exceeds what you have in escrow between ( XXXX ) wires I made to SPS over the course outlined below {$700.00} on XX/XX/XXXX from XXXX XXXX XXXXXXXX ending in account # XXXX {$530.00} on XX/XX/XXXX from XXXX  XXXX XXXX ending in account # XXXX {$340.00} on XX/XX/XXXX taken by phone w/ XXXX XXXX SPS XXXX XXXX XXXX XXXX XXXXXXXX in # XXXX The latest payoff amount I received from SPS XXXX good until XX/XX/XXXX for the amount for {$140000.00} and between the ( XXXX ) wires I made for {$1500.00} out of my net proceeds from the sale of my property at XXXX XXXX XXXX XXXX # XXXX, XXXX XXXX XXXX FL XXXX all due because the XXXX XXXX XXXX Firm allegedly sent over the HUD/Closing XXXX on XX/XX/XXXX or around that time triggering the event of short sale proceedings with SPS on the account of XXXX XXXX XXXX XXXX XXXX XXXX And with the wire that was sent back to XXXX XXXX XXXX Firm after XX/XX/XXXX and was returned/wired back to SPS on XX/XX/XXXX for {$140000.00} that amount with the ( XXXX ) wire equals {$140000.00} which would leave a surplus for XXXX XXXX XXXX XXXX XXXX amount for {$900.00} minus the daily late per diem charges from SPS to XXXX XXXX XXXX for a matter that XXXX XXXX XXXX XXXX not authorize or cause and effect. 

So, what happens when the processing/pending wire for {$140000.00} from the XXXX XXXX XXXX XXXX surpasses XX/XX/XXXX and the payment to close my account exceeds {$140000.00} ( which is the amount you should be holding in escrow to close out my account with SPS )? Does that mean you will be sending another document overnight to my portal saying that SPS has insufficient funds to close my account and you need another wire for xyz? 

Because nothing surprises me anymore with Select Portfolio Servicing, Inc.- especially after researching your reviews and complaints against SPS. To be exact SPS has had a total of ( XXXX ) complaints in the last ( XXXX ) years and ( XXXX ) complaints in the last ( XXXX ) months with a ( XXXX ) out of ( XXXX ) star rating. 

In fact I emailed XXXX XXXX XXXX XXXX  on XX/XX/XXXX letting he and his office know that I was aware of the negligence or malice on his firm that caused this fiasco and he then sent a cease and desist email ( see attached ) that I was somehow responsible for the short sale around XX/XX/XXXX again which is preposterous as I would have to be some sort of masochist to do so when I had my surplus of funds for the sale. The stress and XXXX  that this has caused on me since this nonsense begun on a property that I assumed was sold to a qualified buyer on XX/XX/XXXX has now led me with XXXX  consequences as I am seeing a gastroenterologist/specialist on XX/XX/XXXX for medical testing and evaluations for complications I will not get into but started and have been getting significantly worse during this fiasco. 

I am demanding that this account of mine with Select Portfolio Servicing, XXXX # XXXX is closed out by XXXX, XX/XX/XXXX or Select Portfolio Servicing , Inc. will be accountable for alleged negligence or malice. 

And by the way every call I have made to Select Portfolio Servicing , Inc. and a SPS Representative and I have spoken about these matters outlined in this letter have been recorded as I have requested every time I call and the Relationship Manager, XXXX that was assigned to me and my file on XX/XX/XXXX she and I have never spoken as I have requested her extension every time I call Select Portfolio Servicing, Inc and emailed her at least once.

I have taken every step I can think of to resolve this fiasco with Select Portfolio Servicing , Inc that has let the fire burn since the XXXX XXXX XXXX Firm allegedly lit the match. 

_____________________________________________________________________ XX/XX/XXXX, I sold/closed on my property at XXXX XXXX XXXX XXXX # XXXX, XXXX XXXX XXXX FL XXXX XXXX I do not need to get into details on what transpired next as everything has been recorded with all the near daily calls to a SPS Representatives and the documents/letters that I have written Select Portfolio Servicing, Inc. and uploaded to my account portal and have mailed directly to your Utah physical address from the time of closing on XX/XX/XXXX until your stagnant effort on closing out my account at the end of XXXX in order to accumulate more funds out of me with your continuous incompetence. 

This last dispute resolution letter ( attached ) from you dated XX/XX/XXXX must take the cake as this entire fiasco with you was something out of a XXXX XXXX episode. As my attorney, XXXX XXXX mentioned in an email back to me when I forwarded her and a mortgage lender with CrossCountry Mortgage, XXXX XXXX ( good friend and lender ) who I sent this dispute resolution letter and the XXXX tax form ( also attached ) where there is a HUGE discrepancy on both documents XXXX said and I quote Hi XXXX : I think the escrow balance is wrong. Have you logged on to your account? SPS should be receiving a refund on the tax payment they made and that money should be refunded to you. The county does take a while to refund but I think we are approaching the time when they should have received a refund from the county. 
On the short sale nonsense, without SPS providing supporting that XXXX XXXX office made application ( wrongfully ) for the transaction to be a short sale, I think it is not a good use of your funds. I dont know why they changed their story. 
XXXX XXXX " XXXX '' ) XXXX, XXXX, XXXX. 
___________________________ Board Certified in Real Estate XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
dotloop signature verification XXXX XXXX And your story does keep changing which makes Select Portfolio Servicing, Inc look not just incapable of ethical business skills, but inept. First back when this short sale fiasco began on a property that I sold weeks prior SPS said that the closing agent, XXXX XXXX XXXX Firm by sending over the HUD/Closing Disclosure while coordinating the escrow wire for my payoff on the loan with a SPS representative was what triggered the short sale on the referenced property. On this latest document, dated XX/XX/XXXX you claim that the buyers for my property, XXXX XXXX XXXX & XXXX XXXX XXXX triggered the short-sale by somehow offering Select Portfolio Servicing , Inc an offer on my previous property that they just purchased a day prior for {$220000.00} on XX/XX/XXXX. Do you realize how ludicrous that is? Why would two qualified buyers who wanted my condominium so badly offer to sell it to my previous lender and lose money after taking out a loan with another lending institution, paying closing costs, etc.? You really cant be serious and who in your Public Relations department did you hire because the plausibility of this is zero to none.

Now back on the 1098 form ( attached ) that you uploaded to my account portal. 
There is an overage for {$470.00} as XXXX XXXX with XXXX Mortgage pointed out and I calculated as well but I wanted an input from a professional in the lending business and my attorney as well. 
So you are coming up with some bogus math in order to come up with a ( XXXX ) balance on my loan which is criminal in my opinion and if I do not receive my money from this for {$470.00} and a refund for the ( XXXX ) wire transfers that I made equaling {$1500.00} after I had sold my property and closed on XX/XX/XXXX then not only will I be taking you to small claims court but I will also be filing a complaint with all the documentation that I have since XX/XX/XXXX with CFPB ( Consumer Financial Protection Bureau ). 
So - I would start coming up with a resolution to all these funds that are owed to me from the original payoff for {$140000.00} which was the amount for my loan # XXXX that was coordinated between Select Portfolio Servicing , Inc . 
and XXXX XXXX XXXX XXXX ( who was holding escrow ) for the payoff on the day I sold my property on XX/XX/XXXX. 
These are the facts and I have every document, emails, etc. and from my attorney, XXXX XXXX, who can corroborate the facts along with me. 
And when you receive additional funds from XXXX XXXX because you collected taxes on the sale of my property for XXXX twice I expect that those funds will be mailed to me and not another math formula created by SPS in order to avoid paying me what is owed.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation