Consumer complaint received 2016-06-16
Company: SELECT PORTFOLIO SERVICING, INC.
State: GA
Product: Debt collection
Sub-product: Mortgage
Issue: Taking/threatening an illegal action
Sub-issue: Seized/Attempted to seize property

Complaint:
This Complaint is filed pursuant to FDCPA 15 U.S. Code 1692e - False or misleading representations, and 15 U.S. Code 1692f - Unfair Practices : 1. This is for a cease and desist of unlawful debt collections by XXXX XXXX, XXXX. and Select Portfolio Servicing Inc. hereafter SPS Inc. because they are violating the FDCPA, The FCRA and XXXX Georgia XXXX XXXX ; 2. On or about XXXX XXXX SPS Inc. purchased a loan account from XXXX that had been closed 4 years prior to the assignment to SPS Inc. ( See XXXX, proof of closure ). 

3. As a result of the assignment of the closed account, SPS Inc. is now fraudulently calming it has a security interest in our real property on behalf of the alleged trust previously held by Bank XXXX, Although the alleged loan was bought out of the alleged trust effective XXXX XXXX, XXXX. 

4. SPS Inc. began reporting to all XXXX credit reporting agencies in XXXX XXXX under a new account number XXXX, and are now attempting non-judicial foreclosure. XXXX XXXX XXXX XXXX XXXX. Whereas, On or before XXXX, XXXX, XXXX the purported loan account held by XXXX XXXX XXXX in the name of XXXX XXXX XXXX and XXXX XXXX XXXX, loan Number XXXX was CLOSED by XXXX. XXXX XXXX XXXX & XXXX proof that the account is still closed as of XXXX/XXXX/XXXX ). 

6. Whereas, the purported loan account has been closed for more than 4 years. Therefore, We dispute the clams made by SPS Inc. XXXX XXXX XXXX XXXX. for the following reasons : ( a ) They have personal knowledge that Bank XXXX Trustee for XXXX, XXXX does not have standing to foreclose on my property in the state of Georgia since they are not the secured creditor, and ( b ) They have personal knowledge that the loan obligation was bought out of the alleged trust supposedly held by Bank XXXX, as of XXXX XXXX, XXXX ; and ( c ) They also have personal knowledge that the promissory note they are using as a bases for foreclosure is void after the account is charged-off or closed, and even if it was n't void it DOES NOT DESCRIBE THE OBLIGATION to which they are attempting foreclosing on. since SPS Inc. own the loan they also have personal knowledge that ASSIGNMENTS are not subject to negotiation under the XXXX. 

VIOLATIONS 7. There is an ongoing unlawful effort by SPS Inc. and XXXX XXXX, XXXX to intimidate, harass, and coerce us into giving them a secured interest in our property. SPS Inc. and XXXX are committing the following FDCPA violations. Whereas, ( a ) SPS Inc. and XXXX XXXX, XXXX Has made, the representation and implication that seizure, attachment, or sale of our property in foreclosure is imminent unless a loan modification is agree too. and ( b ) SPS Inc. and XXXX XXXX, XXXX Has made threats to take action that can not legally be taken or that is not intended to be taken. and ( c ) SPS Inc. and XXXX XXXX, XXXX Has made false representation or implication that we have committed Civil offences in order to disgrace us. and, ( d ) SPS Inc. and XXXX XXXX, XXXX are taking nonjudicial action to effect dispossession or disablement of our property, and there is no present right to possession of the property claimed as collateral through an enforceable security interest. 

( e ) The property is exempt by law from such dispossession or disablement, and ( f ) SPS Inc. and XXXX XXXX, XXXX are constantly communicating with us regarding a debt by post card through third parties. 
CONCLUSION When the original loan was charged off or closed, the loan and note no longer exists ( according to UCC requirements ). All that remains is collection rights to default debt. AND, those rights can be transferred by assignment ONLY, and not by " transfer '' of a negotiable note which is DEAD. Hence, ASSIGNMENTS are Not subject to negotiation under XXXX.

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