Consumer complaint received 2015-10-16
Company: SELECT PORTFOLIO SERVICING, INC.
State: OH
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
I recently read the article about the Consumer Financial Protection Bureau in XXXX magazine. We are involved in a unique and complicated situation and are not sure what direction to take. 
We are currently involved in a residential mortgage situation that began with refinancing both our residential property as well as a rental home with XXXX the fall of XXXX with a three year ARM. XX/XX/XXXX XXXX was purchased by XXXX XXXX XXXX and our servicing agent changed. Our payment went to the old servicing agent 's address and was sent back to us. The new serving agent began adding late payment fees and would not accept our payment, telling us that we were already in the foreclosure process. We felt that we had no choice but to file Chapter XXXX XX/XX/XXXX to stop the foreclosure process and protect our home and rental property. We had our case dismissed XX/XX/XXXX. When we received our first communication from the servicer after dismissing our case, we realized that the servicer failed to adjust our interest rate on XXXX properties XX/XX/XXXX, and that the XXXX index rates had actually gone down which would have significantly decreased our payments prior to our decision to file Chapter XXXX. Had we known this it might have affected our decision. In addition, the servicer failed to adjust our rate every year after that, and again, the rates have fallen each year. After numerous inquiries, the servicer made the first ARM adjustment in XXXX XXXX and even that interest rate was calculated incorrectlyWe have all the basic mortgage fraud issues including original loan not endorsed, mysterious mortgage assignment recorded many years after the XXXX was created, endless loan modification applications, multiple mortgage servicer changes and harassment/threats to foreclose on us. We have been pursuing resolution to the overpayment and the correct mortgage interest rate since XXXX. I have kept detailed records of all correspondence and have all issues outlined in a timeline summary. 
We have never been late or missed a mortgage payment in fifteen years until we re-financed with XXXX in XXXX. We had excellent credit and we believe our mortgage was added to the original XXXX pool because of our high XXXX score to increase the " average '' XXXX score of the pool. Our income has always been high enough to afford the mortgage payment and our house is worth more than the mortgage note. The servicer XXXX s ) keep sending modification offers to us even though we do not qualify for the modification program. 
There seems to be an endless back and forth between us and the servicers for each property. We continue to write letters asking direct questions that go unanswered. We have recently authorized our attorney to pursue legal action against the servicers and lenders for XXXX properties. The servicer 's response on our rental property was to file foreclosure in XXXX XXXX in the name of the trustee " XXXX XXXX XXXX XXXX XXXX XXXX XXXX. ". A copy of our answer and counter claim is attached to our complaint. 
Thank you for time and consideration.

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