Consumer complaint received 2016-08-22
Company: SELECT PORTFOLIO SERVICING, INC.
State: MI
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My loan account was transferred from XXXX to Select Portfolio Servicing as of XXXX XXXX, XXXX. I had been granted a 24 month modification from XXXX after an appeal to a denied modification in XXXX XXXX. I was seeking a PERMANENT modification so I contacted XXXX again in XXXX XXXX, XXXX after noticing that my monthly statements beginning with XXXX XXXX indicated that my 2 % interest rate had been changed from XXXX XXXX to XXXX XXXX. I wanted to ensure that a " permanent modification '' had been granted based upon the 2 % interest rate that was indicated on my monthly statements. I received written communication in XXXX XXXX from XXXX indicating that as of XXXX XXXX my monthly payment would be {$730.00} at a 2 % interest rate which is AFTER the completion of the 24 month modification. 
In XXXX XXXX I received communication from XXXX indicating my loan had been transferred to Select Portfolio Servicing. I contacted XXXX to inquire " why '' my loan was being transferred after I had spent the last 3 years working toward a payment that I could handle and I was told " this loan was n't beneficial to XXXX anymore. '' I concluded that statement to mean " XXXX was no longer collecting an interest rate at the 9.84 % rate which netted {$1100.00} in interest alone. 
I received my monthly statement from Select Portfolio Servicing which indicated a payment of {$1400.00} due XXXX XXXX, XXXX. I informed SPS of my prior arrangement with XXXX in reference to the 2 % interest rate until XXXX XXXX indicated on my monthly statements and the payment of {$730.00}. SPS conducted a review of my account and concluded that the letter sent to me from XXXX in XXXX XXXX was sent during the 24 month modification period that indicated my payment as of XXXX XXXX in the amount of {$730.00} was not an extension of the 24 month modification, although the modification ended in XXXX XXXX and my inquiry asked about the mortgage payment as of XXXX XXXX. 
I personally spoke with representatives from SPS Ombudsmans office, on XXXX XXXX, XXXX at XXXX I received a call from XXXX XXXX. I explained the entire situation to her. She informed me that she would assist in rectifying this situation. I received a letter from SPS on XXXX XXXX, XXXX indicating the investigation had been complete and that my payment is {$1400.00}. I called and spoke with XXXX XXXX, she indicated that the 2 % interest rate indicated on my monthly statements from XXXX XXXX to XXXX XXXX probably was an error, miscommunication by XXXX and an unfortunate situation but there was nothing else they could do regarding the previous agreement with myself and XXXX since XXXX did not provide the most recent agreement of 2 % interest rate until XXXX XXXX and {$730.00} payment in a " New Loan Modification Agreement ''. The only agreement XXXX sent SPS was the 24 month modification with a payment of {$680.00}. 
I received the home in a divorce decree on XXXX XXXX, XXXX. I was ordered to refinance the home. I tried but was denied in XXXX XXXX due to negative equity. 
I have spent 3 years working with XXXX trying to obtain a manageable mortgage only to endure this same process with SPS. 
How is it legal for mortgage lenders and servicers to continuously be deceitful and dishonest with consumers by not disclosing ALL information and the most recent " communications '' when service is transferred? How can a DATE indicated on a mortgage statement be viewed as " probably an error '' for 8 full months? Under the " New Rules '' it states No Surprises-clear monthly statements. This is extremely unfortunate that even after the Consumers Financial Protection Bureau has set " Rules '' and Guidelines '' in place, misconduct is continuously being displayed. 
I am also filing a formal complaint with the Utah Attorney General XXXX XXXX ( SPS ) and Florida Attorney General ( XXXX ).

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