Consumer complaint received 2021-03-20
Company: SELECT PORTFOLIO SERVICING, INC.
State: OH
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
In XX/XX/XXXX I purchased my XXXX with FHA assistance in the amount of {$58000.00}. It was a 30 year mortgage that would have matured XX/XX/XXXX. Hud sold the mortgage in XXXX to a XXXX XXXX XXXX and since then the servicing of my mortgage has not been correct. I asked them for a breakdown of the interest they were charging me and why they were charging me that much. They advised me to pay more to offset this balance and it was the only option I had. I was advised to double the amount I was paying and I began to pay {$800.00} a month which was more than I could afford. I was only making around {$8.00} dollars an hour. It has been a disaster The forbearance agreement put in place with Hud has been a disaster since they sold it. The banks have transferred the balance several times and has compounded interest on top of interest on top of interest Beginning with XXXX. I tried contacting numerous times and got no response and then another letter stating the servicing had transferred again. I did some research at that time on XXXX and the were closed due to mismanagement of the servicing of mortgages. My Mortgage was transferred several more times. Current servicer is SPS ( Select Portfolio Servicing. They acquired the mortgage after only a short time with XXXX mortgage Servicing. Prior to that XXXX XXXX who I am told started a XXXX XXXX XXXX. No one is able to get the details of this and I don't have them. I do know that they miss applied several of the payments that were intended for the Forbearance balance. I was told to hold off paying my mortgage for several months to offset this error???? .. With each transfer I ask for explanation of the added on interest balance on my loan and and how the total was acquired and each time I was told that information was not available only that I owed. no one was able to advise. Only that it came over with the loan. Each time I have disputed and asked if it was legal, my loan would get transferred to another lender. I am still paying on my mortgage. I was told I would have to pay an additional 5 years for the Forbearance balance. Just told nothing official. I received a notice from current servicer on XX/XX/XXXX advising me that my mortgage would mature on XX/XX/XXXX. At that time I owed a principal balance of XXXX plus the accrued interest balance of {$25000.00}. I questioned how was that balance determined and where did it come from. They sent it to their legal department who concluded that their findings were accurate and because they were not there at the time of the modification of my loan they did not have details that would explain the how, when and where the interest came from. But merely based on their findings it was accurate. I have disputed this balance from the onset. I have paid on the mortgage now an additional 5 years and with the {$25000.00} added it will be an additional 5 years. I do not understand how interest can be added and compounded with no explanation. This is predatory lending practices and as the consumer I have no leg to stand on. I advised them that I would not pay it. I may have to sue all the servicers starting with HUD with the mismanagement of my loan. Please advise and help me with this issue

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