Consumer complaint received 2015-06-12
Company: SELECT PORTFOLIO SERVICING, INC.
State: DC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
This is the XXXX complaint to CFPB regarding my mortgage. XXXX complaint regarding the mortgage practices of XXXX Bank. Immediately, my mortgage was sold to Select Portfolio Servicing , Inc. which continued the servicing abuses initiated by XXXX. The intent of both thse companies to 'take my property ''. First of all, I was unaware of my mortgage transfer until Select Portfolio Servicing began sending to mail regarding my delinquency. I challenged their accounting record received from XXXX. As a matter of documentation, I sent them copies of all my payments to XXXX. SPS, Inc. began to establish an escrow account and increased my initial mortgage payment. I informed SPS, Ic., I was responsible for paying my taxes and insurance on my property. XXXX as well as SPS, Inc. has not properly applied my payments instead place these payments in suspension. Therefore, it would appear I have not paid my monthly mortgage. Since, I have been with servicers, I have not missed XXXX payments and continued to be current on my initial mortgage agreement. I sent them the copies of my taxes and insurance documents. The next thing this mortgage began to do is to add late fees to my account and exercising an escrow account I never agreed upon and quite frankly, did not owe these payments. Several letters were sent regarding loan modification and threaten foreclosure. I informed them initially, I could pay my mortagage, my dispute was the inaccurate delinquencies attached to my mortgage based on what XXXX had sent to SPS, Inc. Due to continously sending letters to their CEO and the customer service division, I decided to send a lump sum certified letter to their CEO with the cashier check with the amount I calculated I owed. Hopwever, this amount to this date was not posted to my account. Instead, this mortgage servicer continues to submit negative reports to the Credit Bureau which has destroyed my credit. When I disputed the inacuracies on my credit report from SPS , Inc., via documentation of payments dated back to XXXX, the Credit Bureau ( all XXXX ) ignored my disputes and simply stated what was reported to them from the mortgage servicer. I have attempted all avenues to resolve this matter but, the mortage servicer has gotten away with these illegal abuses of servicing my loan. Again, I do not owe these delinquent fees being reported and want justice. This has been an awful journey with XXXX and now, SPS, Inc. My imnitial contact with CFPB was not useful nor productive. It appears there was no oversight for these type of mortgage abuses which contributes to the high rates of foreclosure. I can pay my mortgage but, it is difficult to these mortgage services who intent is to take property worked so hard to pay for. Currently, my mortgage interest rate is 11 % initially with XXXX and continues with SPS, Inc. I want to refinance to reduce this interest rate but with the negative reporting on my credit report, I am unable to refinance due to the credit score. It is time the government protect it consumers from illegal practices against citizens who work hard and pay their debts. It is my hope CFPB vigorously assist me which is the nmission of this agency. If not, I am truly disappointed!

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