Consumer complaint received 11/21/2017 about Mortgage (Conventional home mortgage) with SELECT PORTFOLIO SERVICING, INC. (GA).
Issue: Trouble during payment process

Complaint: XX/XX/XXXX                                                          XXXX XXXX XXXX XXXX, XXXX


XXXX XXXX, General Counsel
General Law & Ethics
XXXX  XXXX, Deputy General Counsel
Litigation & Oversight
XXXX XXXX, Deputy General Counsel

Consumer Financial Protection Bureau
XXXX XXXX XXXX XXXX XXXX, XXXX. XXXX

Dear Friends : 

Please join me in litigation against Select Portfolio Services and XXXX County Tax Assessor for Property Tax Fraud  Home Affordable Modification Program. I would like to recover over $XXXX in excessive property tax non-market assessments payments and damages from XX/XX/XXXX to XX/XX/XXXX. I understand that a class action litigation may be more applicable.

TIMELINE EVENTS
Select Portfolio Services modified my mortgage in XX/XX/XXXX. After the Modification I questioned why the annual property taxes exceeded the monthly principal and interest.

Property Tax Payments > Principal and interest = an Uneconomic  Relationships 

This uneconomic inequality destroys home ownership and  downgrades homeowners to the economic status of  renters of the mortgage holder and local government property tax authority.

I challenged Select Portfolio Services to contact XXXX County on what appeared to be a non-market collaboration to defraud homeowners with a non market property valuation.
The XXXX County valuation assessment was publically stated to be based on Comparable Values. This did not include internal and other close examples of the homes. It was apparent a search for the highest priced home in close proximity. In the New Home markets there are many micro and/or unique factors that challenges comparable assessments; for example,  Golf Course , Other Recreation  Access, Schools, historical and cultural preservation, and the XXXX XXXX effect.

MOTIVES
Select Portfolio Services motives to conspire with XXXX Counties local Fraud:
	Servicing fees earned of a Inflated Non Market Mortgage Principal Valuation
	Interest earned on the Property Tax Escrow Deposits









FAILURE IN LOCAL GOVERNMENT GOVERNANCE AND INTEGRIDTY
XXXX County actually increased my property assessment valuation during the Great Recession of XX/XX/XXXX from $XXXX to $XXXX. This was during a general market decline of 30%. XXXX County Tax Assessments have been immune to market factors. The XXXX  County Tax Appeal Process is invalid and may be illegal

I appealed this tax assessment in XX/XX/XXXX. A small reduction was made from the $XXXX.
which remained a fraudulently high non market tax assessment . The tax assessment increased  and returned to $XXXX in XX/XX/XXXX. The XXXX County Tax Appeal process
lacks integrity and analytical validity. XXXX  actually increased property spending in XX/XX/XXXX and XX/XX/XXXX during the peak of the Great Recession.

Recently the Georgia Governor has demanded that XXXX County cease and desist billing property tax payers XX/XX/XXXX taxes because XXXX County does not a valid property tax methods.

The failure of XXXX County and numerous other local government property tax authorities to adjust Post Great Recession property valuation assessments to the fair market declines is the key factor in home modification failures. When Principal and Interest was reduced  non market valuations property taxes were not.

I am requesting that a private second accounting and appraisal firm be retained to review that current and historical. XXXX County Tax Assessor valuation Methodology and the outsourcing of this function.

XXXX County property taxes valuation methods and assessments are not sustainable. 

I estimate an over collections of 40% since the Great Recession due to the failure to adjust property taxes to the decline of Great Recession market prices.

RE: XX/XX/XXXX Georgia Code
Title 48 - REVENUE AND TAXATION
Chapter 5 - AD VALOREM TAXATION OF PROPERTY
Article 7 - MISCELLANEOUS LOCAL ADMINISTRATIVE PROVISIONS
 48-5-380 - Refunds of taxes and license fees by counties and municipalities; time and manner of filing claims and actions for refund; authority to approve or disapprove claims

COMPENSATION OF TAX PAYER PROPERTY
After I sold my home on XX/XX/XXXX for XXXX. XXXX County assessment my home on XX/XX/XXXX  $XXXX XXXX.  This was after an official appeal and the realized market value of a sale.

	This evidences my a history of Non Market property tax assessments.
	This evidences a history of an invalid property tax appeals process. 
	It evidences that the tax appeal process is used to discourage voters to challenge a hostile process.
In order to sale a property with Non Market Property Taxes the home owners must reduce the price of the home to generate a financing that is economic.  This property value is required for
PRINCIPAL AND INTEREST + PROPERTY TAXES TO REFLECT THE MARKET VALUATION

XXXX County and SPS must compensate me and home owners for this compensation.
Historically SPS has  argued that they were only following XXXX Countys information while modifying Principal Payments to reflect a lower market assessment.


XXXX County Georgia and many local governments that have become dependent on the market inefficiencies of Non Market Tax Assessments are at great risk that lower Federal tax deductions for local property taxes and interest deductions will create a Post Great Recession Financial Crisis.




I have lost my home. I am a senior citizen. Please help.


Sincerely,



XXXX XXXX, XXXX











































BACKGROUND
On XX/XX/XXXX I received a revised tax Corrected Annual Notice Of Assessment From The XXXX County Tax Assessors office. Please help. I have lost my home due to 10 years and cumulative tax over payments of $XXXX regardless of appeals. I was required to reduce my home price from $XXXX to $XXXX in order to sale the home. The annual tax payments exceed the market principal and interest financing cash flow due to XXXX County Tax Assessors not adjusting the property valuation to the current and fair market prices.

This Corrected Assessment was received 24 days after the XX/XX/XXXX sales of the 

ACCOUNT: XXXX
PROPERTY ID NUMBER:                   XXXX XXXX
100% APPRAISED VALUE:             $ XXXX
  40% ASSESSED VALUE                 $    XXXX

Home Sale XX/XX/XXXX                    $    XXXX

I sold Parcel Number XXXX XXXX XXXX XXXX ON XX/XX/XXXX.

ORIGINAL PURCHASE                                                       $XXXX XXXX COUNTY TAX VALUATION XXXX 2017     XXXX  
SALE CLOSING PRICE                              XX/XX/XXXX        XXXX

TAX YEARS XX/XX/XXXX TO XX/XX/XXXX REFUND REQUEST                    XXXX                                                                   INTEREST 5%              XXXX                                                                                                       $XXXX
Loses due to confiscation of property  due to non market taxes reduced home value
For sale principal loss.                                                                  $XXXX                                                                                              

REPLACEMENT VALUATION ADJUSTMENTS
There are numerous or alternatives to a comparable valuation:
= Construction. +  Land 
Land value convention is 50% of valuation and seldom depreciates.

	History will reveal the land size was severely compromised for XXXX County Infrastructure development and an easement for the  XXXX XXXX Acquidauct.

	The home actually shakes twice a month (R1 factor)

	XXXX XXXX is the smallest land lot in XXXX XXXX XXXX XXXX and sits on the busiest thoroughfares in XXXX XXXX .

	The home is noisy and  the lot is too small for a family.




DEMAND VALUATION ADJUSTMENT
	Due to a rock embedded  under the home the basement is only 25% of the area structure.
	There is no walk out.
	The interior of the home is awkward: rooms remain unfinished  and the second floor bedrooms do not have a private  entry. A VERY INATTRACTIVE FLOOR PLAN

SCRACITY
Scarcity - The finite supply of competing properties continue to grow.
1.	There are four new homes breaking ground on the XXXX XXXX and over 20 new homes for sale in the 4 Block circumference. 

TRANSFERABILTY
-. XXXX XXXX XXXX has been listed each year since XX/XX/XXXX by 
	XXXX XXXX (the seller)
	XXXX XXXX  XXXX
	For Sale By Owner

The home has not been  has been uneconomic since the day of purchase.
The Annual Property Tax Payments exceed the Market Annual Principal and Interest  Financial. The only way to correct this inequality was to decrease the sell price  in order to correct this uneconomic condition

INCOME
3 BEDROOMS RENTALS LEASE FOR XXXX<  P&I..

COMPARABLES
Parcel
Number
Location
Address

XXXX County  Assessments XXXX XXXX XXXX XXXX XXXX XXXX 	
$XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX	$XXXX



Since XX/XX/XXXX buyers have rejected purchasing my home due to  the high taxes.
I am requesting  $XXXX for principal lost due to the market impact. Excess taxes. 


BACKGROUND:
Historically, the property tax assessments appeals have not been favorable results.
in the Ad Valorem Tax Valuations for Parcel Number XXXX Property Address: XXXX XXXX XXXX, XXXX, Georgia, XXXX are due to errors in identifying comparable real estate and the examination of alternatives methods. XXXX XXXX, and not the new municipality baring the name is the oldest golf course community in America. Much of the community surrounds the XXXX XXXX XXXX XXXX. The XXXX XXXX XXXX around XXXX XXXX. The land value and/or the demolition of these properties exceed $XXXX. This makes a replacement method valuation often exceeding $XXXX.   The XXXX XXXX XXXX  lot side was reduced below  of an acre and decade prior to the XX/XX/XXXX purchase. This small lot size has the reduce the land value of the valuation formerly by 25%. This property size reduction executed Imminent Domain for the XXXX XXXX XXXX. This Domain Infringement has had an unfavorable impact on property value on properties that border XXXX  XXXX. Directly across the street from my home has a open pit that floods with three feet of water after each rainfall. Our homes rattle around XXXX over 10 times a year from an apparent water release. Compensation for this easement was in adequate

XXXX XXXX XXXX borders a very busy street, XXXX XXXX is an alternative thorough fare to XXXX XXXX, XXXX XXXX has become a cut through street with morning traffic congestion and is located less than 100 meters from the City of XXXX limit. These factors traditionally require a 10% reduction adjustment. 



THE CASE STUDY: Ad Valorem Tax Valuations for Parcel Number XXXX
Property Address: XXXX XXXX XXXX, XXXX, Georgia, XXXX XXXX when the XXXX XXXX was purchased the XXXX County and national home price market was at a peak.

XXXX XXXX XXXX is listed on the real estate market today for $XXXX.  The home was purchased at the peak of the market price boom, XX/XX/XXXXfor $XXXX. The market has not recover from the Great Recession collapse. 

He most recent sales of next-door comparable prices were $XXXX and $XXXX.
XXXX Countys XX/XX/XXXX tax valuation of $XXXX has historically and today been an impediment to the property sale.

Historically, tax correction has been requested and taxes reduced only to be increased the following year with no market input.





.

A tax appeal was submitted after the XX/XX/XXXX -XX/XX/XXXXGreat Recession after the Great Recession resulted in a Valuation above the peaked market price.

Today XX/XX/XXXX the highest market offer for the property price has been $XXXX.

The historical errors in the Ad Valorem Tax Valuations for Parcel Number XXXX  Property Address: XXXX XXXX XXXX, XXXX, Georgia, XXXX are due to errors in identifying comparable real estate and the examination of alternatives methods.

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