Consumer complaint received 2024-06-29 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA

Complaint narrative:
The contract with Select Portfolio Servicing, agreed to on XX/XX/XXXX is currently not in compliance.I believe this is breach of contract under the law and the conditions of the contract. Each year starting after XX/XX/XXXX is a stepped intrest rate, beginning with 2.554 % on XX/XX/XXXX, to the final step begining on the XXXX month ( XX/XX/XXXX ) at 4.02379 % to the end of the contract ( XXXX month ). A balloon payment of {$74000.00} on the interest bearing principal balance is due on XXXX/XXXX/XXXX. At present, my interest rate should be 3.55400 % and the total monthly payment should be {$1200.00}. The interest rate and the total monthly payment should not change until XX/XX/XXXX. SPS has breached this contract by billing me higher than stated in the contract - specifically, I have been charged ( and have been paying ) an extra {$14.00} per month for many months that I should not have been required to pay. In addition, the most recent mortgage statement is demanding I pay on XX/XX/XXXX {$1600.00} ( {$260.00} principal and {$720.00} interest and {$640.00} for escrow ) The contract says {$980.00} for principal and interest ; {$260.00} for escrow. The XX/XX/XXXX Mortgage Statement is an increase of {$370.00} that is not justified by an increase in either property tax or home owners insurance because my homeowners insurance has actually decreased by {$220.00} per month and the property taxes have gone up only an average of {$40.00} since XXXX. SPS is attempting to obtain additional funds from us that we do not owe by disguising it as an increase in the escrow impound account. The contract has no provisions for SPS to collect more than they are due under the contract. Now they are claiming more when my property tax has increased by only {$22.00} and Homeowners insurance has decreased {$220.00} for XXXX.I am bound by the terms off the contract which suspend any previous provision and is the controlling contract until XXXX. SPS needs to be held to the same standard of compliance to the agreed contract. .SPS has no regard or intent to follow the contract as their correspondence and phone conversations prove - and this has been their XXXX XXXX since they began servicing our loan. I dont understand why I have to continually fight for an affordable mortgage? in numerous conversations with SPS over the phone no customer service agent had any idea what I was talking about. These are not customer service agents ; I do not have a single point of contact as required. Each time I call, whoever I speak with goes no farther than the top layer of the documents ( assuming the other documents are even property retained by SPS ) SPS acts as though it can dictate arbitrary changes to this fundamental contract with no repercussions. CFPB was instrumental in holding SPS accountable to get the XX/XX/XXXX XXXX XXXXXXXX loan modification that SPS is violating in this current attack. Without you, consumers have no course of action. CFPB is instrumentall in getting this contract described above from SPS and this is how they circumvent your good wook. Its dishonest and heartbreaking. I see on your web page numerous complaints about SPS 's unethical buisness practices vergin on criminal behavior. Will you look into these violations? The facts of malfeasance and confusion in the call center, lack of any one point of contact and misinformation provided to CMR California Mortgage Relief from SPS has already denied us the funding to have the balloon payment settled and payed off at the end of the life of the loan. XXXXXXXX XXXX XXXX XXXXXXXX

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