Consumer complaint received 2024-09-27 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL

Complaint narrative:
I have always paid my monthly payments in full to SPS Servicing , Inc. A portion of my monthly payment goes to escrow for property tax and insurance. 

Starting in XXXX and continuing to present date, SPS has continually raised my monthly payment, claiming that my escrow account was in the negative. Although I paid enough to them during the year to cover my annual tax and insurance payments, SPS claims that I owe them thousands of dollars, around {$5000.00}, for money because they " advanced '' on my behalf to pay for taxes and insurance. However, I had paid enough money into my escrow account over the year to cover the annual payment for taxes and insurance. But SPS claims that all the money I paid over the year wasn't put in escrow -- - instead it was used to pay the debt I owe SPS for escrow money they advanced for me. So, in essence none of the money I sent to them went into a escrow account over the year to pay for my taxes. Instead, SPS took that money and kept it. To pay the debt they claim I owe them. 

I have spoken to many customer service reps. Not one of them can explain when this debt was incurred. They just say I owe them the money. All " escrow payments '' I have made have actually gone towards payment of this mysterious debt I owe SPS. When did this debt accrue? Numerous customer service reps can not explain that. They just keep saying I owe them and they are going to get their money back before they actually escrow anything. 

Around XXXX of XXXX, SPS started trying to bill me {$1500.00} per month. They said that would be my new payment for the next year!!!! The portion of my payment that goes principle and interest -- is approximately {$670.00}. So, SPS wanted {$830.00} every month from me for " escrow ''!! I called customer service and every rep told me that this was to pay off my debt to SPS. My taxes and insurance were not projected to increase ... SPS wanted more money to pay of the debt I owed them. 

Because I can not afford this amount, and also because SPS appears to be robbing me, I requested that escrow be removed from my payment. SPS granted my request. I am now escrowing my own money. 

However, I paid SPS {$3300.00} in XXXX, which was supposed to go into escrow. I called SPS and asked them to return this to me so I can afford taxes and insurance. Taxes are due in XXXX, and they will be around {$2200.00}. In XX/XX/XXXX, Insurance is due. It will be around {$5500.00}. 

SPS refuses to return the {$3300.00} I paid them this year for escrow. They say they are keeping that money to pay the debt I owe them. They say I still owe them around {$500.00}. Again, nobody can explain why. 

If I don't get my escrow money back from SPS, I may not be able to afford taxes and insurance. Im a XXXX father. I don't want to lose my home. Please help me!!!. 

XXXX XXXX.

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