Consumer complaint received 2025-09-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Payment process
Company: SELECT PORTFOLIO SERVICING, INC.
State: LA

Complaint narrative:
This whole ordeal began in the beginning of XX/XX/XXXX when I began to have numerous issues with XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Originally I had the autopay on & the ACH for the loan kept pulling from the wrong bank account .. From there on out I then elected to pay my mortgage myself directly from the website at that point. However, conveniently I would have issues with payment online when going to the portal. Either, payment was not being accepted, or the website would always have technical errors & glitching.. This occurred all weekend on XX/XX/XXXX & XXXX, XXXX when I was going to make my XXXX payment prior to being marked 30 Days late.. The payment had an online " error '' and was not accepted! On top of that the mail could not go out Sunday and Upon finally getting someone on the phone from the servicer when their office opened during the week on XX/XX/XXXX and went ahead making my normal {$2100.00} payment - the payment was then strategically not counted as officially received until XXXX business days later after being marked 30 days late! 

Essentially, I was strategically kept from paying my payment for reasons that seem to be the accrual of PREDATORY DEFAULT INTEREST RATES. Although the submitted payment was initially submitted prior to any correspondence being received- the servicer subsequently " Denied '' my regular monthly payment submitted on time and refused to apply it until I paid that plus an additional payment totaling about {$3800.00} / month - that occurred due to them not drafting the payment until after the 30 day period .. By the time this was discovered at the beginning of XXXX - XXXX was behind nearly {$8000.00} which is equal to XXXX full payments.. 

Most importantly, I have to highlight the fact that according to my research that this default interest was and is currently being charged at a rate of 20 %- which after doing further research I found illegal according to XXXX  Revised Statutes XXXX. 

" This statute limits the fixed simple interest rate on obligations with an original principal balance of {$250000.00} or less to not exceed 18 % per annum or XXXX percentage points over the original contract rate prior to default, whichever is greater. It applies to commercial, business, or agricultural loans and generally governs interest rate caps after default as well '' I have been tirelessly going back and forth with the servicer for months formally disputing the wrongful interest and this process has been denied as they denied all involvement for any difficulties with payment. It has been prolonged and drug out longer and longer as more costs accrue.. I am at the point they have referred the account to an attorney and they are seeking to destroy my credit with various negative credit reporting and soon - steal my home if this is not corrected.. I have been forced to apply for loss mitigation alternatives and this too is being dragged out unnecessarily for over 60 days with them constantly taking multiple business days to ask for documents that I have already sent in and/or info already clearly specified on my application for mortgage assistance.. Please Help Quickly!!!

Company response to consumer: Closed with explanation