Mortgage -- Trouble during payment process -- Complaint #13693090
Complaint Overview
Complaint ID: 13693090
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Trying to communicate with the company to fix an issue while managing or servicing your loan
State: Maryland
ZIP Code: 20744
Date Received: 2025-05-23T12:00:00-05:00
Date Sent to Company: 2025-05-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/scrub> 2009, I obtained a loan modification with my current servicer/lender, XXXX XXXX XXXX XXXX XXXX where {$39000.00} was deducted from the principal balance and placed on the back of the loan as a balloon payment with {$0.00} interest. ( see attached ). On XX/XX/scrub> 2009, I received a cancellation of debt XXXX from XXXX XXXX XXXX XXXX for the ballon payment ( see attached ). A few years later, my loan was transferred to Select Portfolio Servicing , Inc. ( SPS ), and they received a copy of my loan modification agreement and cancellation of debt XXXX, however they have not only dishonored the modification agreement, but also for approximately over XXXX years SPS continues to make a gross error by showing {$68000.00} as deferred principal on my mortgage statement. Over the years, I have requested that SPS comply with the loan modification agreement, but they have ignored my requests. I've made countless verbal requests of SPS Customer Service and written and submitted several letters with supporting documentation ( see attached XXXX of my letters to SPS ), requesting SPS to correct the deferred principal error per the modification agreement and XXXX. In addition, SPS refuses to provide the name, address, phone number, and contact person of who holds the note, and copies with the original wet signature. I believe my loan was included in the bailout and that's why I received the XXXX over XXXX years ago in 2009, which was put in place to prevent mortgage companies/lenders/banks from double dipping on the backs of the borrower. This is my XXXX attempt to refinance my mortgage to take advantage of lower interest rates, and SPS is, once again, severely hindering my mortgage refinance application, because their payoff statement includes the gross error of {$68000.00}, as deferred principal. Essentially, SPS is trying to make me pay monies that I do not owe. Their defiant actions have continuously blocked me from taking advantage of refinancing for a lower interest rate and thereby blocking me from receiving better loan terms as well as suppressing my opportunities to save thousands of dollars.
Frequently Asked Questions
What is Complaint #13693090 about?
Complaint #13693090 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2025-05-23T12:00:00-05:00.
How did Select Portfolio Servicing, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Select Portfolio Servicing, INC.?
Yes, visit the Select Portfolio Servicing, INC. company profile at readthecomplaint.com/company/select-portfolio-servicing-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.