Mortgage -- Trouble during payment process -- Complaint #4392853
Complaint Overview
Complaint ID: 4392853
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Massachusetts
ZIP Code: 01089
Date Received: 2021-05-20T12:00:00-05:00
Date Sent to Company: 2021-06-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
To whom it may concern, My mortgage servicer. XXXX XXXX XXXX, XXXX XXXX. XXXX XXXX XXXX XXXX XXXX, UT XXXX XXXX the investor is Deutsche Bank. On XX/XX/XXXX my mortgage was modified. I really wasn't paying attention to the amortization until XX/XX/XXXX. After I did some calculation I realized that the terms of the note where changed without disclosure. You should also know that I had to discharge a BK in XX/XX/XXXX and my attorney unfortunately forget to reaffirm the mortgage so I am worried if I keep pushing for answers the investor will or may call in the note. I have never missed any payment since the modification went into effect and my credit is excellent now so I can refinance it with no issues. My background is mortgage origination and I have my NMLS number so I understand mortgages. I have been concerned about why my principal balance not agreeing with the amortization schedule. After doing several calculations I finally figured it out what happened. The payments were calculated with the following terms. Year 1-5 of the modification was at 40 years. Year 2 was at 35 years and the now its at 34 years. When I reviewed the modification contracts and note there is no disclosure ( s ) that the terms were changed. Also the maturity date didn't chance so how can the maturity date stay the same but the terms changed. Basically even-though I have a modification agreement disclosing the new payments I don't have have any disclosures that the terms changed. I hope it make sense how I am trying explain it. If you need anything else please let me know. Thank you in advance and I look forward to hearing back from you.
Frequently Asked Questions
What is Complaint #4392853 about?
Complaint #4392853 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-05-20T12:00:00-05:00.
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.