Mortgage -- Trouble during payment process -- Complaint #6492760

Complaint Overview

Complaint ID: 6492760

Company: Select Portfolio Servicing, INC.

Product: Mortgage

Sub-Product: Other type of mortgage

Issue: Trouble during payment process

State: California

ZIP Code: 93455

Date Received: 2023-01-26T12:00:00-05:00

Date Sent to Company: 2023-01-26T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

The problem began approx. XX/XX/2022. I had a business loan for {$430000.00} with SPS. My monthly payments were $ XXXX. I had a XXXX % interest rate. For some reason, Select Portfolio Servicing ( SPS ) put money into my checking account ( around {$2800.00} ) that they were not supposed to put in there. I thought it was an escrow overage so I put the money into the stock market and unfortunately, I lost it. Then SPS contacted me to tell me I was behind in my payments. They told me it was not an escrow overage and that they made a mistake putting the money into my checking account and they wanted it back. In XX/XX/2022, I made a double mortage payment of approximately {$5600.00}. However, because my loan is a business loan, they have a default rate of XXXX %. So instead of using that money to catch up on my mortgage, they didn't apply it towards the loan and they sent the payment back to me because I was at default level, which was about {$7000.00} per month instead of {$2800.00}. Since I made the double payment, I believed I was current. I took a business trip to XXXX and I was gone for a month and I was not receiving any mail at my home in XXXX to inform me that I was in default. When I returned to XXXX I advised SPS of these facts but they did not try to help me. I also explained that during the trip to XXXX, my wife and I both contracted XXXX and it affected my earnings. I asked if they could help due to that situation and take me off the default rate so that I could catch up. They explained that it would take a month for them to decide if they would help. I requested that while we were waiting for the one month period if they could take me off the default rate but SPS said they could not do that. So after I waited a month, they declined to help me. Now my situation is worse because now I owe {$14000.00}. I contacted them in XXXX of XXXX five different times to see if they could help me fix this situation but I could only leave messages and no one would call me back. I had to come up with the money which put me in a hardship situation to get out of the default rate. At one point, SPS said they would possibly assist me with getting out of the default rate but they did nothing despite my circumstances. I spoke to a representative at SPS about the double payment and was told that the they should have never mailed that money back to me but should have applied it to the loan. Since I've had a loan with this company, they have taken out double payme nts three times without my permission. If there is something you can do to assist me with this predatory compa ny, I would appreciate it. Thank you. XXXX XXXX XXXX XXXX

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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