Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account Texas

We are threatened with foreclosure. We took out a ARM home equity loan in - in Texas with -. Prior to that time, we had always been on time with our mortgage payments, having bought our home in- at a foreclosure bank auction with 25 % down but an interest rate of 10.75 %. We paid at that interest rate until our first home equity loan in - when Texas citizens voted to change the Texas constitution and allow home equity loans in Texas by using the Texas Home Equity Instrument. The Texas Home Equity Instrument was signed by ourselves as borrowers and the lenders, - at the closing for our - home equity loan.


by certified mail as required in the Texas Home Equity Instrument on page - of the - pages. Because - did not correct the problem in how our mortgage payments were applied in 60 days, also per the Texas Home Equity Instrument on page -, our mortgage loan should have been voided. That protection was never enforced in all the legal proceedings we have had since. In - - - bought - and refused to give us a payoff amount when we had lenders for a fixed rate mortgage ready provide a home equity loan at a lower rate. From that point on, I saw mortgage servicing irregularities such as using payments we submitted for bank fees ( such as $3000.00 in late fees in - ) and not principal and interest payments which of course made us look further and further behind in our mortgage payments and ruined our credit to take out any another home equity loan to replace the ARM loan with -. In - IRS recommended recommended we file for Ch - to get some of our IRS tax debt dismissed. However, - used that opportunity to claim that we were 3 months behind in our mortgage payments. The Ch - judge spread out what we owed over 3 months in - payments. The payments were mailed on time but had to be mailed to a - - in Florida so overnight delivery was not available. Even when I went to a local - bank branch here in -, Texas ready to pay cash for our payment due, the payment was refused. - constantly reported these payments 4-7 days late and when we reported as making these catchup payments late 3 times, the Ch - judge dismissed our Ch - case and - began to move towards foreclosing on us in -. We stopped making mortgage payments at that time because foreclosure on our house appeared inevitable. - at that point claimed we owed $57000.00 in back payments owed. Our credit was too poor to find any other home equity lender. We filed for Ch - again to protect our house in - to protect our home. We were not aware that - had sold our mortgage as good quality mortgage loan bundled with - of other quality mortgage loans as a securitized bundled mortgage instrument. Back mortgage payments we were paying as part of our monthly Trustee payments that should have gone to - as interest and principle payments were kept by -, now the mortgage servicer, and applied to other fees that - kept as profit. The - attorney at our -/-/- Ch - hearing bragged that - did not have to cooperate with state law requirements and - had no idea of what was going on in our mortgage loan as well as the - of other mortgage loans in the bundled mortgage security instrument - had purchased. Ultimately, - lost the paper records of our mortgage loan along with thousands of other paper records in - when the records were shipped to from - to - and never arrived at the warehouses in -.