Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker Minnesota

- -, - - - - - - - Consumer Financial Protection Bureau - - - - -, - - Headquarters address Consumer Financial Protection Bureau - - - - - Dear - - : REMEDY I have struggled with an aggressive mortgage underwriting by - for 11 years. I am - today and can no longer make the payments. I would like a return of my $20000.00 down payment and interest In -/-/- I was aggressively marketed by - for mortgage financing. - misrepresented the following : The mortgage was uneconomic, monthly taxes exceed monthly principal amortization - encouraged me to take out a second mortgage " as a new norm ''. A - Modification required a principal deferral equivalent to the second mortgage as the first underwriting. This modification did not bring financial relief. and appears to have been design to maintain the original high underwriting risk and correct the misrepresentation and excessive risk.


I purchase my current home in -/-/-. Today is the 11th year of ownership After a cursory review, it is revealed that if I had received a traditional mortgage underwriting the amortized balance would be $730000.00 which is my current principal payment base less a $150000.00 principal deferred balance. My monthly principal payment would be $1800.00. The interest would be $3400.00. It is quite apparent that adding my property tax at an estimate of $2400.00 a month. Would have made it impossible to qualify for the - mortgage. This would have made the " all in '' monthly mortgage payment would be $7600.00 compared to $5100.00 today. Another factoring evidencing the complex representations is the fact the monthly principal payment of the mortgage is less than the monthly property taxes. If fully disclosed I would have seen that the mortgage was Uneconomic. At the time of the original underwriting I was encourage to execute a second mortgage and minimize the cash out lay. This debt has since been settled. By coincidence the second mortgage is the same amount as the current deferred principal balance, $150000.00. It appears that the - modification was designed in the same reckless aggressive spirit as the original - transaction. I have paid over $530000.00 in interest since - on a $730000.00 principal balance. I have received no relief from my - - -. Sincerely, - - CC : - - - Select Portfolio Servicing -. - - - - -, - - APPENDI- Mortgage Amount $910000.00 Mortgage term Mortgage term in years - Or Mortgage term Term in months - Interest rate Interest rate per year % 5.500 TODAY 'S RATES Mortgage start date - - - CALCULATE $5100.00 MONTHLY PAYMENTS Interest Principal Total Principal Paid $910000.00 or 48.92 % of payments made. DATE PMT PRIN INT TOTAL INT BALANCE - - $5100.00 $990.00 $4100.00 $4100.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $8300.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $12000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $16000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $20000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $24000.00 $900000.00 -. - $5100.00 $1000.00 $4100.00 $29000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $33000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $37000.00 $900000.00 - - $5100.00 $1000.00 $4100.00 $41000.00 $890000.00 - - $5100.00 $1000.00 $4100.00 $45000.00 $890000.00 - - $5100.00