We had a loan with Chase and in June our payoff was $85,000.00. We had rental home so we put on market to retire with no bills.
On June 29, 2017 our rental sold. I instructed midvalley title to do a payoff for this loan and we would be debt free. We received $85,000.00 check made out to Chase for payoff. I went to local Chase the same day, gave them the check and waited in booth while they did the money wire transfer with over the phone instructions.
After about 10 minutes, she said it was done and i confirmed payoff was finished next morning. Our loan was going to SPS on July 1, but had letter saying continue pay Chase until that day. I started receiving letters from SPS but thought it was just taking time to stop them. Until sept 29 when 2 men came with foreclosure papers.
I went to local Chase and they checked the loan, they couldn't find the money. Was lost for 90 days. Which was strange because SPS had Chase for their bank deposits. I saw internal emails saying we had paid, i had title co give copy of cashed ck both to SPS and me.
Chase returned a ck for $85,000.00 and told me to pay SPS, they waived all late fees etc. However SPS did not. I gave them original check plus $3000.00 to stop foreclosure.they took out $15,000.00 from $85,000.00 and put $70,000.00 in unapplied account. They did not apply it to load but added $12,000.00 fees to loan.
We ordered several payoff papers papers but ea time they found it was diff amount. We had 1 on Nov 11but because it was holiday, the man on phone told me pay early, they did not post any money after noon or on Friday, Sat or Sunday. So i did payment over phone on Nov 8th, early for nov 11th. However when i called, the loan wasnt paid and we owed another $1700.00.
I ask why, lady said because they paid our taxes. Time before was insurance through June 2018. I did go to county office and received statement was not pd. But now my loan was over $4200.00.
We borrowed the money and went to our bank, wired the money and i called to confirm they had the money. They did but the $1700.00 was no longer in the account. I called again this morning and the mortgage was paid, 0 balance and no extra money to get back. I told them to get me letter with that information for files.
She said they had up to 45 days to get papers to us. I recorded the phone calls and kept notes on this loan company.
Product or Service Mentioned: Select Portfolio Servicing Mortgage.
Reason of review: Problems with payment.