Consumer complaint received 2018-08-16
Company: SELECT PORTFOLIO SERVICING, INC.
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I have a home loan with Select Portfolio Servicing that is currently in arrears, and am in danger of losing my home due to their questionable servicing and business-related practices. I have been trying desperately nearly 2 years now to get Select Portfolio Servicing to work with me on a reasonable payment plan, restructure, loan modification or forbearance but I have had no luck cutting through the red tape. My pleas for help have been completely ignored. I have not been designated a single point of contact, which makes matters even more frustrating. Select Portfolio Servicing received XXXX XXXX dollars in incentive payments for loan modifications from the Department of Treasury as part of programs such as Making Homes Affordable. Research indicates that as of XX/XX/XXXX, only XXXX XXXX dollars of the received funds had been disbursed, thus giving SPS the means to continue to help homeowners like me on the governments dime. Wheres my bailout? I do not want to lose my home, and desperately need your offices help! 

In XX/XX/XXXX, my mother and father acquired the subject property signing a purchase money. In XX/XX/XXXX, I inherited my parents home by way of my mom deeding the property to me. Later the same year I refinanced my home signing a mortgage originated with XXXX XXXX. XXXX XXXX agents offered me one of the most predatory loans known to mankind, a Neg-Am Loanalso known as a Negative Amortization Loan. As a result of trusting the word of the licensed professional representing XXXX XXXX, my principle balance has doubled. In XX/XX/XXXX, I received assistance via a loan modification. Nevertheless, I tendered my mortgage payments on time, as agreed, for 5 years. My loan has since been transferred, most recently to Select Portfolio Services. Next, in XX/XX/XXXX, my mother became ill and my sister, XXXX, moved in to assist with caring for our mom and contribute to the household finances. In XX/XX/XXXX, our mother scummed to her health issues. My sister and I incurred a substantial amount of out-of-pocket hospital, medical treatment, funeral and burial expenses as a result. Due to the aforementioned events, we began to struggle to tender our mortgage payments on time. We did the best we could to keep up with our mortgage payments, going so far as to deplete our savings and reserves, but we eventually defaulted on the home loan and were moved to foreclosure status. 

In XX/XX/XXXX, I contacted XXXX XXXX  agents advising of my struggles to tender my mortgage payments. XXXX XXXX XXXX agents offered me an opportunity to apply for a loan modification. I completed and returned approximately 6-7 loan modification applications along with all the requested documents. After receiving what seemed like the paper chase and run-around, no decisions have been rendered. In XX/XX/XXXX, my loan was transferred to Select Portfolio Services. I have attempted to work things out with Select Portfolio Services agents applying 2 additional times, but all of my efforts have yielded negative results. SPSs agents have been extremely unwilling to work with me. I have not been designated a single point of contact. No other home retention options have been offered and no review of my current financial circumstances has been opened or discussed. 

This is an avoidable foreclosure, and this madness must stop. Why cant SPS open a full and fair review of my current circumstances in accordance with government guidelines? I am sure that there are programs such as a reasonable payment plan, restructure, or loan modification, that homeowners like me have the right to be reviewed for. Instead, SPSs agents are pushing to foreclose on my home, and have not worked with me fairly.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation