Consumer complaint received 2022-03-29
Company: SELECT PORTFOLIO SERVICING, INC.
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In XXXX of XXXXXXXX XXXX XXXX ( Mortgage Servicer was XXXX XXXX ) approved me for a Permanent Loan Modification as a result of medical and financial hardships that I was experiencing. The Permanent Loan Modification confirmed an Interest Rate of 2 % from XX/XX/XXXX to XX/XX/XXXX, followed by an Interest Rate of 3 % from XX/XX/XXXX to XX/XX/XXXX, followed by a locked-in n Interest Rate of 3.625 % for the remaining life ( XXXX XXXX, XXXX Maturity Date ) of the loan as stated in the Permanent Loan Modification.

As a result of the COVID-19 Pandemic, Select Portfolio Servicing, Inc. ( SPS ) approved me for a COVID-19 Forbearance Plans ( with paused payments ) beginning in XX/XX/XXXX throughout XXXX into XXXX. 

In XXXX, XXXX and XXXX of XXXX, SPS approved me for a three ( 3 ) Month COVID-19 Trial Forbearance Plan with partial payments in the amount of {XXXX for each month., of which I made all of the payments on time. 

In XX/XX/XXXX, SPS, Inc. then approved me for a a Three ( 3 ) Month COVID-19 Trial Modification Plan for XXXX, XXXX, and XX/XX/XXXX with payments for each month in the amount of {XXXX} ; of which I made all of the payments on time and SPS, Inc. would then offer me a Permanent Loan Modification. 

On XX/XX/XXXX, I contacted SPS, Inc. and spoke to SPS Representative XXXX ( ID # XXXX ) because I had not received the Permanent Loan Modification Documents that I was required to review and sign. As a result of my inquiry, XXXX ID # XXXX told me that SPS was mailing the Permanent Modification Documents and I should receive them soon. XXXX ( ID # XXXX ) only told me that I could Refinance with another company if I did not like the terms of the Permanent Loan Modification that SPS , Inc. was offering. XXXX ( ID # XXXX also told me of the terms of the Permanent Modification with the following Interest Rates increments as follows : 3 % - XX/XX/XXXX to XX/XX/XXXX 4 % - XX/XX/XXXX to XX/XX/XXXX 5 % - XX/XX/XXXX to XX/XX/XXXX 6 % - XX/XX/XXXX to XX/XX/XXXX 7 % - XX/XX/XXXX to XX/XX/XXXX 8 % - XX/XX/XXXX to Maturity Date of XX/XX/XXXX I told XXXX ( ID # XXXX ) that the Interest Rate and Terms of the Permanent Modification were extreme, unfair, needed to be revised, that I did not agree with the terms and asked her to have the SPS Representative assigned to my account to please give me a call as soon as possible. 

On or about XX/XX/XXXX, I received the Permanent Loan Modification Documents via XXXX ( attached to this complaint ). 

I believe that SPS , Inc. is taking advantage of me as a Consumer, are not honoring my requests for COVID-19 with a Permanent Loan Modification that is fair, reasonable and that is not " Predatory. '' The increasing Interest Rates and terms that SPS is offering me will have me in a position where I will not be able to afford the monthly payments and will not be able to stay in my home as time goes by. 

I am respectfully asking CFPB to thoroughly review and investigate the attached SPS, Inc. Permanent Loan Modification documents to identify the " Predatory '' and extremely unreasonable terms that SPS, Inc. has subjected me to as listed within the Permanent Loan Modification documents.

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