Consumer complaint received 2019-11-01
Company: SELECT PORTFOLIO SERVICING, INC.
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
In XX/XX/2019 I opened a letter that was that was sent to me by SPS ( Select Profolio Servicing ). It stated that on XXXX my payment was increasing to {$1100.00} from about {$580.00}. I called and asked why would I be getting a letter advising that my payment would jump by almost {$600.00} 12 days before the due date. The rep explained that I should have been aware because I signed a modification, ( may I add that this would have been years ago ) Like how was I going to remember the exact date. I wanted to know what could I do and the guy mentioned that they could review it but it could 30+ days and I need to provide all this documentation as if I was applying for a new mortgage. I was very overwhelmed and upset. While I do appreciate the fact that I'm escrow and the insurance is included I am primarily paying for interest {$680.00} to be exact. I explained that I felt the company should have reached out to me prior then a 12 days before my payments would escalate like this. I called back a couple of days later and spoke with a lady, she again stated something about this being in modification and I stated that I didn't know my payments would jump up this high and asked for documentation she mentioned and she couldn't find the info and stated she would continue to review and they would send me such document but to date I haven't such document. I only receive the review. My account was moved from another servicer over to SPS and I've never liked SPS from the beginning. They make you pay a processing fee every time you conveniently try to make payments. I asked the last person what can I do to get help in this situation. I'm stating that I've been making my payments on time but I wasn't expecting an increase that would double my payments. This wouldn't leave room for unexpected home expenses and could cause hardship in such events. I was told they couldn't refinance because they do not do this. I called in on XX/XX/XXXX to make my XXXX payment to prevent negative impact to my credit. I explained that I had a letter that stated they would waive the processing fee of {$15.00}, the rep stated that she did see the letter but insisted that she could reduce the fee to {$7.00} and I asked if she could get the manager to ask if she could waive the fee because I'm already paying almost more money. She stated that she didn't have to ask the manager and that she would waive the fee. She mentioned that I had an review open and did I still need it open and I said no that I would be filing a compliant and seeing what I can do to get away from this company because obviously another modification wouldn't assist me just for me to be a worse off situation. 

I feel like SPS is predatory lending. Someone in my situation is stuck with this company. Why are they allowed to receive payments but can only assist their customers with another modification that eventually will have the customer back in the same shoes they were in to begin with. They require lots of documentation that would only temporarily help the customer but will balloon in the end. I now owe more than what the home is worth and would have a difficult time getting away from SPS. 

No one wants to go to go to sleep at night worrying about keeping their home when that is the goal to begin with. They want the money for the home yet not in business of wanting the property just the money but don't assist with a customer keeping their home/mortgage from defaulting. I see you have to be behind in order to possibly get up but no proactive approach. Once your behind your credit is damaged and then this point you'll be told, " oh if only you didn't have this late payment ''. You're danged if you do and danged if you don't.

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