Consumer complaint received 2020-05-15
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
To whom it may concern, I have a Conventional loan that is being serviced by XXXX XXXX XXXX, but I feel they have not provided a fair opportunity for me to maintain possession of my home. With all the economic uncertainty right now, its unfathomable that I HAVE BEEN DENIED WORKOUT ASSISTANCE OPTIONS due to what I feel is questionable reasoning from the Investor who holds security of my note. Per the servicer XXXX XXXX XXXX, the reason provided by the investor was not able to create an affordable payment. My loan is currently well above the national average in interest rate, currently at seven percent ( 7 % ). Is this investor trying to deliberately deny me knowing I have the income to support staying in the home? Millions of people are about to face this struggle. I can support a new payment, even if its the old payment I was making and fell behind on. Isnt that why assistance options are available? To help a struggling borrower? My loan was restructured in XXXX. I have heard of peoples loans being modified up to 3 times in the life of a Conventional loan. Is there anything that can be done under the CARES ACT? I submitted a complete Financial Packet, deemed complete on XX/XX/XXXX, which verifies I now have the necessary income to get back on track. Per their request, I submitted and verified with supporting documentation what caused me to fall behind, what the hardship was/is, and that I am now in a position to make regular monthly payments, if XXXX and the investor would do what they said they would do, which is restructure or modify my loan. XXXX verified its not the income that they are denying. This servicer and my current investor are using deceitful tactics in telling me to apply, causing me to fall further behind, and then making up a falsehood that they reviewed the alternative which would be to restructure the loan, change the interest rate, and/or re amortize the loan which would effectively create an affordable plan to keep me in my home. I feel they have turned their backs on me when I needed them most. I do not want to lose my home to foreclosure. I hit a bump financially and struggled to pay my bills. Fortunately, my household income has improved, and it appears that my loan qualifies for mortgage assistance. If XXXX XXXX XXXX  would take the time to help me, they would conclude that my loan qualifies for retention options based on my current financial situation. I am appealing to your organization to step in and examine how they have serviced my loan to oversee whether or not they have treated me fairly and to stop an avoidable foreclosure for all parties involved. Unfortunately, due to unforeseen circumstances with employment, I was forced to miss mortgage payments. However, instead of XXXX XXXX XXXX providing me an offer of assistance, their representatives were difficult to deal with and harassed me throughout the entire process calling only when looking for the mortgage payment ; even though they knew very well that I was experiencing financial difficulties and going through the process of reaching out for help. I was under the impression that XXXX XXXX XXXX would work with me on my mortgage, but they have been unhelpful, and I find myself worried about falling further and further behind on my mortgage payment. 
I am not in a position to bring our mortgage loan current, but there must be some type of workout option that will allow me to put the missed payments at the end of the loan, or have the amount restructured into a new 30 or even 40 year loan, to save my home from foreclosure and provide a reasonable monthly payment. My financial situation is now stable, and I believe that my loan will successfully qualify for mortgage assistance if it is properly reviewed by XXXX XXXX XXXX  and more importantly, my current investor. I have not been afforded every opportunity to save my home and I am being treated unfairly. I respectfully request that your organization contact XXXX XXXX XXXX on my behalf. I would like to see if you can have them initiate a review of retention options for my property. At 7 %, surely there is a way to re amortize and/or restructure. I want to ensure my loan is treated fairly and that I can save my home from foreclosure. I appreciate your time and assistance with this matter. My XXXX XXXX XXXX loan number is XXXX.

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