Consumer complaint received 2021-07-13
Company: SELECT PORTFOLIO SERVICING, INC.
State: PR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Predatory practices I have a mortgage loan that is now serviced by Select Portfolio and have tried to enter in loss mitigation alternatives in more than one occasion, before Hurricane Maria in 2017. Have had nothing but bad orientation, negative results, and a foreclosure in progress on my PRIMARY AND ONLY RESIDENCE, the house where I live with my children. This process has brought me too much to worry about, it is affecting my daily work and well being. In my last action to try to retain the house, after several communications between Select Portfolio and other investors ( because I dont really know who the owner of my loan is ), I declared for bankruptcy. All of a sudden, I received a communication from Select Portfolio with different loss mitigation alternatives. After I called, sent letters with offer sheets that I have from other people so I can just move on ... they told me there are no loss mitigation alternatives available for me. Whoever is the owner of this loan does not want to work things out with me. This process started back before 2017, when I tried to do a loan modification. I even asked for a short payoff but wasnt allowed one. I was asked to deliver several documentations, which I did in a timely manner, and most of the documents were requested again and again. I had to provide the exact same documentation more than twice. I was told that the process was slow because they bought my loan but didnt had much documentation to work things out. All those months increasing the interest due and any hopes of reasonable negotiations. Then Hurricane Maria came to XXXX XXXX and destroyed all my hopes. Bad orientation from the servicer made me enter a moratorium, that to my surprise represented an interruption in the loss mitigation process that I was in. If someone would have explained to me the consequences of entering in moratorium, I would have just completed the process and my trial period. Interest due keeps growing, no stop on their end. Then another trial, after I finished my moratorium, was granted but by the end of it they sent an offer sheet with an amount higher than the fair value of my property ( the market value ) that would put my house underwater because the market value of the property. This is just something that is not reasonable. They wanted me to owe more than what my house would appraise, and they are only giving me the chance to keep it only if I pay all. Not reasonable, not fair, not ethical, and most likely abusive and predatory practice. Again, negligence after negligence, I ended up not able to do anything and now with an exorbitant amount of interest payable that can be sufficient to kick me out of my home. I had a situation where I couldnt pay, I understand that. But I know for a fact that negotiating for the unpaid principal balance can be enough to recover whatever the investment of the current owner of the papers has invested. Im willing to pay it all out, but I just have enough for the unpaid principal balance. I have tried to negotiate short sales, short pay-offs, and modifications in more than 6 occasions, and I have had several calls with what seems to be a schematic system of abuse and confusion to the borrower. They have delivered inaccurate and unfair alternatives to me, and different versions of " available options ''. These details have affected my emotional and mental health and condition. And now, they play with me ... and are manipulating me by sending these letters giving me false hopes that I have loss mitigation alternatives because I entered in bankruptcy. I just cant handle any more abuse. I want to be able to negotiate with the owner of the loan on satisfactory terms for both them and me to retain the house, or I want to be able to sell it before a foreclosure. I just cant handle a foreclosure. I have a business that could be directly affected by a foreclosure, and that would put me basically on the streets. I only want something reasonable for both parties, not just me. But it needs to be fair. Right now is just abusive and predatory. Lastly, please note I have worked with this now for more than 6 times, and all of them have been a NO. I need something I can work out. And I dont want an answer that says we think or we believe we have acted reasonably or as required because no one have acted reasonably or as required by guidelines. I need a solution that can bring hope to my family, and to my life.

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