Consumer complaint received 2019-01-16
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My loan started to adjust in XX/XX/XXXX, it has continued to adjust. My payments were about {$1300.00} a month and now they are {$3700.00} a month. They forced an impound on my account when they paid for back taxes when I was in BK. I was in a repayment program with the county during the BK and had done exactly what they county advised me to do.

I have been trying to get a modification since XX/XX/XXXX, every time I send the documentation they request they ask for something else. By the time they get back to me it is 3 months and they want more updated documentation or they turn me down with no explanation. It has become a vicious cycle. I live in a beach community, I purchased my home in XX/XX/XXXX. In XX/XX/XXXXwe found a builder, constructor defect that had caused massive mold in my home. I eventually had to file chapter XXXX  BK. It had to be torn down to the studs. After having to sue the builder I barely had enough to rebuild. It still didn't fix the problem and I have found leaks each year when we have bad storms. Hopefully I have finally fixed the leaks, it has not leaked in 3 years. When I had to rebuild my home we turned the back bedroom into a studio apartment that I could get {$2000.00} a month income from if and when I choose to rent it out for extra income. I have struggled to keep my home all this time. I rented out my house as a vacation rental a few months of the year to pay my property taxes. Currently I have been forced to rent out my home on a regular basis in order to pay this huge mortgage payment to avoid losing all the equity in my home. I stay with my boyfriend and my children when it is rented out. I have tried to get a reverse mortgage and don't qualify. I don't qualify for a refinance, I am XXXX  and have been since I was XXXX  years old, I am now XXXX  years old and on a fixed income. My home is all I have, all the equity is my retirement, which I can't access. The lender has now stated that they are sending the loan back to the original lender BofA to approve. My loan has been sold 4 or 5 times since the original loan, I don't understand why it would be going to BofA for modification approval.

I have tried to sell the home with no success. I owe {$520000.00} on my home, it is worth at least {>= $1,000,000}. After I sell my home with all the realtor and other fees and taxes I won't even be able to purchase another home in the area I have lived at for the past 30+ years. Since I have had to rent out my home on a regular basis I no longer qualify for the {$250000.00} tax credit when I sell it. I love my home, I want to keep my home. I am in desperate of help. I no longer have a savings, everything I have goes to making the {$3700.00} house payment. PLEASE HELP ME The stress of this nightmare is killing me physically and emotionally. My health is worse than it has been in years.

I applied for save your home CA, was told I had to take my house off the real estate market, and had to be off at least 2 months. When I called back in XXXX XXXX  they were out of money. HARP turned me down because I had too much equity.

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