Consumer complaint received 2021-06-06
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In XX/XX/XXXX, I received a letter from the bank with which I had my Mortgage, in which it indicated that my mortgage loan was sold to Select Portfolio Servicing. I immediately got in touch with that company to find out how they were going to make my payments and how I had to do it. It wasn't until XXXX that that company was ready to receive my payments. In XX/XX/XXXX, I am unable to work as a result of covid 19. Many companies sent their workers home or closed with some contracts. Which was my case. In addition to XXXX XXXX XXXX XXXX XXXX for the first time. When I lost my job, I had to apply to the Florida unemployment program. Immediately call Select portfolio Servicing to communicate my situation. They asked me for evidence which I sent immediately. They told me that I applied for some federal programs to wait for their response. I called them every week to find out about my case, and they told me they had no answer. Until one day they told me that they put me in an unemployment program, so for a period of 3 months, XXXX, XXXX and XXXX, I had to pay XXXX XXXX, which would be debited from my bank account automatically every day 10 of each month. to then analyze how the process was followed, if the payments were deferred to the end of the mortgage period or a monthly payment arrangement was made to bring the account up to date. So three months passed. In XX/XX/XXXX I called this company, and they told me that I followed the same plan and that for the months of XXXX, XXXX and XX/XX/XXXX they continued to deduct the XXXX XXXX from my account. At the end of XXXX I called the company and they told me that they had no answer on how I was going to follow my case, to call again, call in XXXX, as soon as I saw that they had not debited the XXXXXXXX XXXX and they tell me that I have to wait to send me a letter to know what the resolution of my case was. On XX/XX/XXXX, I received a letter saying that my case was analyzed and that I have five options : 1-Reinstatement - With a reinstatement, you would repay all of the missed payments at the end of the forbearance plan and you would summarize making your regular monthly mortgage payments as scheduled. 
2-Repayment Plan - This plan would allow you to pay back the missed payments over an extended period of time by paying your regular monthly mortgage payment plus an extra amount. 
3-Modification - We may be able to provide you with a more affordable monthly payment by making changes to the terms of your mortgage loan. These changes may include a reduction of your interest rate, a partial payment deferral or an extension to the maturity date of your mortgage loan.

4-Short Sale - If you decide that you can no longer afford to keep your home, this may be a good option for you. With a short sale, you would list the property for sale at a fair market price. If the property is sold, the proceeds from the sale are applied to pay off your mortgage, even if the proceeds are less than the account balance. This option requires approval from the lienholder 5-Deed in Lieu of Foreclosure - With this option, you, as the homeowner, would voluntarily transfer the ownership of the property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. This is often a good choice if you no longer want to stay in the home or you can no longer afford to stay in the home, but you want to avoid foreclosure. 
When I called that company again, I explained to them that I had no intention of leaving my house since that is my home where I live with my family, so I did not want options 4 and 5. That I did not have the money for option 1. Please, analyze if something could be done with options 2 and 3. 
On the same day, XX/XX/XXXX, I received a letter where they only gave me 3 options : Modification programs. Depending on your situation, we may have an account modification option for you. If you have already been evaluated for these programs, you may have to show a change in your circumstances in order to qualify. 
Short Sale. With this program, the property is listed for sale at fair market value, even if that value is lower than what you owe on the mortgage. If a buyer is identified and the property is sold, the proceeds from the sale are applied towards the mortgage debt, even if the proceeds are less than the amount owed on the mortgage. You may be responsible for any balance remaining after the sale.

Deed in Lieu of Foreclosure. With a deed in lieu, you agree to transfer the title or ownership of your property to the owner or servicer of your account in order to avoid foreclosure sale and satisfy all or a portion of the mortgage debt. The amount of debt satisfied by this transfer of ownership is based on the approved value of your home. In some cases, you may be responsible for a remaining balance of the mortgage debt over and above the approved value.

I asked for the possibility of option 1. 
On XX/XX/XXXX I received a letter where they told me the determination : The Default You have failed to make payments under the Note and Security Instrument as shown below. This letter is a formal demand for payment. 
Action Required to Cure the Default To cure this default, you must pay the Amount Required to Cure together with payments which may subsequently become due, on or before the Cure Date listed below. 
Amount Required to Cure the Default As of the date of this letter, the total amount due and required to cure the default on your loan is {$62000.00} ( Amount Required to Cure ) Upon calling SPS servicing again, the representative tells me that I have no other option and that I qualify for no program. That I only have the option to pay all the money I owe at one time or my house goes into the foreclusure process. 
This seems to me an injustice of this company towards me, since I am always willing to pay, but now I do not have all the necessary amount of money to bring the account up to date. I am trying to rejoin a new reality after the pandemic, and more than in XXXX I caught the XXXX XXXX XXXX again, leaving me with a XXXX XXXX for 2 months as a sequel. I am a father of a family and now the mortgage company wants to take away my house and that of my family. 
Please I need all the help I need to try to fix this problem. My family and I greatly appreciate it.

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