Consumer complaint received 2018-03-23
Company: SELECT PORTFOLIO SERVICING, INC.
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I am trying to negotiate a modification or plan with my mortgage holder Select Portfolio Servicing. I was in an active repayment plan with them and after paying on time for a year they abruptly cancelled and demanded that I reinstate the full past due balance of almost {$40000.00}. I told them this was not possible and tried to figure out why they were doing this to me. I could not get any straight answers or a new review opened. A couple months later I came home with my wife and daughter and granddaughter to find our house boarded up thanks to SPS. This is unethical and illegal, we still occupied the home and there had been no foreclosure sale. I am continuing to try to negotiate with this company but can make no progress. They send me letters telling me that I can apply for help and that there are programs for me but when I try to contact them and open a review the gatekeepers shuffle me around and ultimately nothing happens. I feel that they are denying me access to government and internal programs that I qualify for and are behaving in an unethical manner. They have set a foreclosure sale date for XX/XX/XXXX and I don't know what to do. 

My family has lived in this home for over 20 years. We refinanced in XX/XX/XXXX to get some cash out to help my business. I was unaware of the fact that the adjustable rate loan that we entered into had a feature that would only allow the rate ( that started at 8.99 % ) to adjust up ( could go as high as 15 %!! ). Not long after taking out that loan we were hit with the recession and I was stiffed by a client whose home I had worked on for several months and had major out of pocket expenses and had a contract with the homeowner to pay me {$65000.00}. When the homeowner stiffed me on the bill I had to hire an Attorney and went through arbitration and unfortunately and unbelievably lost! By the time it was all said and done I was out over {$100000.00}. At that time the loan was with XXXX  XXXX XXXX and I contacted them to let them know I was struggling with the payment and they told me to apply for a loan modification. I then went through a year 's long process of trying to get approved for a modification. Eventually I was approved for a reduced interest rate and payment and I paid this on time for the next three years. 

In XX/XX/XXXX I suffered a XXXX and needed to take a few months off of work and defaulted on my modification. The loan was now with SPS and I reached out to their agents and was able to enter into a repayment plan which I thought would result in a new modification or allow me to get back on track with the loan. I made my repayment plan payment of {$1500.00} as agreed for 11 months and then I was informed that they would no longer accept my payment and that I needed to make a lump sum payment of $ XXXX to reinstate the loan. This was not possible and I tried to get SPS to reconsider. Instead of doing so they illegally changed the locks on the doors and boarded up my house!!! There had been no foreclosure sale so I don't know how or why they thought they had the legal right to do so. 

I work full time and have the resources needed to afford a fair payment. However, SPS continues to obstruct my access to any homeowner assistance programs and instead has set a sale date of XX/XX/XXXX. I need help to cut through the red tape.

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