Consumer complaint received 2018-08-28
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Per Select Portfolio ( SPS ), XXXX XXXX the investor of our mortgage loan is not willing to offer us any foreclosure nor home retention options. Therefore, we are submitting this complaint against XXXX XXXX as they are ultimately the final authorization in approving our request for assistance in which they have denied according to SPS. We would like to make XXXX XXXX fully aware of Select Portfolios failure to service our loan fairly and accurately in which they state it is the investor XXXX XXXX has made the final decision to not offer us any help. We submitted a complaint to Select Portfolio dated XX/XX/2018 in which they failed to respond to in full. SPS fails to acknowledge a short sale option dated XX/XX/2018 offered to us, which, we submitted the short sale paperwork on time by the due date XX/XX/2018. We submitted the paperwork on XX/XX/2018 and received an email receipt confirmation from SPS of the received paperwork. In addition, we received several correspondence as follows verifying receipt of the short sale paperwork : SPS letter dated XX/XX/2018 states SPS received paperwork and it was being directed to the appropriate department for handling ; SPS letter dated XX/XX/2018 states a foreclosure sale date was scheduled for XX/XX/2018 ; however, it further states SPS was still reviewing us for foreclosure prevention ; XX/XX/2018 letter states the foreclosure sale was postponed until XX/XX/2018 while SPS continued to review us for foreclosure prevention assistance ; XX/XX/2018 letter states the sale was cancelled while they review us for foreclosure prevention ; XX/XX/2018 letter states SPS now consider our assistance request withdrawn because we were offered a streamline repayment plan, but did not accept the offer of loss mitigation assistance by the established deadline. This is where SPS fails to acknowledge that with the streamline repayment plan came a short sale option if we decided to opt out of the repayment offer, which we did opt out of and submitted the short sale option instead, which was an alternative option offered in that letter, in which all the above mentioned letters from SPS support that we submitted the short sale paperwork on time. We had no choice but to refuse the streamline repayment plan and choose the short sale option due to the high repayment plan offer of {$6900.00}. SPS was setting us up for failure with this option as our total gross income is {$8500.00} per month, which is not affordable considering other household expenses and children. In addition, our interest rate has continued to be adjustable and is currently over 7 %, which SPS has never addressed. If you read SPS response to our complaint they bypass the short sale submitted XX/XX/2018 and they show no response toward that short sale we submitted, they have failed to address this important factor and foreclosed during the process of reviewing us for that short sale, which is dual tracking. They deny dual tracking when the evidence is clear and they continue to disregard this short sale that was under review and offered to us on the streamline repayment letter. We request a response directly regarding this short sale submitted on XX/XX/2018. SPS has now set a new foreclosure sale date for XX/XX/2018 and have stated that they are unable to offer us any foreclosure options, stating that XXXX XXXX the investor is not participating in any government funded programs and is unwilling to offer us any foreclosure prevention options stating we have no other options. SPS has  failed to accurately and fairly review us for home retention/foreclosure prevention options as well as XXXX XXXX negligence and unwillingness to help us in a fair and lawful way. We request a fair review.

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