Consumer complaint received 2019-03-22
Company: SELECT PORTFOLIO SERVICING, INC.
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
LOAN # XXXX BORROWER : XXXX XXXX PROPERTY ADDRESS : XXXX XXXX XXXX XXXX XXXX, WA # XXXX XXXX ID FOR COMPLAINT SENT TO SELECT PORTFOLIO SERVICING , INC . 
XXXX ** We are trying to negotiate a short sale on the above referenced property I was advised the investor is countering the offer that is currently price at $ XXXXto increase to {$160000.00}. I am disputing this and feel the dispute is warranted because the BPO that SPS currently has on file values the property at {$140000.00}. Which is in line with our current offer is and should be approved since the offer on the short sale is fair market value. The investors expecting to receive above fair market value according to their counter is unethical and no up to distressed homeowner protection laws. The offer of {$140000.00} that you have currently on file represents fair market value and is the buyer 's highest and best. I asked that the short sale be approved with no change of increasing the price. 

Regarding the response to COMPLAINT IDXXXX The response only reiterates the problem and doesn't offer a solution. The investor is countering the buyer to increase to {$160000.00} so that they do not have to take a loss at all. The counter of {$160000.00} is the amount of the loan which originated in XXXX the height of the price inflation and mortgage fraud. We have a valid hardship for a short sale, and offer inline with fair market value even according to SPS BPO and the investor should not deny the short sale by refusing to take an amount less than full. This will cause a foreclosure and the foreclosure will not result in a better interest to the investor than this short sale option and our current offer. 



PURSUANT TO 30 Sec. 15. RCW 82.45.030 and 1993 sp.s. c 25 s 503 are each amended 31 to read as follows : 32 ( 1 ) As used in this chapter, the term " selling price '' means the 33 true and fair value of the property conveyed. If property has been 34 conveyed in an arm 's length transaction between unrelated persons for 35 a valuable consideration, a rebuttable presumption exists that the p. 25 2SHB 1362.SL 1 selling price is equal to the total consideration paid or contracted to 2 be paid to the transferor, or to another for the transferor 's benefit. 3 ( 2 ) If the sale is a transfer of a controlling interest in an 4 entity with an interest in real property located in this state, the 5 selling price shall be the true and fair value of the real property 6 owned by the entity and located in this state. If the true and fair 7 value of the real property located in this state can not reasonably be 8 determined, the selling price shall be determined according to 9 subsection ( 4 ) of this section. 10 ( 3 ) As used in this section, " total consideration paid or 11 contracted to be paid '' includes money or anything of value, paid or 12 delivered or contracted to be paid or delivered in return for the sale, 13 and shall include the amount of any lien, mortgage, contract 14 indebtedness, or other incumbrance, either given to secure the purchase 15 price, or any part thereof, or remaining unpaid on such property at the 16 time of sale. 17 Total consideration shall not include the amount of any outstanding 18 lien or incumbrance in favor of the United States, the state, or a 19 municipal corporation for taxes, special benefits, or improvements. 20 When a transfer or conveyance is made by deed in lieu of 21 foreclosure to satisfy a deed of trust, total consideration shall not 22 include the amount of any relocation assistance provided to the 23 transferor. 24 ( 4 ) If the total consideration for the sale can not be ascertained 25 or the true and fair value of the property to be valued at the time of 26 the sale can not reasonably be determined, the market value assessment 27 for the property maintained on the county property tax rolls at the 28 time of the sale shall be used as the selling price

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