Consumer complaint received 2017-05-05
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In  XX/XX/XXXX  we applied for a modification on our home at  XXXX   XXXX   XXXX   XXXX ,  XXXX , NY  XXXX .  Select Portfolio Servicing, In  c. n ever responded to our initial request. Upon follow up, we submitted a RMA in  XX/XX/XXXX ,  XX/XX/XXXX  and  XX/XX/XXXX . In  XX/XX/XXXX  we finally received a response from SPS approving us for a trial modification under the Makin g Home Affordable p lan. We made the required three modification payments in the amount of {$2100.00} each in   XX/XX/XXXX ,  XX/XX/XXXX  , and  XX/XX/XXXX . We were supposed to hear back with a permanent modification within 30 days of the final payment. We did not hear back from SPS, instead they kept telling us that the file was being looked over for approval. We continued to make three more payments in   XX/XX/XXXX ,  XX/XX/XXXX , a nd  XX/XX/XXXX .     After filing a complaint with the CFPB in  XX/XX/XXXX , we finally received a letter from SPS stating that they could not offer us the Tie r 2 HAMP  modification they had promised us in  XX/XX/XXXX , but would instead offer us an in house modification. We objected to the change but signed the papers they sent us because we did not want to lose our home. The papers were sent in  XX/XX/XXXX . We were notified in  XX/XX/XXXX  that we had put the incorrect year of  XXXX  on the papers we signed and they needed us to sign another paper. We were sent another set of papers. We signed those papers and returned them in  XX/XX/XXXX  along with another payment of {$2100.00}. SPS states that they can not accept these papers and the offer has expired.     In  XX/XX/XXXX , SPS sent us a notice that the previous offer expired but they were considering us for another modification. We received the modification papers dated  XX/XX/XXXX  requesting three trial payments of {$4700.00}. This is {$2600.00} more per month from the modification we were offered in  XX/XX/XXXX . Our financial circumstances have not changed and while we are not able to pay the {$4700.00}, we are able to pay the original modification of {$2100.00}.     In  XX/XX/XXXX  the home was appraised at {$480000.00}, in  XX/XX/XXXX  it was appraised at {$710000.00}, and  XX/XX/XXXX  it was appraised at {$690000.00}. Homes in this area do not increase over {$350000.00} in value. The appraisals from  XX/XX/XXXX ,  XX/XX/XXXX  and  XX/XX/XXXX  are inflated because  XXXX   XXXX  does not want to forgive the principal or interest payments on this loan. This is the reason why we never received an answer within the 30 days that we should have after the final trial mortgage payment was received by SPS in  XX/XX/XXXX .     We think that this is a deceptive practice and that  SPS  intentionally dragged out the paperwork for the modification until the Mak ing Home Affordable progr am was expired.  SPS  did not honor their agreements or the timeline by responding within the 30 day periods as stated by law.

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