Consumer complaint received 2016-06-02
Company: SELECT PORTFOLIO SERVICING, INC.
State: GA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My previous mortgage holder was XXXX since XXXX and they approved my modification agreement to affordable terms in XXXX XXXX. 
In XXXX XXXX I was notified by Select Portfolio Servicing Inc. ( SPS ) that my mortgage was transferred from XXXX and they were not obligated to honor the modification agreement workout from XXXX. 
Therefore SPS rearranged the agreement and added back the arrears that XXXX removed for the agreement terms to work. 
SPS increased the mortgage beyond what I could afford and the arrears began to incur additional interest and penalties. I continued to pay the mortgage until XXXX XXXX while trying to obtain a new modification agreement with SPS. 
For nearly two years I continued to apply for the new modification agreement with SPS. In XXXX XXXX I was notified that the modification application and two years of effort was denied. They stated the numbers did not work for their investors and underwriters. 
Subsequently, they recommended and approved a Short Sale option in XXXX XXXX with a relocation allowance. The other option was foreclosure losses, a damaging credit rating and no relocation allowance. 
A purchase offer contract was presented to SPS by the real estate agent in XXXX XXXX. SPS sent a Short Sale Counter-Offer letter XXXX XXXX, XXXX. Subsequently SPS sent a denial letter XXXX XXXX, XXXX stating " The Short offer presented does not meet our minimum acceptable net proceeds. '' XXXX XXXX, XXXX letter states SPS " has received your request for a Home Affordable Foreclosure Alternative Short Sale Payment Plan. SPS is unable to approve your request for assistance at this time for the reasons marked below. '' " We have determined that this option is not available at this time. '' I have owned my home since XXXX. I had financial hardship due to economic decline in my field of work as a consultant. They were errors in the transferring of my mortgage since it transferred over 4-5 times previously and I obtained attorney consultation to assist me with pursue the errors with other mortgage companies in addition to SPS not honoring XXXX modification agreement. However, I am unable to pay additional attorney fees for research of documents over the last ten years. 
The equity value in my home has diminished by over {$100000.00} since the banks transferring my mortgage were taking place in the last several years. My home was appraised in XXXX at {$250000.00}. The current mortgage is {$230000.00}, which include the payments, penalties and interest accrued since the XXXX XXXX when the Short Sale Option was approved and in effect. The current assessed value according to the bank is {$150000.00}. That is {$83000.00} under the value of the current mortgage. 
It is my ultimate desire to keep my home and have the terms affordable and the arrears removed to the back of mortgage as XXXX previously proposed. Also, I would like the current principal mortgage adjusted to the current market value as assessed by the bank.

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