Consumer complaint received 2015-11-23
Company: SELECT PORTFOLIO SERVICING, INC.
State: MO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My wife and entered into a HAMP Tier 2 " Trial Payment " modification with our new mortgage company. 
We applied for this program due to my on going XXXX from several XXXX and lose of my income. We both reviewed the Trial Modification and were excited to see through this agreement the Lender agreed to drop our interest rate and give a '' Forgiveness " of {$42000.00} ( line # XXXX ) of Trial agreement papers. This was only if we started making these trial payments on time for 3 months, which we did. This was our chance to see a future with XXXX young kids. 
Than after receiving the " Permanent Modification '' we noticed that the extended our mortgage from the remaining 20 yrs. 5 months to a 40 yr term but only deferred the $ XXXX plus to the end of our loan. This was not what we were presented when we entered into agreement. I called my Representative and voiced my concern. After feeling deceived and pressured into signing the permanent modification papers, I called Customer Service again before sending in final agreement. After feeling forced to sign agreement we signed this agreement " UNDER PROTEST ". 
I keep getting the run around being told that those papers sent with my trial agreement they ( company rep. @ Select Portfolio Servicing ) wish those documents stating the NPV papers sent to government for HAMP program approval not be sent to the customer. I asked why not, she stated it causes a problem for her dept. in explain this to customers. Why wo n't you send them? Our government requires them to be accepted into the program ( which we have tried for years to get approved ). I think we have the right to know what we are entering into. I understand this conversations are recorded and I politely laughed saying, " than why would my family want to stay in our home if SPS is not willing to help besides lowering interest rate and still owe {$42000.00} plus at the age of XXXX when my balloon payment comes due ''. She did n't seem concerned at all and jumped in offering us a program to move with {$10.00} K to help us move. SERIOUSLY, I am fighting to keep my home lady. Our home under valued. It is valued at {$130000.00} according to SPS & We owe {$190000.00}. Being under water by $ XXXX is not where I hope to see myself after living here 17 years. THIS IS WHY WE APPLIED FOR A HAMP PROGRAM. Why does n't SELECT PORTFOLIO SERVICING read what the program is designed to accomplish ... ... 
This has makings of a Cival Suit written all over it ... I am sure we are not the only ones. 
Funny, it 's like a bait and switch type deal. If you present this to the government what the Lender has agreed to than you ( SPS ) need to honor what this program is setup for in helping Americans.. 
Unfortunately, Select Portfolio Servicing has NOT been helpful at all ... We feel that after all our hard work and living in our home for 17 years, raising XXXX kids has gotten us nowhere. The call it the " HOPE NOW PROGRAM '' and THANKS TO SELECT PORTFOLIO SERVICING for taking the wind out from under our wings. 
Ca n't wait to chat with our local State Senator about this, I 'm sure she will enjoy taking this back to Congress. 
THANKS SELECT PORTFOLIO SERVICING , INC FOR THE OUTSTANDING CUSTOMER SERVICE AND HONESTY. 
SELECT PORTFOLIO SERVICE, YOUR THE BEST : ( NOT

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