Consumer complaint received 2016-06-06
Company: SELECT PORTFOLIO SERVICING, INC.
State: MD
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
A brief background and summary of why I have been trying to get a loan modification. I started a mortgage brokerage company in XXXX and grew the business to XXXX offices, XXXX loan officers and XXXX processors. I was also XXXX holding some for cash flow, then in XXXX when the mortgage crisis started I struggled for several years trying to turn things around but as the economy worsened so did my entire business, the expenses and reduced income were overwhelming. After reducing my expenses and draining my savings I was still forced to file for a personal chapter XXXX bankruptcy. My bankruptcy plan was confirmed in XXXX of XXXX for a 5 yr. pay off. It has been a struggle but all payments have been made on time to the Trustee as well as all my Lenders and creditors. I am soon to be XXXX XXXX XXXX and have some medical issues that I am dealing with that have forced me to drastically cut back on my work schedule and it has become a major hardship to keep up with all the payments so I have been trying to negotiate a loan mod. with Select Portfolio Services ( SPS ), the Lender that holds my 1st mortgage on my primary residence. 

On XXXX XXXX, XXXX I applied for a Loan Mod. with SPS. I completed the loan Application and supplied all the documentation they asked for. I contacted them 30 days later for an update and I was told that additional documentation was needed so I gave them what they needed. I called back a week later and I was again told that new different documents were needed which I sent in, I then called back 10 days later and they again told me they needed more paperwork which I also sent in. In XXXX XXXX I was told that they could not find the original application and that I needed to complete a new XXXX which I did, I called them after 2 weeks and was told that they needed more paperwork. This went on for another 8 months, I would call them every 10 days to see if they had everything they needed and they always told me they needed more paperwork or needed clarification on something until I was so frustrated I gave up. 

In an effort to keep my home ( which is underwater ) on XXXX XXXX, XXXX I again applied for a Loan mod, I was desperate to lower my mortgage payment. I have been going through the exact same issues as before, I do n't know why I thought it would be different. It has been almost 14 MONTHS since I applied for the second time, I have been calling SPS sometimes on a weekly basis but I have been given the same run around as before, they continually ask for more and more paperwork week after week and I continually send them exactly what they ask for but they just come back the following week asking for clarification of something or just asking for more paperwork. I would constantly ask to speak to a supervisor but they do not allow homeowners to speak to anyone with authority or that actually make decisions on these mods. I have owned and operated a successful mortgage company and there is no acceptable reason it would take 14 months to underwrite or process a loan especially when I supply everything they ask for week after week. I thought the whole purpose of offering Loan mods were to help homeowners with hardships? This company is either not interested in helping homeowners at all or they are so incompetent it 's ridiculous, I do n't know why they even offer them. 
I guess they are hoping that the homeowner gets so totally fed up with the process at SPS that they give up and that way they do not need to offer the mod!!! I would be curious to know how many loan mods they have actually offered and completed successfully??

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