Consumer complaint received 2015-04-21
Company: SELECT PORTFOLIO SERVICING, INC.
State: NJ
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I have lived in the XXXX County area most of my life, and I want to continue to live here and do so in my home. I have seen many good times, and recently I 've seen rough times. Unfortunately, I may be forced out of my home by my mortgage note holder, Select Portfolio Servicing ( SPS ), since they have been uncooperative and even deceptive when I try to work out a solution with them. 

My hardship began in XXXX when unfortunately my father passed away and 8 months later my daughter ran away from home. This emotional turmoil tore my family apart, and then my XXXX collapsed in XXXX. In XXXX, my husband and I got divorced ; and to top it off, I even lost my beloved dog in XXXX as well. The combination of all these events is what caused me to fall behind on my mortgage. 

When this run of unfortunate events began in XXXX, I reached out for help and was offered a rather unfair trial modification. I decided to go forward with in order to keep my home, but I was denied for a permanent modification once I completed the trial period due to missing documents that I had submitted many times to them. They kept making me start over with the process using the same reasoning for denial ( missing documents ), always taking my payments for three months before telling me they could n't move forward and that I had to start over. This continued for 3 years (!!! ) until they told me my arrears were now too high and I did n't qualify for assistance. It appears to me that this was their plan all along ... they had no interest in helping me, they just wanted to take my home away via foreclosure. I have being denied access to options that are supposed to be made available. They deceived me, lied to me, and frankly, stole from me while I was acting in good faith!!!!!!! 

Furthermore, I have serious issues with my property value. My property 's present value is below {$600000.00}, which is disturbing when you consider the purchase price we paid was {$1000000.00} with a {$90000.00} down payment. Plus, I 'm in what could be considered a predatory loan. I was somewhat forced into a 3-Year ARM with a high interest rate when I was looking for a 30-Year Fixed Rate loan. 

If I could get SPS to handle this fairly, I 'm sure I would be able to keep my home and make good on my mortgage. I do n't want or need a handout, but considering my financial recovery I am certain that there is a solution that I could qualify for. Is n't that what all this bailout money ( my tax money!! ) passed down from the government to these banks was for? Are n't these modification programs designed for people who had a hardship ( or in my case many hardships ) and have recovered and just need a little assistance restructuring their mortgage in order to move forward? 

I want Select Portfolio Servicing to stop the foreclosure process, review my loan in earnest for retention options, and stop playing games that prevent this problem from being solved.

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