Consumer complaint received 2016-09-11
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: SELECT PORTFOLIO SERVICING, INC. (TX)

My husband and I have been trying for eight years to get our house payment lowered to as close to a 31 % debt-to-income ratio as possible. He lost his job in 2008 during the 2008 global recession. We have had nothing but the run around and have been lied to over and over again and now finally have proof of their lies and deception. We really wanted a HAMP loan and was given a chance twice when we could not pass the NPV. They even stopped us from making affordable payments plans so that they could review us for HAMP. When we could pass the NPV and filed a Request for Mortgage Assistance ( RMA ), they said the investor would not allow HAMP loans because of a pool servicing agreement restriction. They have done XXXX in-house modifications and each have resulted in our mortgage loan balance increasing because of rolling in the arrearages into our note. Our balance is now {$360000.00}, when the appraised value of our loan is {$200000.00}. The first in-house modification they did for us actually raised our house payment by {$10.00}. Our house payment was already more than our income. Finally, I sent a copy of an appeal letter to SPS 's denial of loss mitigation options to CFPB and SPS finally lowered our payments to {$1300.00} from {$2100.00}. However, we were so far in debt with high interest loans, loans from friends and neighbors that were patiently waiting on their money and our new house payment was 70 % of our income. We made partial payments to SPS and began paying our other debts and are once again behind. I sent a RESPA Qualified Written Request regarding why they had failed to really help us and about the pool servicing agreement ( PSA ). They answered the request with what they had done not why they had n't helped us and told us that the pool and servicing agreement was " proprietary and confidential. '' This was a lie because PSAs are public information located on the Securities Exchange Commission website. I had already located the PSA years before and knew they were lying, but I needed proof and now I finally have it in writing from them. The next time we talked to them we told them that we knew that PSAs were not proprietary and confidential and then they sent us a letter giving us the trust name by which we verified that the PSA we have previously was the correct XXXX. This is obvious deceptive trade practices and also need to be fined for filing false answers to a RESPA request. I have memorized the XXXX Handbook by now and the handbook says that they are to follow all federal and local laws in the servicing of the mortgages. According to our PSA, Article V, Administration and Servicing of the Mortgage Loans, Section 5.01 ( a ), SPS, as the servicer, " shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Since I found that SPS could make any decision they wanted I asked SPS XXXX questions ( XXXX ) is SPS using the HAMP program to put us into in-house modifications which increase our loan balance in order to increase their profits? and ( XXXX ) is SPS only using the " investor/guarantor not participating '' as a ploy not to help borrowers greatly in need of assistance? '' I read through the CFPB database last night and became ill as to what they are doing to people. I plan to do a blog with the worst cases as soon as I can. They have broken all kinds of laws and I am hoping that CFPB will go after them soon. I found out a long time ago that SPS used to be XXXX and the Federal Trade Commission had fined them heavily and they ended up restructuring and became SPS. Apparently they did not learn a lesson. I have also read that they have so much money that they are not worried about what they do because they believe they can get out of it so they continue to lie and destroy people 's lives. CFPB, please help us!!