Consumer complaint received 2017-09-12
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (OR)

XXXX/XXXX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, OR. XXXX XXXX Regarding Select Portfolio Servicing XXXX XXXX XXXX UT SPS ACC #  XXXX Modification : On XXXX XXXX XXXX at XXXX XXXX I entered into a meeting with SPS in XXXX OR, to attend a meeting for modification. 
At this time, I was accompanied by an advocate from XXXX. In the meeting attended was an attorney representing SPS and by phone a lady at SPS in charge. The meeting was held by XXXX I guess I will call him the mediator. 
The lady on the phone conducting the meeting went over the payment plan for a modification and told me what to expect. I asked about the interest rate and she quoted me the fed rate of approx. 2 %. I was asked how much I could afford and my reply was as always the same as what my mortgage was before {$1200.00} to {$1200.00} per month. SPS stated they thought that was feasible if they could get the lower fed rate at approx. 2 %. At the end of the meeting a new meeting was scheduled by SPS for XXXX XXXX XXXX at XXXX. Everyone in the meeting concurred this time and date would work for them. 
Details of the lien on the property : Balance of mortgage is approx., $ XXXX. SPS has included on top of the debt late charges, missed payments etc. This amount is somewhere around $ 380K. Current interest rate 5.9. 
On or about the second week of XXXX XXXX I receive a letter stating the trial modification payment would be approx. {$1400.00} for three payments. Nothing else was included. No interest rate or other details. 
Towards the end of the month I receive a call from SPS asking if I was going to make those payments. I explained to them I wanted to know more about the interest rate and pay off etc. I explained to that person on the phone that I have another meeting scheduled on XXXX/XXXX/XXXX and will wait until then. 

On XXXX XXXX XXXX at XXXX I arrived with my wife to this meeting. XXXX the mediator was present. My advocate from XXXX was not. XXXX said he just spoke to her by phone and she would not be present. XXXX said she would be available by phone and I should give her a call. I did so and the call went to voice mail. I left her a message to give me a call right back. I waited approx, ten minutes and tried to call her again. No answer and went to voice mail again. 
The mediator said the attorney was running late but would be here in a few minutes. I explained to XXXX that I had another appointment doctor and would have to leave shortly. XXXX stated he must wait or give 30 minutes  for each party to arrive according to the rules. I asked XXXX to call the SPS attorney to see if we could reschedule the meeting. He did so. XXXX called the attorney. Attorney said he was just a few minutes away. So we waited. 
I again asked XXXX about my advocate not being here or available by phone. XXXX stated she doesnt have to be here. 
The attorney finally arrived 30 minutes late and the meeting started. The reprehensive for SPS was contacted by phone to start meeting. Again I asked if we could re schedule the meeting because of my other appointment. They said no. 
So I briefly told my side of the story about the interest rate and lower payments. They said that was off the table now. Their attorney asked what were the payments and I asked for a break down. The lady on the phone said the payments were fourteen hundred and some dollars. There would be an escrow payment included of {$410.00}. The attorney asked if this was a onetime payment for escrow or was it on top of the payment. The lady on the phone said it was a onetime payment. 
They told me if I wanted to move forward with a modification or try to I would have to call SPS. The attorney provided me with a phone number and contact at SPS. Meeting was over. 

The next day I contacted SPS. I contacted my case manager. I asked them what were the details of the trial modification because it was not outlined in the letter I received. She said there were options at this point. But didnt think I would receive the same offer. I explained to her about the {$1200.00} per month. She said I was so far upside down at this point and didnt think I would receive a payment of {$1200.00}. So she added up all the late fees and etc. Said that the lien on the property was over {$400000.00} now. 
She went on to say that I should walk away from the property. I said to her that I did a trail modification in XXXX. After I completed the trail I was not offered a permanent modification. Instead I was offered another trial modification that increased by {$400.00}. And there was no way I could do that. And for the next few years I kept having to fill out new applications with financial records, tax returns, XXXX, etc. I must have filled out over a dozen of these applications. She said a new offer will be sent. End of call. 
So yesterday I sent an email to XXXX XXXX mediation case manager.  She advised me to contact you. 
So sense XXXX I have been filling for a modification. In my eyes if I was awarded a modification soon after the recession I would not have been so far behind and this dollar amount would not be so high. In addition, if this new modification was explained in more detail and I was offered the interest rate as offered I would have taken it. And if my advocate was present during the meeting perhaps she could have helped me. However, I had to deal with this all on my own. I also was not granted to reschedule the meeting as requested. 
In addition, I spoke to my accountant. My accountant said I should request to see the tax returns from the lien holder for the past eight years. Because the loss in late fees, taxs, etc. was surely taken on tax returns. If so any amount included beyond the original mortgage or lien was taken as a loss. If so why is SPS asking for approx. {$180.00} K on top of the original lien. 
Complaint I have is as follows. I was not granted another meeting due to their attorney running late and my advocate was not present. The other issue is that in the first meeting the lady on the phone for SPS said a onetime payment of {$400.00} for escrow and when I called SPS on the XXXX XXXX, XXXX that lady said escrow is included on each payment every month. Plus no details were provided such as interest rate, an exact payment would not be offered until the trial period was complete. And why would I have to complete another trial modification when I already completed on in XXXX.