Consumer complaint received 2021-07-23
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (MO)

Select Portfolio Servicing, Inc. ( SPS ) took over the servicing from XXXX and XXXX sold our primary home loan to an investor, which SPS is suppose to provide to us in 5 business days. This investor and SPS has acted in XXXX XXXX and has delayed and unreasonably requested information from us so that any deferment amount will be paid off prior to their decision being made. Other than our deferral request, we have made recent timely payments to SPS of our mortgage which they have applied to the deferred balance not our current balance. They currently have our account as current under the COVID deferral program. The majority of income comes from our small business company, which we solely own, which was the way it was when we originally took out the mortgage. Ironically, XXXX has approved our home equity credit loan ( XXXX-HECL ) on our home for the amount we requested be deferred to the end of the term of that loan as a balloon payment as we were told when we applied for the deferment. Unfortunately SPS and the new investor of our primary mortgage has acted in bad faith and has played a delaying game to collect as much of our good faith payments of the deferral balance so our request amount will be XXXX  out before it can be added to the end of the term of the loan. More specifically, we complied earlier with all of their documentation request in 2021. On XX/XX/2021 they sent us specific requirements for obtaining Profit and Loss Statement for our small business. They was sent to them on XX/XX/2021 to the letter. Then they came back to us and requested additional information of more information they did not request the first time. XXXX on XX/XX/2021 we completed with the additional break out of Other Income and provided, in Good Faith, additional information. SPS stated we should not have used " Other Income '' as a category even though that was specified in their first request. We clarified with SPS that " Other Income '' was income derived from property management not from commission income is which our typical " Income '' business. This was suppose to be conveyed to the Investor. To day, XX/XX/2021, SPS is now requesting we provide another 90 days Profit and Income Statement because they claim are information is outdated even though we originally complied back on XX/XX/2021. We, my wife and I, owners of the primary residence, that SPS and the investor is acting in bad faith by continuing to delay their decision knowing that we have continued to pay our mortgage in good faith. But for COVID, we would not have asked for this deferral and are in a position now and going forward to make our payments. XXXX is culpable in this as they flipped our mortgage to this investor and SPS as the servicer who have acted in bad faith and by their delay our seeking to eventually foreclose on our home which XXXX as well as the investor will be unjustly enriched to our detriment. XXXX representatives made statements when our mortgage, both primary and HECL, was with them that this defer of the XXXX period would be easy to apply for and obtain and they even our loan would be considered for re-evaluation at a lower rate, we currently pay 6 % interest. All of our telephone calls with XXXX and SPS have been recorded and we grant the CFPB the right to subpoena all of these records to review this travesty. I wouldn't be surprised if XXXX, SPS and this investor is treating other small business owners who have a mortgage the same way. If there is a class action suit along these lines, we would be willing to be named parties. At this time we just want the same treatment that XXXX provided to us with our XXXX-HECL by putting all deferral amounts when we started this process as a balloon payment on the end of our primary mortgage. We can provide substantially more documentation but have not done so according to your directions above.