Consumer complaint received 2020-01-17
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (GA)

On XX/XX/XXXX, I made a consolidation loan and/signed a contract for {$92000.00} at 14 % with payoff on XX/XX/XXXX with XXXX XXXX XXXX  XXXX ; payments {$1200.00} monthly. I failed to read the fine print that stated full amount was payable if not obtained prior to mature date, which was impossible at a 14 % interest rate. I obtained this loan while on XXXX XXXX, and was told by a VA Representative that I would be able to refinance after a year under this loan and get a VA loan. That might have been true, but not with these folks. Upon doing that, I was informed by a XXXX XXXX XXXX Loan Officer that I was not able to do that, because there was a {$15000.00} penalty in order to be released from the loan before 5 years. I didn't have the funds to complete such transaction. So I remain in the loan. I retired XX/XX/XXXX, in which I was not receiving the same income and the demographic area here does not have jobs that paid nowhere near the same income I was making in the military. So, I fell on hard times and had to submit for assistance. In XXXX, I filed CH XXXX Bankruptcy to keep my home from foreclosure. While in bankruptcy, XX/XX/XXXX, XXXX XXXX XXXX   XXXX, extended the loan to another 15 years, making it a 30 year loan still at 14 % because there was still {$85000.00} balance remaining on the loan. It was when I finished bankruptcy in XX/XX/XXXX, that I called their Florida ( FL ) office that I was informed this had happened and I was not informed prior to this. It was then turned over to Select Portfolio Servicing , Inc. ( SPS ) and I did not receive notification until around XXXX of that year and my payments were initially {$490.00} and I was informed by them that I was already four months delinquent. I had been talking to the XXXX FL office and requesting a history of my payments, but I never received them. After a few months, I received a letter that my payments were being increased from {$490.00} to {$1200.00}. I spoke with a manager at SPS, and she informed me the payments were not going up, but they did. I am still paying this loan at 14 % and I just can't find any relief. I had requested a modification and it was approved around XXXX and I was unable to keep those payment dates, because the pay cycle was not during the time payments were to be met. I requested again recently, XX/XX/XXXX, to save my home from foreclosure, again, and was denied. I am raising XXXX grandchildren. This is a home I was raised in, my children, and now my grandchildren. I have no other means. I can't get the interest rate lowered and after 30 years I will have paid over a half XXXX dollars for a {$92000.00} loan. This is predatory lending in the worse form. It was explained to me, the way this loan is written, I would never get out of it and would always have a balloon payment/lump sum at the end. I wish this on no one. Being delinquent, it is impossible to refinance, and I thought I was okay until I found myself in the same situation and it was explained by legal advice I will always be in this place. The current statement states, I am 380 days delinquent, this is over a 5 year period. Anyone looking at this, would assume this is a consistent, delinquency. I was advised, in XXXX, after my payment was not made due to an increase in my home insurance, I was not expecting, caused my account to be overdrawn ; that I was not make any payments, cause my account had been turned over to a lawyer for review. This added to the delinquency and my payments are now over {$1400.00}. I am a veteran who does not want to lose her home, to a bad decision in trusting lenders who were not forthcoming, but knew I would not read the fine print but trust what they were saying and selling. Bottom line my complaint is that I am still held to such a high interest rate, when the rates are low and there is no relief. This loan currently is just a conventional loan for interest only.