Consumer complaint received 2021-01-08
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (CA)

In XX/XX/XXXX I applied for a Loan Modification. I received a letter dated XX/XX/XXXX that I would not be reviewed and then on XX/XX/XXXX I received 2 letters stating my loan Modification was under review. To date I have not received any further determinations but a series of letters from the Servicer SPS requesting I apply for mortgage assistance. I am contacting CFPB because I have not been afforded the Federally mandated assistance required by a Servicer. I have called and written the Servicer and requested the point of contact that has knowledge of my loan meet with me by phone. SPS has not provided that contact although they have provided 5 different names since XXXX. I do not want to talk to someone who is not assigned to my loan as they like to have a 800 customer service person speak with me. General customer service has never been able to answer my question because they do not know and are not familiar with all the details from origination. SPS has called me and every time I answer the phone the person hangs up. I call back to only find out that it is an autodialer for collections not to discuss my loan. The Federal Law states that the Point of Contact must be made available. During the life of the loan I have been Dual tracked, there has been a forced place insurance policy when SPS was notified by my insurance company that I did indeed have insurance at all times however they demanded payment for an insurance policy during the modification period which I did not need to pay and certainly could not afford. During the the 10 month Covid period they could have worked on the modification as I requested and as their letter stated they would review. They have 3 times delayed a foreclosure date without providing the assistance and or review required. I had not had a request for a loan modification in the 12 month prior to the XX/XX/XXXX request ant the modification they previously offered only failed when they dual tracked, expected me to make a payment while scheduling a foreclosure, placed a forced placed insurance policy, offered a modification without taxes and then came back one month later to increase the payment by XXXX which they knew could not be legally done. I in fact told them I was ready to make the payment in full but they offered no forbearance of the defaulted amount, which increased the payment XXXX/month. Under CARES I, Chapter 2 of A.B. 3088, For a non-federally backed loan the servicer must offer eligible borrowers options that are consistent with its contractual duties and with the guidelines for federally-backed loans. This is part of C.A.R.E.S which does apply to my loan and SPS is ignoring this law. In the State of California there is a stay at home order, they have listed a location for Foreclosure sale that is not accessible during the order and have not bothered to follow the law regarding the Modification or the Foreclosure. I sent in writing a qualified written request for a valuation because that is part of the modification package for the underwriter but they have not provided. The value of the home exceeds the defaulted amount to date. SPS instead said they would use a valuation from XXXX. This would not be in line with a full package loan modification submission to an underwriter which leads me to believe they have no desire to assist or review and just send form letters for compliance. Beyond the legality they have shown a lack of ethics for a business practices.