Consumer complaint received 2023-03-28
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (GA)

My family is in the beginning stages of foreclosure because we experienced financial hardship during XXXX and our mortgage company Select Portfolio Servicing has not offered any realistic type of help or forbearance or modification so that we can resolve the missed payments. We BUILT this house in XXXX and obtained financing through XXXX  XXXX XXXX backed by XXXX XXXX in XXXX. We always paid as agreed until we started a new garbage business and due to bad economy and cancelled contracts were forced to apply for loan modification in XXXX. We are grateful that we received help at that time and continued to pay as agreed until we had multiple issues due to XXXX and instead of helping us through the government CARES program or offering any type of assistance SPS closed the door and put us into foreclosure. If we had not been impacted by the pandemic this would not have happened and we should be offered affordable options to resolve our loan delinquency. 
Due to failing business we applied for HAMP modification through Seterus who handled our loan at the time and after long review were offered a step modification with rate now at 3.5 % and they deferred the missed payments. We were fine until XXXX impacted our family in XXXX. My husband XXXX XXXX and had to miss almost XXXX months of work. I am XXXX XXXX XXXX and when I contracted XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX which required thousands of dollars in out of pocket expenses. We kept up with mortgage but were draining all savings. We contacted SPS to see if they would offer any type of XXXX  help through CARES program or forbearance but we were told no options existed to help. ( this was a XXXX XXXX XXXXoan and the guidelines for the program state that the servicer is REQUIRED by government mandate to offer us the CARES program which would allow us to skip 6-12 mortgage payments ). In that same period my husband hurt his back and once again had to miss work and now we were unable to make our mortgage payments and reached out to SPS for help. XXXX works as a lineman for an electric company and with my XXXX benefit we have sufficient income to afford a reasonable payment, we just needed help with the missed payments due to our XXXX  related issues. We were told to apply for a loan modification and I filled out the paperwork and sent it in, only to be told that we were denied because we had received a modification 6 years previous and that the investor does not offer more than one modification. 
I do not believe this is true, if XXXX XXXX still backs this loan there should be other options. If the investor has changed we would like SPS to provide documentation relating to the transfer of the mortgage loan from XXXX XXXX to the new investor as well as a copy of the loan modification guidelines for the investor a copy of the pooling and servicing agreement. SPS was required to offer us assistance options due to XXXX and we don't believe any existing investor guidelines apply when my state declares my county a disaster. 
We then received an offer for a repayment plan with 12 monthly payments of {$2600.00} which would get our account caught back up. 
sps did not review our income for this plan. The paperwork was received in early XXXX and the first payment of {$2600.00} was due on XX/XX/XXXX and we were still recovering from financial/health issues and unable to make the payment until XX/XX/XXXX but the payment was sent back by SPS. Our bank tried to resubmit the payment on XX/XX/XXXX but again it was rejected. When I called in to get information on what had happened they said that we had been kicked out of the repayment plan program because we missed the payment due date and there was no grace period. In XXXX SPS drafted our normal mortgage payment of {$1900.00} on XX/XX/XXXX, but when we tried to pay in XXXX they refused to accept and said they were starting the foreclosure process.