Consumer complaint received 2021-09-08
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (UT)

Dear CPFB, I am writing a complaint in regards to my mortgage servicer Select Portfolio Servicing, ( SPS ) and the owner of my loan XXXX XXXX  XXXX XXXX, as Trustee, on behalf of the registered holders of XXXX XXXX XXXX  XXXX XXXX XXXX. 
I owned XXXX XXXX for 23 yrs. I was forced to close my business due to Covid in XX/XX/XXXX. I was devastated! We had to depend on only my husbands income which was really rough. I found out I was able to apply for unemployment even though I was self employed. That gave us a little relief. The XXXX  on us was unimaginable. Then my husband lost his job do to Covid and we had no clue what we were going to do. I had started working at a XXXX XXXX, and was able to work there for 3 months until they were required to close because of Covid. At that time I was only able to qualify for 1 month of unemployment. My husband is high risk for covid and by his Dr orders he was to unable to work until he was vaccinated, so he was still unemployed. The XXXX  from this caused him other XXXX  and XXXX XXXX. He was diagnosed with XXXX  XXXX, and attempted to XXXX XXXX XXXX. I thank XXXX it didnt work! Through all of this, I used my savings to pay my mortgage pmt. Ive never missed a pmt. 
During this time SPS sent me an email stating I had been approved for mortgage assistance. I contacted them asking about their plans. I was told it was the same plan as the government backed forbearance plans being offered to help Americans keep their homes. They offered to lower my {$1300.00} pmt to {$450.00}. I was concerned how the difference would be repaid when the forbearance was over. I was told by SPS that they would do some type of modification if i did not have the funds to bring my account current, they would not make me loose my home. I agreed to start a forbearance plan, my first pmt being made on XX/XX/XXXX for $ XXXXThey told me when that plan ended if i needed further assistance to contact them. I did just that, and contacted them saying I still needed help so they put me on a second forbearance plan starting in XXXX XXXX for {$900.00}. On XX/XX/XXXX I made my first pmt of {$900.00}. I was told I wasnt required to make a pmt in XXXX but it would be good if i could pay something. On XX/XX/XXXX I made a pmt of {$900.00}. I did everything they suggested to show I did not want to loose my house. I have not gone a month without paying. 
In XX/XX/XXXX my forbearance ended and I was to start making my regular monthly pmt. 
Back In XX/XX/XXXX I filled out an application for assistance for the balance due {$12000.00} from my forbearance. I knew starting in XXXX my total amount would become due. I knew it would be tight but I could make my regular pmt but I did not have the {$12000.00} they were asking for. I was assured by SPS that they would work with me, they wouldnt force me to loose my home. 
On XX/XX/XXXX I received a notice of decision from SPS stating ; congratulations I was approved for a repayment plan of {$1000.00} monthly being added to my regular pmt amount, bringing my pmt to {$2300.00} a month. XXXX!!!??? I immediately contacted them and said there was no way I could afford that. I again was told not to worry, I would re apply for a different program, and not to pay the additional {$1000.00}, just pay my regular pmt. Thats what I did. I again applied in XXXX for help and on XX/XX/XXXX was told I did not qualify. these are their exact words ; SPS trial modification plan : We were unable to offer you this program because the net present value ( NPV ) results showed that the modification was Not IN THE FINANCIAL INTEREST OF THE INVESTOR WHO OWNES YOUR LOAN. To perform the NPV calculation, we used a formula similar to the one used by the Dept. of the Treasury in the Making Home Affordable Program. This formula required us to input certain financial information about you and your account, ( they never asked me for any of my financial info ) including the factors listed in the attached chart. When combined with other data in the formula, these inputs resulted in an estimate of the RETURN THE INVESTOR WAS LIKELY TO RECEIVE IF THE ACCOUNT WAS MODIFIED, AS WELL AS AN ESTIMATE OF THE INVESTOR 'S RETURN IF THE ACCOUNT WAS NOT MODIFIED. 
The NPV of my home shows its worth {$650000.00} and my loan balance is around {$240000.00}!! I have plenty of equity in my home to modify it but theyre saying they want to profit form my circumstances!! I continued to apply for all of their other programs even the unemployment one, however my husband who is unemployed is not on the loan so I was denied that too. I have been continuing to contact them and with help from their associates reapplying for a modification and keep getting denied, even their associates dont know why i keep getting denied. They said they have a similar formula the government uses for government backed loans to make my home affordable thats XXXX!! Housing priced have skyrocketed and because they are a private lender they want to take my home so they will make money by putting my family on the street! Its simple they want to profit from this situation and put a family on the street!! I didnt do anything to deserve this! I couldnt help everything that happened because of Covid!! I have done everything they have asked of me! 
Because Housing has skyrocketed, there is no way I can purchase another home, there is NOTHING to rent. Utah is a high state of transmission for

Covid, being out on the street will just make it worse, especially since my husband is high risk!

Now they sent me a short sale acceptance form even though I have continued making my regular monthly pmt and they still wont help! 
As of XXXX there are XXXX XXXX people in forbearance plans, at the end of XXXX XXXX of those will be exiting forbearance. Only XXXX have some type of modification to move forward! This is what was written in the CFBP XXXX pg 4 & 5. There is something that has to be done or our homless population is going to be unmanageable and Covid spreading even more while the private banks make money, THATS WRONG!!! 
The last thing I received from them was a letter giving me the infor for the owner of my mortgage. they suggested I contact them and ask why this is happening. Thats when I contacted a HOD counselor for help, and filed this complaint. 
Attached will be all my documents from my lender. PLEASE something HAS to be done!! 
Also my account hasnt been reporting to the credit bureaus. it doesnt even show on my report that I have a mortgage. 
Thank You, XXXX XXXX XXXX my apologies if i sent duplicate downloads, i wanted to make sure everything was there.