Consumer complaint received 2015-11-10
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: SELECT PORTFOLIO SERVICING, INC. (SC)

I was sued by XXXX for foreclosure in 2012. I wrote to them to find out who they were, as I had never heard of them and had been making my payments to XXXX. I received a letter from XXXX Vice President stating that since they were merely the trustee of the trust my loan had been sold into ( there is no chain of title showing that this actually happened ), that they could not possibly be the ones suing me and I needed to contact XXXX. All through the lawsuit, I showed the letter and insisted that the wrong Plaintiff was suing me, but I was just run over by the courts. Finally just before trial, we learned that although XXXX had been the servicer, they had handed over the collection rights to a company called Select Portfolio Servicers. It was clear that SPS was the one actually behind the suit by that time, although they were not even involved in the loan at the inception of the case and could not possibly prove standing. The judge in XXXX XXXX, FL was retiring the very day we had the trial, and was clearly more concerned with getting the trial over with than making a good decision. There was no proof provided that SPS had anything to do with the loan, or that they had standing at the inception of the case. I had bank records that showed their accounting was very far from accurate, and even the judge agreed on the record. However, he awarded XXXX the foreclosure and the full judgment amount! We have appealed for obvious reasons, but I just received an offer in the mail last week to apply for SPS 's home retention program where they will see if I qualify for a modification, refy, or some other work-out. I have sent in lots of paperwork so far, and they keep asking for more and different things, but today, my lawyer was contacted by the law firm representing SPS in my case, and was told that SPS was not going to consider me for any of the retention programs unless I drop my appeal! I believe this strong-arm tactic is illegal. Plus, in order to maintain the stay on the sale of the property, SPS has insisted and the new judge with no prior knowledge of my case and its history, has agreed that I need to put up an additional {$75000.00} in security IN ADDITION TO the property they would take if we lose the appeal. I believe this is unfair, as I clearly do n't have the means to come up with that additional security, and now that there may be an option to do something to keep my condo, I am being pressured to waive all my legal rights to an appeal we feel very sure we 'll win under the circumstances. At the very least, the amount owed will be reduced to a reasonable amount ( the current judgment is {$100000.00} more than the original loan amount, and I paid more than was required on payments for nearly 10 years before XXXX engineered the default that got me into foreclosure ), because I have bank records proving their numbers are wrong. We need to go through with the appeal just for the purpose of establishing how much the debt is, if one is owed. Can they threaten me with lifting the stay unless I drop the appeal? There is no guarantee I will qualify for their retention program, and I certainly do n't want to give up my only chance at some logic being applied to this situation via the appeal.