Consumer complaint received 2022-01-07
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (CA)

Our Servicer refuses to use all of the income we supplied in applying for the loan modification, thus denying us which will eventually lead to us going into foreclosure. 

We were affected by Covid and was able to get our mortgage payments deferred to the back end of our loan with no problems to start. However, our property taxes and insurance was not included and raised our mortgage payment substantially. Our payment went from just over {$2400.00} pre-covid to {$2800.00} post covid. We asked our servicer if they would put the property taxes and insurance on the backend as well and was told that the only way this could be accommodated is via a loan modification, so we submitted a full and complete pack, W2 's, paystubs, tax returns, bank statements along with I believe RMA, the form the shows our income, expenses and reason for hardship in XXXX of XXXX. 

Several times we were told by the servicer that they had all they needed, only for them to come back and ask us for more documentation, which we quickly supplied. You'll see the dates taken from the servicers site from our dealings in XXXX through early XXXX where they send us a missing information message, we send it, they acknowledge they have it, only to send us another missing information letter. This went on for a long while and on XX/XX/XXXX, they denied our loan modification stating that we were in bk, which we had already supplied them several documents from the courts showing that we were not and that our income was not sufficient. 

We disputed the letter, re-supplying documentaiton that the bankruptcy had been dischared and resent them proof of income. On XX/XX/XXXX they said they had all they needed and on XX/XX/XXXX they denied us again for the same reasons. 

Although I have asked this question before and the servicer has responded, they have yet to answer my very specific question regarding the income used for qualification purposes. In XXXX I became a commission-only loan officer, in XXXX I co-founded a commission-only mortgage company and in XXXX, I became a XXXX XXXX XXXX XXXX who specializes in helping people who have received a Notice of Default or having problems paying their mortgage. When the world shut down due to covid and the government stepped in to stop all foreclosure proceedings, XXXX XXXX XXXX XXXX job shut down 100 % so I went and got a W2 job so that I could at least bring something in. 

When things started getting somewhat better, I applied for a loan modification initiated on XX/XX/XXXX. I supplied two real estate commission checks totalling over {$220000.00}, along with income from a W2 employer that I had to get when my primary source of income was halted. I provided commission checks, a letter from my Broker, as well as bank statements showing the commissions, were deposited into my bank account and on XX/XX/XXXX, our servicer declared that we were not approved for any loss mitigation options as only the income from the W2 company was used. My simple, yet specific question is, Why were the real estate commissions not included in determining what we would qualify for? Its a very simple question that I have been asking for months and I have yet to receive one communication from our servicer addressing the question. They just keep repeating that they used the W2 income and what it was. I understand that thats not my question. My question is, why were the real estate commissions not included in calculating our income? 

Although we have received help from the servicers Ombudsman Department in the form of them placing missed payments from XX/XX/XXXX, to XX/XX/XXXX, on the backend of our loan. There is still an escrow shortage of {$8300.00} and once an escrow analysis has been completed, if spread out over a two-year payback period, our mortgage payment will go from the current {$2800.00} to a whopping {$3200.00}. This is not sustainable as our business is still being affected by Covid. 



Below is our continued and ongoing paper trailed requests of us begging our servicer to please review our file correctly as well as to put us in contact with one person so we were not bounced around and had to retell our story to so many different people. These letters are Document receipt letters, followed by acknowledgement letters, followed by the servicer completely ignoring what we are asking them to do which is to use the real estate commissions that were provided and included in our loan modification package. From what I've seen, theyll argue that they've responded to that request, the fact is, they just send us the exact same paperwork stating the income used was {$4800.00} which only accounts for the W2 income. 

Below is a list of our correspondence with the Servicer Date Letter XX/XX/XXXX Deferral Agreement XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Relationship Manager Assignment Notice XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Early Intervention Notice XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Assistance Ineligibility Notice XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX Property Valuation Notice XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX XXXX XXXX Disclosure Notice XX/XX/XXXX XXXX XXXX Disclosure Notice XX/XX/XXXX Assistance Review Decision Notice XX/XX/XXXX Complete Assistance Package Notice XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Property Valuation Notice XX/XX/XXXX Complete Assistance Package Notice XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX Dispute Resolution Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Property Valuation Notice XX/XX/XXXX Missing Information Letter XX/XX/XXXX Response Extension Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX Complete Assistance Package Notice XX/XX/XXXX Response Extension Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX Missing Information Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter XX/XX/XXXX Missing Information Letter XX/XX/XXXX Privacy Notice XX/XX/XXXX Acknowledgement Letter XX/XX/XXXX Document Receipt Acknowledgement XX/XX/XXXX General Acknowledgement Letter