Consumer complaint received 2016-05-03
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: SELECT PORTFOLIO SERVICING, INC. (NJ)

I refinanced my home in XX/XX/XXXX while on XXXX. We were told to have an appraisal of the home. When the appraiser came he said he could n't appraise the home cause the addition was not finished and I needed to call the broker. They spoke outside about 5 minutes and the appraiser came in and said he could finish. Our unfinished home appraised for {$610000.00} we were so happy we made the decision to add on to our home only to find out when the market crashed that there were no similar homes in my town to appraise over {$440000.00}. 
I have tried multiple times to get a modification over the last seven years. I have entered into several agreements for repayment plans and have made all payments on time only to be turned down for multiple different reasons. At one point oweing about XXXX in arrears getting an offer for modification of {$3500.00} per month for 22 years then having 2 ballon payment of {$370000.00} and {$89000.00}. Based on a home value of {$280000.00}. In essence going from a bad deal to a worse one. I was told from the services that if I made 6 payment of {$3500.00} on time that my mortgage would be modified and would only owe the arrears. Every time I speak to a rep of S.P.S I get a different explanation of what was explained and when I say that 's not what was discussed they apologize and say they were n't part of that conversation and would recommend training. It also has taken XXXX bankruptcies, chapter XXXX because they told my attorney they would put a lien on my life insurance and I needed to eliminate that debt to protect my family. That is highly intrusive to ask questions such as are you coming into money or have any lawsuits against anyone or plan to inherit any. The second chapter XXXX was to find out why we were denied for modifications all this time. That took 18 months and XXXX attorneys all while paying {$3400.00} per month only to be told that the trust hit a CAP limit on how many modifications they would make. Does it make sense to kick a family of XXXX out of a home they can afford but not the loan that 's unaffordable. If they are allowed to foreclose on XXXX XXXX, XXXX that would be another huge blow to my credit and my family. Considering the facts if the value of the home is {$300000.00} and that 's the most they can get at sheriff sale why throw out a family that can pay more for the home and keep them in it. I have never been imposed to paying a ballon payment not just for more than twice the home value in the end. I beg anyone to look at the situation and tell me that it would make sense for either party. Why is there no common sense? Why does n't the government get involved? Does the government and tax payers know that the banks are turning people away from making payments and making money to losing money by foreclosing. I 'm sure if the investors had a say in the matter they would want to make a profit even if it was less than what was the original terms. Something needs to be done in order to make the banks comply, if the banks caused the XXXX made XXXX dollars and only had to pay a few XXXX in fines everyone would do so and this cycle will continue. 
Please return request to XXXXXXXXXXXX. I look forward to your response and hopefully your help in this matter. I plan on going to the news this week and the government agencies in charge of fighting this crime. The Dodd Frank act has not helped the homeowner who has been subjected to and humiliated by the will of Big Banks!!! WHEN WILL THERE BE CHANGE FOR THE PEOPLE NOT WALLSTREET!!!!!