Consumer complaint received 2015-06-19
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: SELECT PORTFOLIO SERVICING, INC. (CA)

We are writing this in hopes of finding a way to resolve our past due account with SPS and XXXX, which was originally obtained through XXXX. It is our understanding that SPS is the current servicer for XXXX - and still the owner/lender/beneficiary for this loan. We also have a XXXX on the property ( XXXX ) with a pretty big balance. We have kept this loan current. 

We have been working to try to come to an amicable resolution for the past 28 months, making efforts to pay the mortgage as well as some toward the arrears. However, all our efforts have been rejected by SPS. SPS claims they are committed to home retention, but on-line reviews and my own personal experiences with them could n't be further from the truth. 

Prior to XX/XX/XXXX, we have had a spotless 10+ year payment record with our mortgage and equity line accounts with XXXX XXXX Unfortunately, the XXXX some 15 years experienced a significant slow down, due to the economic and real estate conditions. 

I began XXXX for another business. I made a financial arrangement for my services and held up my end of the deal. I was owed over {$160000.00} in commissions when I was asked to accept a full-time position in XX/XX/XXXX. I accepted a salary with an amortization of my consulting fees in the hope of creating a lasting income opportunity, while my wife focused on our business. Due to no fault of my own, the company lost the account I was managing and I was terminated XX/XX/XXXX- the main reason for our financial crisis. 

I was forced into unemployment, our business was down and I was diagnosed with a XXXX, which required XXXX in XX/XX/XXXX. While laid up recovering, we began receiving a few projects with existing clients. At that point, we decided to devote all of our time to the business we started, 15 years earlier. We were in the process of finalizing our loan mod with XXXX. My Customer Assistance Specialist and I had many calls and she was engaged in the process with me. Suddenly, it was difficult to get in touch with her and the process slowed down. I finally was able to reach a live person who informed me the only thing missing was an appraisal. XXXX scheduled and sent an appraiser to our home, days after the account was already transferred to SPS. We were never told anything and could not believe what was happening. At the verge of getting the modification, the loan was transferred and SPS as servicer has been very difficult to communicate with. 

Now the entire process was starting from scratch. I tried numerous times to get a hold of my assigned Relationship Manager at SPS, however every call I made I ended up with a different agent with more of the same. I was told multiple times, either by phone or in letters that we were approved for a payment plan and the information would be forthcoming. We never received anything from SPS. After legal actions were taken, we were recently approved by SPS with a Forbearance / Repayment Plan at {$19000.00} per month, even though my income is less than this amount ( which SPS reviewed ). They are unwilling to modify terms or allow a reasonable time frame for repayment. I am willing and able to make the current mortgage payment and also some toward the arrears each month. The past 15 months, SPS has wasted, we could have made most of the payments to Chase/SPS by now. 
We now have a pending foreclosure sale date of XXXX XXXX. We feel that SPS has not done their best efforts to help keep us in our home. 
XXXX AMENDED COMPLAINT FOR:1. PROMISSORY ESTOPPEL ; 2. NEGLIGENT MISREPRESENTATION ; 3. VIOLATION OF DUTY OF GOOD FAITH AND FAIR DEALING ; 4. VIOLATION OF HOMEOWNER BILL OF RIGHTS ; 5. VIOLATION OF BUSINESS AND PROFESSIONS CODE SECTION 17200 ; 6. WRONGFUL FORECLOSURE ; 7. CANCELLATION OF INSTRUMENTS.