Consumer complaint received 2019-12-03 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: MA

Complaint narrative:
This complaint is in response to the complaint number XXXX On XX/XX/XXXX, we sent an offer and HUD to SPS for a short sale review. SPS indicated the offer was too low, and sent us the appraisal which is for XXXX XXXX. We received a letter dated XX/XX/XXXX confirming the offer submitted was too low and we had a right to appeal. This property has been on the market over 400 days. If a higher offer could have been obtained, it would have happened. However, the buyer not only has to contend with the inferior condition of the property, but also MULTIPLE secondary liens, including a department of justice lien, and an execution that must be negotiated along with an order of conditions on the property. 

In the XX/XX/XXXX letter, acknowledging an offer from XX/XX/XXXXwas too low, it stated if we disagreed with the decision we had 30 days to appeal in writing. On XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX we sent three separate individual value information packets for dispute, each with their own cover letter identifying appeal information. The appeals included the buyers inspection report, our listing history information, sold comps, and much more. The following week XXXX XXXX called in and confirmed receipt of this package and we were told the information was in review. At the time we submitted the XX/XX/XXXX dispute packet, a complaint to the CFPB was initiated, outlining the flaws with the appraisal that was done in XX/XX/XXXX. With the CFPB complaint we included all of the value packets, which included comps, meaning SPS didnt review the attachments. 

XXXX called in again and confirmed the value information was in review. On XX/XX/XXXX, We received a response back from SPS via the CFPB. In this letter, they indicated an offer they received in XX/XX/XXXX was not high enough. They did not acknowledge the current offer sent to them in XX/XX/XXXX at all. They also further said they could not analyze the information we sent because it did not include comparables, however the XX/XX/XXXX information sent in DID include comparables. 

XXXX XXXX called in once again and spoke to the Ombudsmans office. She was told that because we didnt submit the comps necessary for a value dispute by XX/XX/XXXX, that the comps we did submit were not considered. Im not sure HOW we could submit value dispute comps on an offer we submitted on XX/XX/XXXX. Typically a servicer reviews all the paperwork and offer and lets you know what is missing or what else is needed. That did not happen. The moment we found out the offer was too low we submitted the necessary information to dispute it. In the XX/XX/XXXX letter it stated if we wanted to appeal we had to do it in 30 days which we did on XX/XX/XXXX -XX/XX/XXXX and XX/XX/XXXX. 

XXXX called in once we received the XX/XX/XXXX letter via the CFPB. On XX/XX/XXXX she spoke to the Ombudsmans office again, who at that time said they needed 3 SOLD comps within 1 mile of the subject property and dated within the last 6 months. On XX/XX/XXXX we sent them 3 comps. The were outside of the 1 mile area because even their own appraiser used comps almost 2 miles away from subject property, which is what we had to do, and we sent comps dated within 6 months of the original appraisal. We are now waiting for a decision. 

None of the above is proper servicing. We still have had no acknowledgement of the current buyers ( XXXX XXXX XXXX ) offer. It is absolutely faulty servicing that an offer from XX/XX/XXXX still has not been acknowledged or responded too. They have also sat on value information for three weeks and have not responded, however managed to reset an auction date for XX/XX/XXXX while a file has been in review since XX/XX/XXXX.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation