Consumer complaint received 2018-12-08 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA

Complaint narrative:
URGENT URGENT I am in the process of losing my home due to the ineptitude of the representatives from Select Portfolio.

For many years I tried to modify my home but unfortunately, I was not able to get an affordable payment. There were a lot of terms regarding the loan that were not disclosed when I purchased the loan and I felt I have been defrauded. I also paid companies to assist me but they took my money and then I had to hire an attorney, and in the end, Select Portfolio just wants to foreclose on my property. While I do realize it is a lot of money in arrears, it is not because I did not make efforts to pay.

After there seemed like there was no hope for the modification, I sadly, had to come to realization that I had to liquidate the home. I was given a listing period to get an offer. I actually had an offer previous to the listing period, and then during the review period the bank wanted more money, but never actually told us how much, just that they wanted a higher offer. This process just doesn't make sense and wastes time because the buyer made several increases and all denied. Had they said exactly what they wanted for a price it would have made things much easier.

So that offer was canceled and I received a couple more offers, that seemed better for the bank. My agent was not accepting low offers, so we were looking at only the ones that might work. She was diligent in checking in with lender so we did not waste more time. Each time they told her that the number should work because it was above the 85 % of value that lender said they would take. There did not seem to be a consistency when she called the representatives at the bank and that made me nervous. She would update me with varying replies. 

Most recently, they advised her as recently as XX/XX/XXXX, that the offer submitted that would net them a little over 90 %, was in the process of being reviewed and that the second lien since it had been charged off, had also been approved. She also spoke with supposed Relationship Liaison Representative, who also confirmed what the Supervisor had just told her regarding finalizing the approval. In various conversations, my agent was told that although a date was in the system for sale on XX/XX/2019, that it would most likely be postponed to allow for the short sale of my home. 

In addition, as late as last week, one of the representatives advised that I could still apply for a modification. Furthermore, on another occasion, I was told that I could do a short pay, and so I was happy, because I was told that my family members would be able to buy the house. Well then when we were prepared and they were approved by lender, I was told we could not!! 

There is a lot of heartache I have gone through as well as my family. Hoping that I would keep my home for many years. Then we were told that the short sale was a viable option and that is now taken away. There should be no reason to not approve the short sale. The offer is a good offer and had they not stopped the review this week, the buyer could close within 15 days so we could certainly close by XX/XX/XXXX. Again the offer is about 90 % of the BPO of $ XXXX, the bank is using and the offer is at $ XXXX, netting them over $ XXXX. The original balance of the loan is approx $ XXXX when I was last given the amount in the past 30 days. This offer is also higher than the first offer of $ XXXX, and the one that was $ XXXX that was going to net them XXXX less than the $ XXXX because they are investors and not asking for fees. 

My frustration is that each representative had a different update to give. My agent kept calling to ensure that we didn't miss anything as they have not been the best at communicating. If she did not call we would not know of missing information, or like now, that the review as not moving forward. 

Today she called and spoke with XXXX XXXX, a manager, after speaking with XXXX XXXX, supervisor and first XXXX, representative. XXXX XXXX advised that there was nothing they could do because of the time. My agent replied by asking how this could be if she had just been told that the short sale was reviewed, and that they should have an answer regarding the approval. Ms. XXXX advised that she was sorry for all of the misinformation, and confirmed that in her notes it showed the misinformation. So if she knows about the misinformation, why are they still proceeding with what would be a wrongful foreclosure???? How can they get away with this??? Misinformation throughout my initial contact with SPS has been the norm. 

In another conversation, my agent advised that the pool needed work and that buyers might ask for variance ahead of time to save time later. The SPS agent told her to keep being proactive as she had been. This same representative said that things were moving along and not to worry about the sale date since we were in review and they would extend to allow for it to close. 

I trusted in their replies. Also, when XXXX, the supervisor, told my agent today that the review was denied, and she asked how was this possible, that the previous agents had told her we were in review, to please see the notes, he said he was not seeing anything!! She told him to please go back to all of the dates she called to listen to recorded messages, he said they couldn't because they had to be subpoenaed!! She was stunned and said how can she trust that now records were not modified?? 

This is very troubling to me. Yes there are a lot of accrued back payments, however, I kept requesting assistance, and delays from reviews caused most of these fees to go up and now I am facing the foreclosure of my home vs exiting with dignity. The foreclosure will also affect my position at my company. 

I need your assistance so that the bank will approve my short sale process. 

Thank you!

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