Consumer complaint received 2024-08-31 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: SELECT PORTFOLIO SERVICING, INC.
State: WA

Complaint narrative:
Follow up from last interaction : A separate letter we received from SPS last month was denying our mortgage assistance repayment program, because as SPS stated, " They could not reduce our payment enough to support repayment, even though we stated many times over the phone and through our mortgage assistance package, that we were not looking to reduce our payment, we simply want to form a repayment plan to add on to our monthly payment and repay overtime. 
After that, we received another letter saying we were denied again because our financials did not support a balance being repaid over a 12 month time period.

When we asked to supply evidence of additional supplemental income they denied our request to provide it. 

Our " relationship manager, XXXX '' is consistently unavailable and never returns our calls or emails. We have tried numerous times to contact your " servicing representatives '', but they also consistently tell us they can provide no additional information or help to us, only " XXXX '' who is never available. There is no one we can ever receive any help/info from and in fact, the only detailed responses we ever receive from SPS is through these complaints.

As weve stated, in these claims, and our previous claim through CFPB with XXXX XXXX, XXXX XXXX admitted AND provided documentation to CFPB that there was a glitch in their system, which never alerted us that we were approved for their plan, and then they immediately sold our mortgage to SPS. So we did not " miss '' our first trial payment, we were never " alerted '' that we were approved to make a payment prior to XXXX XXXX selling our mortgage to SPS.

We have worked tirelessly with both companies in order to meet their qualifications and demands, even though they are constantly changing on a monthly basis. We simply want to find a suitable agreement in order to start repaying the owed amount due to the forbearance plan.

As per the forbearance laws that were set in place from XXXX, there were to be multiple ways in order to repay the forbearance amount.

You have denied our right to use any of the other options that were meant by law to be part of the forbearance terms and conditions which should have included the following : If you have a XXXX XXXX or XXXX XXXXbacked loan, you have five post-forbearance options : Reinstatement : Youll repay all the payments you missed right away after your forbearance.

Repayment plan : Youll establish a repayment plan and pay off a portion of your missed payments each month until the entire missed amount is accounted for.

Deferral : Youll defer the missed payments until the maturity date on your loan when they become due as a non-interest-bearing balance.

Flex Modification program : Your servicer will permanently extend your loans term or lower your interest rate to lower your monthly payment.

Refinance : Youll obtain a new loan with a new interest rate and term. To qualify, youll need to be officially off the forbearance plan, have made at least three consecutive monthly payments and meet the lenders eligibility requirements.

And now unfortunately we are not eligible for refinance, because our account was illegally locked immediately
when the forbearance plan ended with XXXX XXXX and then remained locked by SPS when it was sold to them in XX/XX/XXXX. In our copy of the official " NOTE '' that was sent to us by SPS, it states that " the borrower has the right to make payments at any time ''.

Since SPS is now saying that the only option is to repay the entire past due amount of {$110000.00} over a 12 month period ( on page 1 and 2 of attached letter ), I have procured a loan recently supporting that amount allowing us to take monthly draws. According to my calculations based on the {$110000.00}, it should roughly be about XXXX XXXX plus the mortgage amount of {$2400.00} per month. So now that we have met your request, and we have sufficient funds to repay over your proposed 12 month period, please let us know where/how we can make our first payment.

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