Consumer complaint received 2017-09-20 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: GA

Complaint narrative:
To whom it may concern, I have been completely mislead, ensnared and DEFRAUDED in regards to applying for a loan modification with my mortgage servicer SELECT PORTFOLIO SERVICING - in every way possible. I am escalating this matter to you with hopes that you may lend some assistance in resolving this matter EXPEDITIOUSLY as my home is in risk of foreclosure. 

I have a loan that was sold/transferred to XXXX from XXXX XXXX XXXX late last year. Prior to the sale/servicing transfer, XXXX XXXX XXXX approved my family for a loan modification on our home after the interest rate jumped from 2 % to almost 7 % ( which my family could not afford as our payment almost TRIPLED! ). As my family received this loan during the peak of the mortgage meltdown - we are just now discovering that we are in a predatory loan. At any rate, upon approval of the modification I was informed that I would receive new loan documents in the mail. However the only documents that I received were documents stating that XXXX would be my new servicer. During the processing of that modification I mailed/faxed over 100 documents and made over 60 calls over months of correspondence with XXXX. 

After that very arduous process, I was told that I would need to complete the process ALL OVER AGAIN with XXXX because they continuously " lost '' documents in the process. I diligently conceded..and proceeded to produce updated versions of all of the documents that I previously provided the former servicer ( please refer to the timeline below ). 

Once all of the documents were produced, I was informed that everything had been received and that my documents were under review for a modification ( XX/XX/XXXX via XXXX XXXX ) and I should expect a response in 30 days. However, when I called back in to check the status on XX/XX/XXXX, I was informed that my modification had been denied/closed because I WAS MISSING ONE DOCUMENT. From there our home of more than 10 years was in jeopardy of a foreclosure sale over that ONE document that was never initially told to us was needed. And that was later discovered that they had in fact received ( per fax confirmations ). 

I spoke with a supervisor ( XXXX XXXX ) on XX/XX/XXXX whom informed me that the XXXX is reopening the modification process since you were in receipt of the final document. On XX/XX/XXXX,  another supervisor in the Ombudsman department ( XXXX XXXX ) informed me that he had also requested for the process to be continued considering I had provided all of the necessary documentation. 

The modification request was reopened ( XX/XX/XXXX via XXXX XXXX ). All of the reuquested documents had been received by XXXX, and I was told to wait for further review of the documents for the modification to process. After corresponding a few more times after that and supplying a few more documents I was told everything was set to move forward. 

However, after contacting XXXX in regards to my modification status, I was told that after all of the work we 've done to process the modification there was " suddenly '' a PSA restriction that was preventing approval ( XX/XX/XXXX XXXX XXXX ). And that the investor ( XXXX XXXX - of which also has a history of predatory lending ) does not offer ANY hope retention alternatives for ANY of it 's clients. 

After everything that we had been through to assure that everything was in place for the modification here was yet another roadblock. At this point we had applied for a modification over SIX TIMES!! XXXX and ( XXXX XXXX - XX/XX/XXXX ) informed me to submit a formal request to you and the Ombudsman department asking for a thorough review of my families situation, how our request has been handled ( or lack thereof ) and requesting to have the foreclosure date cancelled and the PSA restriction lifted as to further explore our home retention alternatives ( I was told we can explore the modification further or a repayment plan etc ). I have spoken to several advocacy groups who are confused as to if there was a PSA restriction how I was able to get a modification in XX/XX/XXXX or why I was refused the access to this documentation of this claim. 

My family and I would like to not only stay in our home which we have lived in for over 10 years, but work out a reasonable payment arrangement that is not double or triple what we were previously paying comfortably as it has hiked to after our interest rate rose from 2 % to 7 % with the predatory loan terms that we are currently on. 

It is my understanding that Georgia is a non judicial state and you as my lender/servicer has authority over the sale date. Thusly, I am reaching out to you with the belief that you can assist in this matter EXPEDITIOUSLY so that I DO NOT HAVE TO SEEK A BANKRUPTCY resolution and we can continue to honor our obligation respectfully. 

Thank you in advance for your immediate assistance and guidance through this VERY troubling matter.

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