Consumer complaint received 2019-09-11 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: AR

Complaint narrative:
I am requesting the assistance from CFPB to assist me with mortgage related issues I've been dealing for several year with my mortgage lender SPS. I am a few years past due and underwent a financial change that caused me to fall behind. 

I submitted a loss mitigation application package to SPS on XX/XX/XXXX. As of XX/XX/XXXX, SPS stated they had received all documents but were refusing to review me for assistance because their computer system had a Code ( SPSA restriction ) and per the agent I spoke to XXXX xt XXXX this code is at the request of the Investor not to allow any Trial modifications to happen. 

I requested for SPS to release the investor information so that I may call them to find out why they are restricting me from applying for help. In the last 7 years I have submitted for Loss Mitigation options at least 3 -4 times per year each time to get denied for several reasons usually SPS making up lies. 

In XX/XX/XXXX I applied for assistance from SPS to lower my interest rate but SPS placed me on a repayment plan that almost doubled my mortgage payment for the next 12 months and after those 12 months of payments I had to pay SPS a balloon of {$60000.00} in one shot which I told them I couldn't afford this but they insisted if I did not comply they would foreclose on my home, being told this I tried to make a few payments but eventually I could no longer afford this amount. Before I stopped making these payments, I called SPS to provide this information and they advised me if I could not afford it to stop making the payments and apply for mortgage assistance again. Keep in mind my financial did not support affordability for this repayment plan options. 

The rate I obtained on this loan is at 12.125 % on a single-family residence. I feel I was given a predatory interest rate since at the time I obtained this loan rates for the current market were at 5.25 % at its highest. SPS at this point are stating they have offered me several options but refuse to show me proof in writing, I have requested for them to provide the loan assistance options they claim they offered but they refuse. I have also asked to speak to a SPOC or manager never to get a call back. I feel that SPS is violation of several mortgage lending laws and per the reviews online I see I'm not the only one experiencing this issue. I ask for the CFPB to look into predatory lending, Failure to perform, Negligence, Violation of HRBOR, Tila & RESPA law. I am not alleging I don't owe this debt I am simply asking for SPS to help me reduce my rate so that I can continue to make payments on my loan. 

I have attached the loss mitigation application I've sent them for review so you can see I have provided all items needed to be evaluated and approved for assistance. Please help. Please Help stop foreclosure set for XX/XX/XXXX

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