Consumer complaint received 2021-08-17 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: CT

Complaint narrative:
I have been trying to modify my loan with my mortgage company for 1 year due to the covid 19 pandemic. 
The company SPS keeps asking for documents that have been sent to them many times. They call 3-4 times a week asking for money even though the home was in forebearance and I have asked for a modification for 1 year! 
My interest rate is 6.7 percent and my mortgage payment is XXXX a month! 

This is astronomical and unrealistic in a pandemic that is going to continue for many more years. 
Im am extremely frustrated with SPS servicing. 
They continue to ask for documents sent one year ago and never make a decision on the loan modification! 
In fact my payment went up XXXX $ This month ( XXXX ) now they want XXXX! 
Im at my wits end with this company, I am affected physically and mentally by the constant phone calls, stress and now just last week I got a mysterious phone call from a man named MrXXXX XXXX at XXXX XXXX XXXX. XXXX XXXX XXXX NY Who says to me he must come in my house and inspect it. He gave no name of the company he was working for, gave no specific reason he needed to come in to my house. I demanded to know who he was, why he needed to get into my house and to state his official title and company. 
He kept refusing to give me ANY information.

This phone conversation went on for 15 minutes of him insisting he get in my house. 
Ofcourse I did not agree to a stranger who wants to inspect my house with no proof of who he is or why he wants to get in the house. 
His final answer was my maybe my file came across his desk today, and maybe someone put it there. 
He still refused to give me any information on himself or as to who asked him to call me. Playing this game with me he got no where. 
I later XXXX this individual and he is a real estate broker in the XXXX. 
Is this part of my mortgage service company who is Select portfolio Servicing attempts to gain access to my house for a foreclosure appraisal even though I made a payment this month. 
If so is this legal? 
Or is this a criminal trying to gain access to my home? 

If it is the mortgage servicer attempting access my home then thats really outrageous the approach they take. In fact its unscrupulous. 
Im extremely scared of whats happening with my mortgage servicer and their practices. There is a corporate disconnect or an outright ignoring of my request for negotiation. 
Like many Americans my equity in my home is my life savings, I have nothing else! 

This pandemic, Its been a disaster for me and my family. 

If i cant get this loan modified Ill loose everything! 
Im XXXX years old mother of XXXX  and this is my lifes savings the equity in my home. 
Interest rates are at 3.00 % New homes are selling at astronomical prices. 
So now these Mortgage companies will try to sell foreclosure houses at double what they are worth at the expense of families being displaced and their homes being occupied by new buyers with a 3 % interest rate. 
Hard working people are being extracted out of their homes by these mortgage companies. 
In a global pandemic that will go on for many years to come, with the delta variant exploding the government needs to take swift action against the unscrupulous mortgage companies and their practices.

Wouldnt they want families to stay in their homes for the long haul and reduce the interest rates to make it affordable. Make it the law to reduce everyones interest rate to 3 % during this financial hardship.

I do not understand why this Select Portfolio Servicer will not work with me to reduce the interest.

Covid 19 ALM This is what I found on HUD website COVID-19 Home Retention Options A Trial Payment Plan ( TPP ) is not required for a Borrower to be eligible for COVID-19 Loss Mitigation Options.

( A ) COVID-19 Advance Loan Modification ( 1 ) Definition The COVID-19 ALM is not incentivized. ( 2 )
Eligibility The Property may be owner-occupied or non-owner occupied. The Borrower must be 90 or more Days Delinquent.

The Mortgagee must review eligible Borrowers for a COVID-19 Advance Loan Modification ( COVID-19 ALM ).

A COVID-19 ALM is a permanent change in one or more terms of a Borrowers Mortgage that achieves a minimum 25 percent reduction to the Borrowers monthly Principal & Interest ( P & I ) payment that does not require Borrower contact. 
A 30 year loan modification at the most recent XXXX XXXX Weekly Primary Mortgage Market Survey ( PMMS ) Rate rounded to the nearest one-eighth of 1 percent ( 0.125 percent ) will achieve a minimum 25 percent reduction in the Borrowers monthly P & I How come SPS did not tell me about this Covid 19 ALM? 
I

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