Consumer complaint received 2018-06-04 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL

Complaint narrative:
My home I have owned for 13 years is set to be auctioned by Select Portfolio Servicing on XX/XX/XXXX. I live in the home with my adult daughter and we can afford a fair mortgage payment so this situation is avoidable. We actually were offered a modification by Select Portfolio Servicing and made our payments for six months. We then received paperwork that we were approved for a permanent modification, however, the loan balance increased significantly and the payment was also much higher than the original modification. We could not figure out how they came up with these numbers based on our income. We were not able to afford that payment and had to decline the offer. We asked why we had not been considered for any of the new GSE programs available to homeowners with conventional loans backed by XXXX XXXX and XXXX XXXX but could not get any answers. We then hired a law firm to help us and once again, we eventually received an offer, but this new payment was close to 80 % of our monthly income and not affordable. We tried to get answers as to how this was calculated and what programs we had been reviewed for but could make no progress. 

This loan was originated by XXXX back in XX/XX/XXXX. I wanted to lower my rate and payment and had to trust XXXX because I spoke little English at that time ( was primarily XXXX speaker ). There were many things that seemed odd and rushed about the loan process ( I have a lot of questions about the appraisal and value ) and based on what XXXX did to inflate values and peddle predatory loans this all made sense. 

I paid as agreed on this loan for nearly 10 years. I work as a XXXX XXXX to XXXX XXXX and my adult daughter also lives with me and contributes 100 % of her income toward the household expenses. Due to some health and employment gap issues we fell behind in XX/XX/XXXX. Around that same time our loan was transferred from XXXX XXXX XXXX to Select Portfolio Servicing. We got all of our financial information together and submitted it to them and were given a fair and reasonable trial modification. I made 6 payments on the trial modification as agreed but when I received the final permanent modification documents the balance of the loan had been significantly increased as well as the monthly payment which was close to half of our monthly income. We were not able to afford this payment and had to engage a law firm to assist us. They sent in another application and we were once again approved but this time the payment was even higher than before. 

We have since tried to engage with SPS to find out how and why they came up with these calculations and also find out what programs we were considered for. I don't believe that we were considered for any of the new GSE programs that were established to help homeowners. Instead of getting answers we are being denied information and denied access to a review of our current and correct financial circumstances. We are facing a sale date on XX/XX/XXXX.

Company response to consumer: Closed with explanation