Consumer complaint received 2024-09-22 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: GA

Complaint narrative:
I have been trying to resolve my problems with Select Portfolio Servicing relating to missed mortgage payments because of Covid hardship. This situation has been going on for over XXXX year and it is very frustrating because I find myself in foreclosure even though my hardship has been resolved and my business is thriving. I should not be in this position but it has been impossible to break through the gatekeepers at SPS to attempt to resolve this situation. I cant reinstate the full past due amount but I can certainly make a substantial good faith payment towards the arrearages and enter into a restructured or modified loan. The problem is that I am stuck like a hamster on a wheel with SPS and unable to break through the red tape. I believe that SPS has denied access to programs I should have been reviewed for and also feel that they recently have made errors while reviewing and servicing my account which has made things worse and pushed me into foreclosure. 

I have worked as a police officer for 16 years in XXXX XXXX, XXXX A few years ago I was shot 6 times in the line of duty and miraculously survived. After recovering I started my own small security business and was quickly successful. It was great to be able to employ others and give back to the community that I served as well as make a good living. I was able to purchase my home in XXXX and did not have any financial problems. We had big contracts and I had a lot of money put aside and we were able to keep things going through the pandemic. Then in late XXXX business continued to decline and revenues were down 60 % when I lost my biggest contract which was worth {$2.00} million. At the same time some of my other clients were defaulting and not paying the invoices for services rendered. I was in trouble trying to keep the doors of the business open and pay my employees and feed my family and fell behind on the mortgage payment. 
I began contacting SPS in early XXXX to see if I could be considered for the CARES forbearance since my hardship was caused by Covid related income loss. I got the runaround from the SPS agents and went back and forth with them. Eventually I was told I could not get help through any Covid disaster programs or forbearance and that I needed to provide paperwork and financial information in order to be reviewed for other programs. This process began in early XXXX. Because I owned a business and was considered self-employed but also still had some police officer shifts the underwriters and agents at SPS continued XXXX ask for new documents and new information repeatedly. They made it very complicated and this process went on for over XXXX year and it was very frustrating and hard to understand. Eventually in spring of XXXX ( XXXX year later ) I was approved for a loan modification with a monthly payment of {$3900.00}. I made the first trial modification payment, but did not have the full amount for the second payment on XX/XX/XXXX as a big client failed to pay their invoice on time and I did not have any reserves set aside. I tried to call in and make the payment later in the month but was told by their agents that I was no longer eligible for the modification and that I had been dis-enrolled. Since that time I have tried repeatedly to engage with SPS to review my financial information. I was told in late XXXX that I was denied due to lack of income. This is hard to understand and is an obvious mistake. I got paid on past due invoices and landed new contracts XXXX and my business is again thriving. SPS denied me access to modification programs that I clearly qualify for and has started the foreclosure process. I find this outrageous.

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