Consumer complaint received 2025-01-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
Company: SELECT PORTFOLIO SERVICING, INC.
State: WI

Complaint narrative:
Consumer Financial Protection Bureau To Whom It May Concern, We started the process of acquiring a Loan Modification in XX/XX/2024 from Select Portfolio Servicing, Inc. because we have a hardship situation that was beyond our control, and we were not prepared for. 
After filing all the paperwork numerous times, at least 3 times and submitting documents repeatedly at least 8 times. SPS has offered us a compromise to which we feel is not a compromise at all. 

1. The payment they are requesting is not lower than the original payment.

2. The Monthly Gross Income is severely miscalculated. Our monthly income is from Social Security Income, and they are adding tax to come up with a gross income that is incorrect. We have included copies of our guaranteed income from the Social Security Income.

The amount they calculated as our gross income is grossly exaggerated by over {$1000.00} per month. They have calculated tax on our Social Security Income to come up with a Gross amount. This is incorrect, there is no tax on our Social Security Income. I have included our Social Security Cost of Living Statements.

In doing research into this company, I have found numerous complaints with Consumer Affairs, and many lawsuits both civil and class actions.

We have tried working with Select Portfolio Servicing and have done everything they have asked and supplied everything they have asked for numerous times. We simply want to try and keep our home. We are asking for a reduction in the Interest Rate to lower the payments and to add the past due amount to the back of our loan. We feel this is best for us so we can get back on our feet and try and move forward with this situation that life has delt us. 

My husband XXXX had a XXXX XXXX at age XXXX XXXX XXXX due to no fault of his own. His situation is hereditary. He was doing fine up until XXXX. He was ill from XXXX, it further XXXX XXXX XXXX XXXX XXXX XXXX and he had no choice but to retire from his job because he could no longer perform his job as he should and for the safety of his peers. This caused us to have to pay for our own Medical Insurance and try and keep up with our obligations and expenses and not to mention the tax bill we now have with the IRS because we had to utilize our savings. We have exhausted our savings and now depend on Social Security Income. 

This was all made known to SPS and we feel the modification they offered is not a modification at all. 

But simply a tactic of stalling and forcing us to become further behind and into an agreement we simply cant afford so they can foreclose on our home. 

Our original mortgage payment was - {$1000.00} - the modification payment they are requesting is {$1100.00}. 
Our income from SSA for XXXX - {$2000.00} - for XXXX {$1200.00} = {$3200.00} SPS calculated our {$4100.00} Any assistance with this matter would be greatly appreciated and we look forward to hearing from you. 

Best Regards, XXXX and XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

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