Consumer complaint received 2017-05-31 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: SC

Complaint narrative:
I am writing to ask you to intervene on my behalf. After years of fighting with  Select Portfolio Servicing, LLC, they h ave finally agreed to offer me a modification. I h ave completed the 3 trial pay ments as directed, and they have provided me what appears to be a reasonable arrangement to allow me to keep my property.  <P/> However, the principal balance they have established is approximately {$130000.00} over the current market value of my property. That balance also includes nearly {$9000.00} of overcharges or fraudulent charges assess ed by SPS or a predecessor servicer ( likely   XXXX   ) for things such as force-placed insuranc e when I have proof that I had paid the premium myself for this insurance, and " Property Preservation '' charges when I was maintaining the property continually, and even hired a property management firm to assist in that endeavor. During the foreclosure case, I also discovered nearly {$4000.00} of phantom and unexplained/unjustified charges assessed to my account in the earliest years of the loan. During this time, I was paying extra funds toward the principal of the loan, but these fees, that I had no way of knowing were being assessed, robbed me of a good bit of those payments toward principal, as well as cost me additional interest that should have decreased as a result of these additional principal payments. So the actual overcharge/fraudulent charges would well exceed {$10000.00} if that interest were also calculated. Since the stated principal balance that I would be agreeing to pay with the modified loan includes these overcharges, I  believe SPS must c orrect these errors, as I have provided proof that they are in error, and decrease the principal balance owed and recalculate the modification payments and/or balloon payment as a result.  <P/> I have entered a request for  SPS to resol ve the errors and this dispute ( copy attached here ), but I have only u ntil   XXXX   XXXX    2017  to accept their modification offer. From past abuses at the hands of this c ompany, I feel that they will likely delay correcting these overcharges so that I risk not being able to take advantage of this modification I have fought for now for nearly 2 years. Make no mistake about it -- the other terms of their offer are reasonable and I want to take advantage of it. However, paying an additional $  10,000+ d ue to errors made by a previous servicer that have never been corrected, is not attractive to me at all, given the loan to value ratio of the current modification offer.  <P/> So I am asking you to contact SPS to urge them to remove these additional charges and recalculate the principal balance on the modified loan in time so that I can accept their offer by   XX/XX/XXXX . I w ould also ask that you ensure that they have, in fact, done what is necessary to cancel the foreclosure sale set for   XX/XX/XXXX , and  to eliminate the foreclosure case from the dockets in a manner that will not require me to have to spend additional legal fees to see that this is done.  <P/> Also, the loan modification offer states that the principal balance owed is {$400000.00} with an additional forbearance amount of {$57000.00}. However, their website lists my remaining principal balance as of today as {$300 000.00} ( see  attached screenshot from their website taken earlier today ). Why such a large discrepancy between just over {$300000.00} and the new amount I have to pay of roughly {$470000.00}?

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