Consumer complaint received 2021-04-03 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: MD

Complaint narrative:
This is copy of a letter along with another Loan Modification application my wife and I sent to Select Portfolio Servicing, Inc. recently. 

" Loan Servicing Representative Select Portfolio Servicing , Inc . 
XXXX XXXX XXXX XXXX XXXX XXXX, UT XXXX XXXX : XXXX XXXX XXXX XXXX Account number : XXXX. Contact number : XXXX Dear Loan Servicing Specialist : As part of my introduction to this hardship letter I want to clarify the fact that I am submitting a loan modification request package to you for the fifth or six time. This letter is to support our application for a loan modification that will help us to get our mortgage payments back on track with an affordable mortgage. We have lived in our home for over 20 years. Although we have been working hard to produce the necessary income and keep it, Covid-19 was and is an exceedingly difficult to overcome. 

I have my XXXX XXXX  Business at home. If we lose the home, we will probably have to move out of the City of XXXX and lose all our clientele as well. Even though right now our clientele is not much due to the circumstances we all live on it, we hope the future bring us a better outcome. 

We fell behind on our mortgage due to the loss of income because of Covid-19. We had an extremely hard time dealing with our debts because we never had financial problems like this before. There are so many expenses and managing a home, family and a business is hard. Since the time we purchased our house in XX/XX/XXXX until XX/XX/XXXX we never missed a single payment on our mortgage. 

We ( My wife and I ) have been self-employed in the XXXX XXXX business for more than 24 years as XXXX XXXX. We lost our clientele back in XX/XX/XXXX due to Covid-19 and our unemployment compensation was only around 45 % of our prior income. I was able to increase our income as XXXX XXXX XXXX as of XX/XX/XXXX to make up part of the difference, but we were unable to make full payments for XXXX through now. 

However, your Company did not accept my requests to lower the loan interest and instead of helping me out you just ignored my requests. Furthermore, you just keep sending me letters with my accumulated balance which include mostly interest since XX/XX/XXXX. This is unfair because since XX/XX/XXXX I have been trying to get a low interest Modification Loan and you again ignored all my online applications. As a result, most of my balance is just interest due, again because you keep ignoring and/or rejecting my online applications to avoid interest from going up. 

With a Loan Modification Low Interest, we will be able to start making payments again soon. I am tried to get of my clientele back as well some of my XXXX accounts to run their XXXX XXXX. We are also receiving {$390.00} per week on Unemployment. This will be less than my prior income, but with this increase of work our income will be approximately 65 % of what it was before Covid-19. 

Enclosed please find our Income/Expense Comparison report for the XXXX first quarter. It is crucial to mention that our current 4.875 loan interest we have is just too high. We need a lower rate, one that accommodates the financial hardship we currently have under Covid-19. I have been trying to refinance with other lenders, but no one wants to refinance due to Covid-19 pandemic. I need your cooperation on this matter. I am in need that you modify my loan at a marketable affordable rate. 

Please put yourself in our position and try to help. We thank you very much for any effort you can make. '' This is the problem we are having with SPS XXXX XXXX, they are not even considering our Loan Modification requests, they just choose to ignored them. All I received from them is a remainder of how much I owe. 

Please lower our interest rate so we can keep our house and continuing making affordable payments under Covid-19 pandemic.

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