Consumer complaint received 2015-12-30 00:00:00
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA

Complaint narrative:
Refinanced my home in XX/XX/XXXX with XXXX XXXX XXXX, the amount was $ XXXX.Term was for 480 months, interest rate 1.780 ARM..Countywide then XXXX owned the loan and in XX/XX/XXXX was sold/transferred to Select Portfolio Servicing..Monthly payment year 1 was {$760.00} PI. and increased yearly to {$1300.00} by the 5th year taxes and insurance were paid by me.Payments were suppose to increase to {$2100.00} in XX/XX/XXXX so I applied through XXXX for a restructure of the balance now {$290000.00}!!!!!! XXXX proposal was {$2200.00} PI with no mention of term or interest rate..I decline as this was not going to make my financial situation any better.At that time my payments were $ XXXX.XX/XX/XXXX when the proposal was made.The account was now with SPS and the monthly payment increased to {$1300.00} in XX/XX/XXXX PIT and I continue to pay the insurance.In XX/XX/XXXX the balance was {$280000.00} the payment was {$1300.00} a month and I still paid the insurance.I retired in XX/XX/XXXX and was even worse off financially, so again I applied for Restructured Solution through XXXX XX/XX/XXXX..SPS did not respond and in XX/XX/XXXX , I called and was told that the request was never received and as it was over 90 days since the application was made a new application must be submitted and I was encouraged to use SPS own program.The forms were mailed to me completed and faxed back with requested documents..I made numerous phone calls to SPS was only able to speak with assigned Relationship Manager once and when asked for a reason for the delay, I was told that the documents were with the underwriters.XX/XX/XXXX SPS made an offer of a '' 3month trial period '' $ XXXX.I could not afford this payment and did not sign the agreement.I borrowed money from my credit card to make sure I did not miss any payment. XX/XX/XXXX, I applied for assistance with principal reduction through the Keep Your Home California Program.necessary documents were submitted and in XX/XX/XXXX {$54000.00} was paid to SPS .and was told that i qualify for further principal reduction.The documents were completed and faxed .SPS repeatedly XXXX the same documents by mail and by phone..The statement XX/XX/XXXX had no amount to be paid written down, I called SPS and was told that no payment was due.XX/XX/XXXX statement was the same, I called and was told no payment due ... XX/XX/XXXX Statement was for {$1100.00} I called and stated that I was unable to pay that amount, and was told to pay whatever I can. {$700.00} was mailed. On XXXX XXXX, I received an offer from SPS '' 3 months trial period '' payment {$1000.00}. I can not afford this payment, it appears my hardship letter was not taken into consideration and i will not sign the offer.I got a letter dated XX/XX/XXXX stating my account was in default, ,it so happened that I have never missed a payment in the 30 years that i have lived in my home, I So it is time to get CFPB involved something smells FISHY.

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