Consumer complaint received 2024-06-25 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: CO

Complaint narrative:
To Whom It May Concern Hello my name is XXXX XXXX I am the current owner and resident of XXXX XXXX XXXX XXXX XXXXXXXX, CO XXXX. I am writing today in hopes of guidance towards assistance and a resolution in regards to my mortgage payment and interest rate. Prior to XX/XX/XXXX and shortly after the purchase of my new home I unfortunately had begun to experience significant financial hardship due to a major decline in work productivity. Because of this I was basically living outside of my income and means to provide a stable home for my children and myself. While I was barley able to make my monthly mortgage payment I received a refund check in the amount of {$5300.00} from SPS on XX/XX/XXXX XXXX for an overpayment in my escrow account. I spoke to SPS employees on a recorded line to verify that the funds were in fact mine and that I would be able to deposit such funds into my personal bank account. I was assured that these funds were mine. I went as far as to verify on my own, calculating the refund based on the analysis that had been completed and delivered to me prior to the refund being sent out. Upon complete verification from SPS employees and my own records I proceeded to deposit the check! I was thrilled as I was able to pay some extra payments on credit cards I had fallen behind on and I would be able to use a huge chunk of the funds to use toward my next mortgage payment in XXXX of XXXX. Unfortunately on XX/XX/XXXX SPS canceled the check without any proper notice or regard to myself. I was then left over {$5000.00} negative in my personal bank account. An account that I have always remained current in for over 11 years. I contacted SPS as soon as I had become aware of the cancellation and was informed [ again ] over a recorded line that the analysis completed in XXXX was incorrect there was a system error there was in fact no over payment due to me at the time and a new analysis was taking place. I spent the next few weeks being bounced from one SPS employee to another without getting any sort of straight answer. I was told to apply for a forbearance through SPS. I completed the application and was then told repeatedly I needed to provide more and more documentation thus delaying my approval for assistance. I was told multiple times that my first completed analysis was in fact correct. I was also informed multiple times that SPS has made this clerical error with a majority of their customers and that I was not alone. After the introduction to such news my inclination was that SPS purposely sent out multiple incorrect refund checks and cancelled them. Leaving myself and multiple customers behind and struggling to pay the mortgage. After multiple fruitless conversations I finally received my refund check for a fraction of what I was originally owed. A check in the amount of {$3200.00}. Though the damage had been done. I had already accumulated multiple insufficient fund bank fees. I accumulated return check fees, as well as late credit card fees. SPS employees informed me they would take care of these fees as they were at fault for the cancelled check so long as I provide documentation. They have yet to pay for these fees. I applied for a mortgage modification. SPS went back and fourth with me for about two months asking for the same items over and over without giving me any clear answer. I had reached out to HUD for some sort of assistance in regards to my payment or an adjustment in my interest rate and was only able to get a deferment of two months. I was informed that in the state of Colorado I have the right to a mortgage and/or interest rate modification if my income has changed significantly. SPS Will not and has not provided me with any proper assistance or guidance for the situation they have caused me to be in. On XX/XX/XXXX i submitted another assistance form to SPS this time stating i have filed for unemployment for the time being until i can start my new career the beginning of XXXX only to be denied within 3 days of submitting the application. I fear I am at risk of losing my home if I am unable to proceed without assistance or modification. SPS has denied me any assistance I have asked for. I have all correspondence from SPS via email. Please let me know of any documentation you may need from me going forward. 



Kindest Regards, 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