Consumer complaint received 2024-04-18 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: SELECT PORTFOLIO SERVICING, INC.
State: FL

Complaint narrative:
SPS Foreclosure and Deceptive Practices History for XXXX XXXX XXXX XXXX XXXX XXXX XXXX : Entered into a commercial mortgage on a residential property. The default rate is XXXX XXXX XX/XX/XXXX : XXXX XXXX came through and created large damage leaving the homes on XXXX XXXX without power and water. Trees and debris and fences were down at all properties and it took over a month to get it ready for renting again. I had over {$50000.00} worth of damages for clean up and fixing and also another {$50000.00} in lost rentals over those months. 
XX/XX/XXXX : Spoke to SPS ( select portfolio servicing ) regarding this and was told that I can just do a loan modification on this property and also another XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX that was also with SPS. During this time I had also made contact with all lenders ( 9 ) letting them all know I am going to only need 3 months in order to start back up again payments and I would just make up the payments or do a loan modification. 
XX/XX/XXXX : Wanted to start making payments again and got notice that my new rate was defaulted at 20 % or over {$20000.00} per month. Going from about {$5800.00} to over {$20000.00} per month. So I could not make that payment as it was XXXX the amount. 
XX/XX/XXXX : Spoke to SPS regarding both properties and they said to apply for a loan modification and stated this is best way to handle both as I am eligible. So I started the process for XXXX XXXX XXXX XXXX XXXX XXXX XXXX at the same time giving the same details and the same information. I was told I was only approved for a loan modification on the XXXX XXXX XXXX  I tried to work directly with SPS, but they were so hard to talk with and also I would send details over and they would then ask for the same details again. More then 3x for some documents. I felt like I was not moving anything forward and the monthly amount owed was getting larger and larger, so I hired XXXX XXXXXXXX XXXX in XXXX to help with this. 
XX/XX/XXXX : I was approved for XXXX XXXX XXXX XXXX  make up the payments and add more funds to the regular payments over 6 months and I did this and finished making up the amount owed in 6 months. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX where with the loan modification with SPS. We were continually speaking with them and sending them details over. SPS stating that each time this is the last item needed. It was not and this is why it lasted for 9 months. Finally I got a foreclosure notice and this is when I had to let go of XXXX and now hire a foreclosure attorney. 
XXXX XXXX XXXX : New Attorney working on getting details in order to help to settle the matter and pay the mortgage payments owed as per the original interest rate, not the 20 % as I have put away the mortgage payment away every month just want to reinstate the loan. The original loan was XXXX XXXX and now it is XXXX XXXX  because of the interest rate and fees that they have assessed. 
XX/XX/XXXX : Mediation with Plaintiff and they stated that I am not eligible for loan modification. Still SPS is sending me letters and calling regarding me sending in additional information to do a loan modification.

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