Consumer complaint received 2026-05-28 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: CA

Complaint narrative:
Servicer : Select Portfolio Servicing, Inc. ( SPS ). XXXX XXXX. XXXX. Investor : XXXX XXXX XXXX XXXX XXXX as trustee of XXXX XXXX XXXX Certificates XXXX XXXX. Property : XXXX XXXX XXXX, XXXX, CA XXXX. Foreclosure sale is scheduled for XX/XX/year> despite an active, statutorily protected foreclosure-alternative sale already in progress under California Civil Code 2924.11.5 ( XXXX XXXX ). This office invoked XXXX XXXX in good faith, timely submitting both an executed Residential Listing Agreement and an executed Residential Purchase Agreement to SPS prior to the original sale date. The statutory listing and sale process was properly triggered. The buyer under that XXXX was unable to perform and withdrew. The buyer failure is not attributable to the homeowner, the listing broker, or any defect in the marketing process. The statutory remedy under XXXX XXXX is not exhausted by a single buyer 's inability to close. The property has been re-listed on the CRMLS ( Listing ID XXXX ) at {>= $1,000,000}, with first showings beginning XX/XX/year>. The list price is below the XXXX quick-sale value of {>= $1,000,000} established in SPS 's own commissioned Broker Price Opinion ( XXXX, Order # XXXX, effective XX/XX/year> ), which concluded values of {>= $1,000,000} to {>= $1,000,000}. SPS 's own valuation establishes equity materially in excess of the secured payoff demand. The investor is fully secured. A market sale at the BPO-supported price range will satisfy the secured debt in full. A written escalation request was submitted to the SPS Consumer Ombudsman Department on XX/XX/year> requesting a 60-day postponement of the XX/XX/year> sale to permit a replacement buyer to close. The request is supported by the SPS payoff demand, SPS 's own XXXX, the executed XXXX, the active MLS listing, and borrower authorization. Proceeding to foreclosure sale while an active foreclosure-alternative sale is in progress raises serious dual-tracking concerns under 12 CFR 1024.41 ( g ) and California Civil Code 2923.6 ( c ). The pending market sale, which will result in full payoff of the secured debt, constitutes a loss mitigation alternative within the meaning of 12 CFR 1024.41 ( c ). This office is requesting CFPB review of SPS 's handling of the postponement request, assignment of a single point of contact consistent with 12 CFR 1024.40, compliance with the loss mitigation procedures of 12 CFR 1024.41, and a written determination from SPS in advance of the scheduled sale date. Desired resolution : ( 1 ) 60-day postponement of the XX/XX/year> sale date ; ( 2 ) assignment of a designated single point of contact at SPS ; ( 3 ) written acknowledgment of the postponement request and an itemized list of any documentation required to process it ; ( 4 ) confirmation that SPS will not proceed to sale while an active statutorily protected market sale is in progress.

Company response to consumer: Closed with explanation