Mortgage -- Struggling to pay mortgage -- Complaint #11346175
Consumer faces payment struggles despite existing loss mitigation efforts.
Complaint Overview
Complaint ID: 11346175
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-Issue: An existing modification, forbearance plan, short sale, or other loss mitigation relief
State: New York
ZIP Code: 11590
Date Received: 2024-12-31T12:00:00-05:00
Date Sent to Company: 2024-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Phone
Tags: Older American
Risk Assessment
Risk Level: high
The consumer is already in a loss mitigation program, indicating a high risk of further default or inability to meet modified payment obligations.
Consumer Sentiment: negative
Topics: Mortgage Servicing, Loss Mitigation, Payment Difficulty
AI Analysis
CFPB complaint 11346175 was filed against SELECT PORTFOLIO SERVICING, INC. regarding Mortgage (Conventional home mortgage), specifically about "Struggling to pay mortgage". A New York consumer with a conventional home mortgage from SELECT PORTFOLIO SERVICING, INC. is struggling to pay due to an existing modification, forbearance plan, short sale, or other loss mitigation relief. The complaint was received on December 31, 2024 from New York. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers in loss mitigation should maintain open communication with their servicer and explore all available options if they continue to struggle with payments.
Legal Context & Consumer Protection Laws
This situation may involve violations of the Fair Debt Collection Practices Act (FDCPA) or the Real Estate Settlement Procedures Act (RESPA) if the servicer fails to properly manage the loss mitigation process.
Regulatory Insight
Servicers must adhere to specific regulations regarding the handling of loan modifications, forbearances, and other loss mitigation options to avoid further consumer harm.
Resolution Likelihood
likely
State-Specific Consumer Protections
In New York, consumers have specific rights and protections related to mortgage servicing and foreclosure prevention.
Industry Comparison
This issue is common across the mortgage industry, as servicers often deal with borrowers facing financial hardship.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11346175 about?
CFPB complaint 11346175 involves Mortgage (Conventional home mortgage). The consumer reported an issue with "Struggling to pay mortgage", specifically "An existing modification, forbearance plan, short sale, or other loss mitigation relief". This complaint was filed against SELECT PORTFOLIO SERVICING, INC. on December 31, 2024.
Which company is complaint 11346175 filed against?
Complaint 11346175 was filed against SELECT PORTFOLIO SERVICING, INC.. You can view all complaints against this company on their profile page at /company/select-portfolio-servicing-inc.
What was the company's response to complaint 11346175?
SELECT PORTFOLIO SERVICING, INC. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 11346175 filed?
Complaint 11346175 was received by the CFPB on December 31, 2024. It was sent to SELECT PORTFOLIO SERVICING, INC. on December 31, 2024.
What state was complaint 11346175 filed from?
Complaint 11346175 was filed from New York. You can view all complaints from this state at /state/NY.
Was the consumer satisfied with the resolution of complaint 11346175?
Dispute information is not available for complaint 11346175.
What product category is complaint 11346175 about?
Complaint 11346175 is categorized under "Mortgage", specifically "Conventional home mortgage". This is one of the product categories tracked by the CFPB.
How was complaint 11346175 submitted?
Complaint 11346175 was submitted via Phone. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11346175?
This situation may involve violations of the Fair Debt Collection Practices Act (FDCPA) or the Real Estate Settlement Procedures Act (RESPA) if the servicer fails to properly manage the loss mitigation process. This relates to a Mortgage complaint against SELECT PORTFOLIO SERVICING, INC. involving "Struggling to pay mortgage".
How likely is complaint 11346175 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11346175?
This complaint is rated as high risk. The consumer is already in a loss mitigation program, indicating a high risk of further default or inability to meet modified payment obligations.
What regulatory actions apply to complaint 11346175?
Servicers must adhere to specific regulations regarding the handling of loan modifications, forbearances, and other loss mitigation options to avoid further consumer harm. The CFPB tracks complaints like this one to identify patterns of misconduct across the Mortgage industry.
What should the consumer do about complaint 11346175?
Consumers in loss mitigation should maintain open communication with their servicer and explore all available options if they continue to struggle with payments.
Are there state-specific protections for complaint 11346175?
In New York, consumers have specific rights and protections related to mortgage servicing and foreclosure prevention. This complaint was filed from New York.
How does complaint 11346175 compare to industry norms?
This issue is common across the mortgage industry, as servicers often deal with borrowers facing financial hardship.
What specific loss mitigation option was the consumer utilizing, and why was it insufficient?
The complaint does not specify the exact loss mitigation option. Understanding the type of relief (e.g., forbearance, modification) and its terms is crucial to determining why it failed to resolve the payment struggles.
Did the servicer provide clear communication and accurate information regarding the existing loss mitigation plan?
Effective communication is vital. If the servicer failed to clearly explain the terms or provide accurate updates, it could exacerbate the consumer's difficulties and potentially lead to further issues.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.