Mortgage -- Struggling to pay mortgage -- Complaint #4485929
Complaint Overview
Complaint ID: 4485929
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
State: California
ZIP Code: 915XX
Date Received: 2021-06-23T12:00:00-05:00
Date Sent to Company: 2021-06-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We had our XXXX mortgage loan taken over by Select Portfolio Servicing. They are located in Utah. We have had substantial income loss from Covid, because my husband buys at estate sales and then re-sells on XXXX His business is still down by 40 %, because there have been no sales and also because of health concerns. At first SPS helped us by giving us a forbearance, then they deferred 6 payments, which tacked over {$19000.00} to our existing balloon payment, due in 17 years. That was great. We were able to pay our mortgage for the last few months, because of the help we received in the form of government stimulus money. My husbands business is still struggling, so we asked for Loan Modification help. After 3 months they have turned us down. This is because our loan is owned by investors and we have about {$300000.00} in equity. The only option listed for a modification, was a 40 year 3 % loan modification, which would have replace our current loan, raised our monthly payments and lengthened the loan term by 23 years. They did not offer us the standard loan modification that was given to us by XXXX before, which is the formula used by XXXX XXXX & XXXX XXXX We had expected that they would offer a modification that would start at 2 % and gradually tier up to 3 %, which is the current Mortgage rate. That would have helped us substantially for the next 17 years. We could have then either refinanced, or done a Reverse Mortgage. I do not know why investors are allowed to put making money over helping people in trouble. They sent us Short Sale Paperwork as well. If things get worse, we can sell the property ourselves. The whole point was to be able to stay in our home. My husband has taken on an extra job, which is going to be very hard on him. That is our only solution, besides selling and moving out of our home. I think these investor loans need to be pressured to help people in trouble if possible, by using the Government Modification guidelines. I do not know how they can be so heartless and get away with putting home owners in jeopardy. Your Bureau needs to address this problem, because I am sure that we are not the only ones going through this
Frequently Asked Questions
What is Complaint #4485929 about?
Complaint #4485929 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2021-06-23T12:00:00-05:00.
How did Select Portfolio Servicing, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Select Portfolio Servicing, INC.?
Yes, visit the Select Portfolio Servicing, INC. company profile at readthecomplaint.com/company/select-portfolio-servicing-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.