Mortgage -- Struggling to pay mortgage -- Complaint #5932957
Complaint Overview
Complaint ID: 5932957
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage
State: Virginia
ZIP Code: 20148
Date Received: 2022-08-30T12:00:00-05:00
Date Sent to Company: 2022-08-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
My second mortgage loan is currently being serviced by Select Portfolio Servicing ( SPS ). The account is currently delinquent due to hardships relating to the Covid 19 pandemic. SPS is refusing to offer loss mitigation assistance or process a loan modification. They will not take in a standard loss mitigation package and process it accordingly. SPS is stating they will only offer cash for keys in order to avoid foreclosure proceedings. I am XXXX military veteran that has been offered loan modification assistance through my first mortgage with XXXX XXXX. SPS has stated that they will not offer the same loan modification assistance as XXXX XXXX, due to internal rules. SPS will not contact the VA regarding the Covid-19 refund modification, where the VA will pay back the alleged delinquency of {$11000.00}. SPS has also sent all delinquency and foreclosure information to XXXX XXXX XXXX, XXXX, OH XXXX, which is the wrong address. Therefore, I have not been notified per Virginia law 55.1-337. SPS is in violation of many CFPB laws relating to loss mitigation and loan modifications, primarily CFPB 1024.41. The rules listed below clarify the obligations of SPS ( see below ). 1024.41 Loss mitigation procedures. CFPB Rule 41 ( b ) ( 3 ) 1. Foreclosure sale not scheduled. If no foreclosure sale has been scheduled as of the date that a complete loss mitigation application is received, the application is considered to have been received more than 90 days before any foreclosure sale. 2. Foreclosure sale re-scheduled. The protections under 1024.41 that have been determined to apply to a borrower pursuant to 1024.41 ( b ) ( 3 ) remain in effect thereafter, even if a foreclosure sale is later scheduled or rescheduled.
Frequently Asked Questions
What is Complaint #5932957 about?
Complaint #5932957 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2022-08-30T12:00:00-05:00.
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.