February 2021 Complaints Against SPS

Compiled from Public Data by FairShake

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In 2021, the CFPB received 1302 complaints against SPS. SPS ranked Number 41 among all financial companies for the most complaints.


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Complaint Details:

Date of Complaint: February 19, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: CA

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

Full Complaint:
This is the appeal I sent to Spservicing.
I initially reached out to SPServicing in XXXX because I had lost business due to the corona virus. They offered me a forbearance on my mortgage payment. I had never been late on my mortgage payment. I accepted the forbearance but I really wanted a modification. I asked repeatedly about applying for a modification but was told I had to wait until my forbearance was over. At that time, one of the options was to have the forbearance added to the back of my loan. I was sent paperwork that had that as an option. I called about once every other week to find out what was happening with my loan. My forbearance kept being extended. After the initial forbearance I was offered an unemployment plan. They said that at the end of that time someone call and I could apply for the modification.
On the XX/XX/XXXX I received paper work offering a repayment plan. The repayment plan was to pay {00.00}. A month for two years. I was shocked that I would be expected to pay this amount. I thought the whole point of the forbearance was to help people in need. First of all, the repayment figures are incorrect. My loan is an adjustable and I had just received a notice that my new payment was reduced from {00.00} to {00.00} on the first of XX/XX/XXXX. My loan adjusts the payment every XX/XX/XXXX. This repayment had me paying 24 payment of {00.00} instead of the amount that I am responsible to pay, {00.00}, and how does anyone know what the payment will be in XXXX? This was in addition to the {000.00} broken down monthly for two years.
This amount is beyond what I could afford to pay. We are still in the pandemic and it has gotten worse instead of better.
I called and asked why I wasnt allowed to add this amount to the back end of my loan and was told that I couldnt do that because I missed too many payments. I was never told there was a limit and I asked this many times. I also wonder why I couldnt apply for a modification. I was denied even applying. There is no explanation for this.
One of the problems has been that everytime I call I get contradicting information.
I want to apply for a modification. I dont want to lose my home.
I have lived here since XXXX and have managed to hold on to it through divorce where I had to refinance and pay off my ex husband. At that time my problems started by having to get an adjustable loan. I have had years where my payment went up {0.00}. And I still managed to pay my loan and I will in the future. I have an XXXX XX/XX/XXXX and a XX/XX/XXXX and have always been able to pay the mortgage, taxes and insurance until this pandemic. I want to have a lower payment that is fixed and it could even be extended if possible. I just want to keep my home.
Please let me know what I can do to pay this debt in an affordable manner and to continue with a modified loan.
Thank you for your consideration.
XXXX XXXX XXXX from my XX/XX/XXXX

Complaint Tags: Older American

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


FairShake accessed this complaint from the public archives of the Consumer Financial Protection Bureau (CFPB). You can file your own complaint with the CFPB here.

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