Complain about a product or service

Select Portfolio Servicing

Talib of Jonesboro, GA October 21, 2009

I spoke with a representative several times about not being able to afford my Mortgage. I lost his job in March of 2009 and his salary was 53,000. My wife's is 52,000. My other expenses are so high that I need a lower payment so that I can afford the house. I am also not receiving any unemployment. I am currently 2 months behind. I have not been behind in a long time. I just want my mortgage adjusted by 200 so that I an afford to pay it. Please help.

Michelle of 11260 S. 212th East Ave, OK October 17, 2009

We fell behind on our mortgage and entered into a forebearance with Select Portfolio Servicing. They called us in May and told us that we qualified for the Obama plan and if we made payments of 1845 for three months the payment would become permanent and the outstanding balance on our loan would be tacked onto the end of our mortgage.

We made the payments on time as required and began receiving paperwork in September stating that our forebearance was cancelled we did not qualify for the modification. We were told that we could afford a payment of 2800 per month for 10 months to satisfy the outstanding balance. We told them that we couldn't afford that and were assured that things would work out and we should just send the 1845 payment which we did.

We received a letter from SPS on October 14 (the letter is dated September 29) saying that they were proceeding When I called SPS their agent told us that our account had been referred to an attorney on August 17, 2009 which was during the time we were supposedly on our three month trial modification. I was also told that our September payment was in a "suspended account" and to cure our default we needed to send 10046 immediately.

Anna of Oakland, CA September 27, 2009

I also was told that SPS could not do a modification at all and I needed to place the house on the market for short sale. Placed the property on the market for 140 days. Finally got a buyer. Once the appraisal was finish the buyers loan would not go through. Something about the appraisal and FHA requirements. So I called SPS and ask what alternative do I have? They offered me a modification accepted the payments for 5 months. I was told it would take 3 months for an answer.

After calling monthly to get a solid answer I was told the underwriter said NO after 5 months. They now want to double the payment and send me through the Home Affordable Program. I do not trust them. I think they are trying to recoup as much money they can before going ahead and foreclosing once the market value goes up. I am so disgusted. I am at a standstill and I do not want to walk away and foreclose.

Frederick of Macon, GA August 28, 2009

My wife and I had some financial hardships that caused us to be late on our mortgage payments. SPS recommended that we do a loan remodification. We initially completed all of the necessary in March of 2009. We were told that we had 30 days to complete and return the paperwork to be considered for the loan remodification. I faxed the paperwork to the office on March 28, 2009. I had a delivery confirmation and I also called to verify that the paperwork had been received. I called back two weeks later and I was told that they had not received the paperwork. I spoke with a supervisor and he permitted me to re-fax the information while he was on the phone. He told us that our loan remodification would go into effect on April 14, 2009 temporarily reducing our payments from 1,240 a month to 866.44 a month. Making the mortgage payments on time was a part of being considered for the loan remodification. They also told us that it would take 30 days to be processed. We were never late during this period. We received a letter 90 days later saying that we were not approved. We were not given a legitimate reason why we were denied. We were misled by Select Portfolio Servicing. I don't know what type of boiler room organization that SPS is operating but they have made our mortgage situation worst than what it was to start with.

John of Morrisville, PA August 8, 2009

Select Portfolio Servicing drafted a fraudulent Mortgage Contract on my property. after forcing the contract with threats of criminal charges of a fraud charge against me.Since they sent out a pay off check before the claimed closing.Then starting with the first month they altered the due date of the claimed payments in there computers.So that each payment sent on time was listed as late. this was done for three years.

Then there is the contract violations, now through out the documents there is three different amountslisted as the borrowed amount.None of which are true amounts since the first claimed bills that they did not pay and they inflated the pay off amount of the former mortgage. In all they added about 15,000.00 undisclosed.Plus they also added unlawfull fees in the thousands. Then they tried to get my house to be sold at a tax sale so they could buy it without my knowledge, But that failed.

Glynnis of Ferguson, MO June 10, 2009

I received a letter in the mail from my mortgage company about the Homeowner's modification implemented by the Obama Administration. We were denied, we did not qualify. The problem is that the information given to them for the qualification process was used against us and brought about a new problem. They sent us a letter stating we had thirty days to show proof of paying the year 2008 property tax for our home.

We were going to pay it in October of 2009. If we don't pay it our mortgage amount will go up, because they will pay. So how is this modification process really helping us? When the information given to the mortgage company is used against us. We are on a fixed income and we now have to pay out another 1300 (approximately) to keep our mortgage payment from rising to a higher amount. This is sad.

Gloria of El Paso, TX June 8, 2009

I am current with my mortgage payments and pay my property tax/insurance separately. Recently I am on a payment plan withthe city property tax office in Tx, my state. I faxed proof to Select Portfolio of the property tax payment plan and was told rudely that I might still owe them a fee and that they don't honor a property tax agreement that I might have for this years taxes.

Miroslav of Pacheco, CA May 29, 2009

I have been working with SPS for seven months now to try and modify my home loan. It has been incredibly difficult to work with SPS because each time I talk to an agent of theirs, I get different information about what may or may not be done with my loan. At first I was working with a federally approved HOPE counselor who put a modification package together after gathering all my financial information, after a great deal of work on her part she sent the information off to SPS. SPS never responded to her.

When I called with the counselor in a conference call she and I were told that SPS could not modify my loan and that they dont work with the government programs. When president Obama's new program came out, I started all over again because SPS does work with that. After two months of work gathering information and getting my house appraised I was told that my particular loan could not be modified because of the wishes of the particular investor that holds my loan. This after all the work.

Timothy of Merchak, OH April 2, 2009

These people ended up with my FHA loan and GOOD LORD what a time I had. Placed insurance on property that was already insured. Lucky for me I could re finance but still they show my account being delinquent due to diverting my mortgage payments to Balboa Insurance, after proving I had homeowners insurance what a rip off. We paid them off but my credit report still shows eight years later as foreclosure started paid as agreed??? Whats up with that ???

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