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I have found Select a great company to work with. They will work with you. And keep up with you. I never find anything from them deceptive. Over 10 yrs now, they are great and well explanatory. I'll reco.
I called SPS customer service to ask a question about refinancing my mortgage. I spoke with Marelis ** and she was an absolute angel who was compassionate and explained everything well. SPS does not do refinances or modifications, so I have to try to find a good organization that does. Marelis guided me in a good direction and let me know what I should avoid when trying to refinance. I have had no issues with SPS since Wells Fargo transferred my mortgage to them last year.
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When I got a letter that Chase was selling my 100% on time loan to SPS a couple of months ago, I was concerned. Upon reading these reviews I was terrified. As the saying goes, not many people take the time to write positive reviews. I called before the initial transfer and they quickly answered, with a real person. They assured me there would be no problems, but I signed up for an online account as soon as it transferred just to be sure. I easily was able to set up and account and the payments were to come out of my bank as always. The date came and it all worked as promised. I did have to call again in to change my payment date to the 15th rather than the first since they all seem to default to the 1st. That was easy and I got a letter in the mail a few days later confirming it was done. My second payment will come out mid-May and I am no longer worried about any issues like this.
I see this is one of the companies choosing to operate the COVID relief like rentals, you can skip payments for 3 months and bring up payment in full at the end of that time. Just so everyone is aware, mortgage servicers have to make their payments to the investors for 4 months, regardless of the borrower's ability to pay. In the same way, a landlord might have to make his payment to the bank regardless of the renter's ability to pay. This is why many servicers are requiring a ballon. I hardly feel they will start defaulting on these homes, but a default might be required for further assistance to kick in. Servicers are all sitting at home with their obligations and families, too. It would be hard to sell all these homes in this market if they just foereclosed on them all, so they don't want that any more than you do.
If nothing else, take the forebearance for now, and keep an eye out new programs. There will likely be new programs! Do not despair, in many more of the cases than not it will work out and stressing will not make it better. At the end of the day this company seems more personal and responsive than Chase was, so I give them 4 stars. Had they offered a better forbearance program it would be 5, but I understand why they can't.
I have been with SPS for 13 years and have never had an issue with the company, I was laid off from my work and the company worked and helped me stay in my home of 29 years. A really darn good company SPS Servicing.
The mortgage I had was taken over by Select Portfolio Servicing. After reading previous reviews I must admit I started freaking out. Once I was able to get ahold of customer service I felt much better. I was explained the process and told to wait a few days (5) so I can access my account online. After my phone call I also emailed customer service to explain I wasn’t able to access my account. Lo and behold, a few days later I was able to access my account, set up automatic bank withdraws with no issues. I received a call back from customer service to check if I had any concerns. I was impressed by the professionalism of both reps I spoke to. This would of been a 5 star review if only I was told in the welcome letter I received that the process takes a few business days. I hope this review helps others in knowing not all hope is lost.
What a horror show (and "horror" is a euphemism)! SPS took over the so-called servicing of my second mortgage from Wells Fargo after I successfully completed the first five years of a loan modification. Due to a health hardship, I wound up in a Ch. 13 in May of 2019. A Ch. 13 bankruptcy is most often chosen when you're attempting to keep your home. All my other debts were being paid in full through the trustee's plan and reorganization of the debt (the only thing not being paid was the high interest and any potential fees that might be accrued.) My mortgage loans were paid as agreed, and the second mortgage that is in question was never paid late, and it was paid outside of the Ch. 13.
A favorable market encouraged me to rethink selling my home, as this would be a great way to pay off my debt obligations and begin anew in a different location. So this is what I did. My first and second mortgage was paid off, as well as all the debt of the Ch. 13. I received the agreement and approval of the Trustee to proceed with my sale. My house was sold and closed on July 2nd of 2020. I moved cross country. I checked my bank account online as I do several times a week, and lo and behold Select Portfolio "Servicing" had extracted another $111.80...another payment for the second mortgage on a house that now belongs to someone else...and had been paid off weeks earlier!
It turns out SPS is refusing to apply the over $34K in funds to my account. It is just sitting there while they insist on things both the Trustee and my Title company have never heard requested before...and it seems like these things are changing with every communication they have with SPS. My letter to the actual lienholder was ignored. So now I am making good on exposing this horrible company (along with many other blighted consumers) for the old school predatorial practices it displays. I will escalate as need be.
We filed a Bankruptcy in March of 2010, But our mortgage was not included in the BK And we never missed a Payment, nor have we ever been late during that period. Now since this company started servicing our Loan, we have had nothing but a nightmare. We received a letter telling us the impound account was short. So we sent the shortage they asked for in the letter. By paying the impound account shortage, there was not a need for the payment of $3694.03 to be increased. I was informed in the letter that the payment was no longer $3694.03 and that the payment was now $3753.94. So we are wondering where all this additional increase is coming from and we need to have an explanation.
I asked for the forbearance on my mortgage due to Covid and was advised that it was approved. When I never received the promised approval letter, I called. I was told that it had been denied because the program ended on July 1, 2020 but no one called to advise and/or share that decision. This decision was totally contrary to the approval I had been issued in June. Yet their website continues to state they are offering forbearance to this day. No call or letter to tell me of the new decision. I feel this was purposefully done.
I had Chase Mortgage for 14 years with no issue. Paid my mortgage monthly every month without fail that entire time and paying extra some months to be applied to my principal. They sold my mortgage to SPS, and since then, it has been nothing short of horrible. Each time I paid extra for my principals they applied it to the future payments, Sometimes three months in advance. Their number is on speed dial on my phone as each morning I have to call them and remind them that they are keeping my money in their unapplied account and they keep charging me interest for my money they keep for free. Each time a different customer service agent promising to fix it but nothing happens. The nightmare is so bad that I have decided to take a personal loan to pay them off so that I have not to deal with them anymore,
I do not understand why I should pay more money than what I suppose to pay monthly. Im so unlucky that my old mortgage company has sold my mortgage to SPS Servicing. They want you to mail a check every month or pay 15$ because you are paying online using your debit account. I'm so fed up of this company and will be moving to different company through refinancing. I wish they change the way how they operate and make improvements to their infrastructure to help people pay online.
Select Portfolio Servicing Company Information
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- Select Portfolio Servicing