Consumer Complaints and Reviews
I spoke with someone in customer service who said the above documents were not received. The realtor indicates they were faxed. Therefore, I am sending them via email and the realtor is included on this email. A customer service rep at SPS told me that we had a year to sell through a Short Sale so I contacted a realtor. He said after the short sale I would receive $10K. I secured a realtor. Now she has a person who has expressed interest in the property and a foreclosure is again in progress.
I received four letters yesterday with dates ranging from January 3-5, 2017 all having different information. One said I was denied assistance because an appraisal was unable to enter the property and get an interior value. This information is not correct. I have not been contacted by an appraiser. Since I wanted to avoid a foreclosure it would make no sense for me to refuse to allow an appraiser to gain entry especially since I am allowing a realtor to enter and show the property. Additionally, that letter said I had "opted out" to receive assistance. That is not at all true. Please listen to your recordings.....
I spoke with an SPS rep last night who said I was approved for "Cash for keys" but that the cash amount was $0. Please note that I am unemployed and not drawing unemployment and therefore will not qualify for housing. Please reconsider this or at least give the realtor an opportunity to make this sale so I might have a chance of receiving some type of monetary assistance.
I have been trying to resolve a tax issue with Select Portfolio Servicing for months. From day one there has been no proactive communication from the company. I call to check on status and each time I am told that "someone is working on it". When I ask for a call from "someone" to give me more detailed information, no one ever calls me. The SPS website provides no updates. I recently sent a fax (hello, 1980s!) to complain about the lack of responsiveness and service on my issue and received a form letter telling me how to submit payments. I deserve better service and so does everyone else who works with Select Portfolio Servicing. This company lacks professionalism and integrity.
My mortgage was sold by Chase to these people. Nothing but issues, fraud, representatives that do not know what they are talking about. I'm so sick of dealing with this every month. I have just ordered ALL documents from them. I am in the HAMP program. My small 2 bedroom home was purchased in 1975 for $36,500.00 with VA financing when I was married. I divorced in 1990 and my ex was ordered to make mortgage payments. Instead he filed bankruptcy and the house went into foreclosure. My first mistake was refinancing through Farmers Home Loan, which I did not realize, was lower interest rate but recouped at end of term. I refinanced to get out of that situation and found myself involved in subprime mortgage. I am sick over this and do not entirely understand what has happened.
From the refinance, the fraud began and the mortgage reps were banned from doing any further business through the department of commerce. My mortgage was sold about 6 times, once to Ocwen, who was then found to be committing further frauds which involved my mortgage and thousands of others. Now sold to SPS, what a nightmare. I was told I did not need to make any payments during the HAMP review, and then discovered they have added on all payments that I could have been making back to the principal mortgage with interest. I need help. Are there any banking experts on this site who can help a 63 year old single female of disability to beat these people at their own fraudulent game? My head is about to explode trying to stay ahead of their scams and tricks.
We have a house behind us, in Stewartstown PA, which is falling down. The owners are Canadian citizens. They built the house in 2004 but had to move back to BC Canada in 2006 when Dave ** lost his job. They have continued to pay their mortgage. Their high property taxes ($8,000), and force-placed insurance are being paid from their escrow account. The couple has never been back to see the house. A hole developed in the roof about 7 years ago. It got worse and worse and the house is now severely water damaged. About 1/4 of the roof is gone, the ceilings are on the floor, and the walls are covered with black mold.
Our Township (East Hopewell) does not have a current address for the Canadian couple and we have no way to contact them. Only the revolving mortgage companies have their address and they have repeatedly refused to either give the Township contact information or to directly tell the ** about the condition of their house. While SPS was handling the mortgage, I filed a complaint with our Attorney General's Office and then with the Consumer Protection Agency. Meanwhile, the ** continue to make large payments on a worthless property.
Are we really going to let these people do this to our families, country, etc. Fight back. Go to your local newspaper, call your congressman. We are sick of this stealing from the American public. That's what they are doing. This is intolerable and must be addressed by our new president. Fight. Get the word out don't let these people steal from you.
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My loan was sold to SPS. I overpaid 1,006 dollars in escrow in 2015. I got behind on my loan. They would not apply the thousand dollars to my account. They stopped applying money onto my account in June. Then in October started sending my money orders back to me. They sent 1800 dollars back, which was more than I owed, but since they stopped applying money in June, interest built, they were gonna foreclose on my home Dec. 1 unless I sent them 2800 dollars, which would also release my escrow overpayment. I sent them 2900 dollars. I was told my escrow would be released after 5 days. Well no check arrived so I called them. They then tell me I owed 3800 dollars and they are keeping my money. I have never talked to Cheryl my relationship manager one time. I always talk to someone different, and the only thing they agree on is that my account is "messed up".
There are so many other factors involved but I'm not listing them all. This company has done nothing but give me the runaround. They hold money for days knowing that I have daily interest. In 2 years I have paid almost 16000 dollars and 1400 has come off my principal. I borrowed 28000 in 2009 and still owe 26000 to pay it off. I have all my documents. All I need is a lawyer who is willing to help me. What they are doing cannot possibly be legal.
We had our mortgage with Countrywide, which sold to Bank of America which sold it to Select Portfolio Servicing. We have had no issues, in fact have been very happy with the service we received when calling and watching our mortgage balance drop as it should. With Bank of America, they were awful, lost payments, claimed late fees that were not due off payments, so having this company treat our mortgage the way it is supposed to was really great. I've not spoken with anyone there that was not nice and helpful. Thanks to those folks, after dealing with Bank of America, these people were a breath of fresh air!
I have been trying to complete a loan modification since July when sold to them. I have submitted documents repeatedly since this time via fax and uploading to their system. I am being told constantly that documents are missing and/or have been declined but no justification as to why. When I call to speak to my assigned relationship manager, I get the runaround and have to keep requesting and stating that I only want to talk to her. I've even spoken to a supervisor whom told me that all documents were there and that clarity has been provided so modification should move forward. I got another letter (dated 11/25/16) that documents are missing and if not received by the deadline then they may be unable to evaluate my application.
They sent another letter dated (11/23) stating that "you may receive up to $10,000 in relocation assistance if you no longer wish to pursue home retention options" and that they could assist in completing a short sale or deed in lieu of foreclosure. This leads me to believe that their goal is foreclosure and not to provide assistance. I have owned my home since 2008 and had some financial difficulty during the summer where my air unit broke, had to get a roof and had some medication issues (which resulted in being behind three months). Since then I have made monthly payments and am now only down by (two months) and yet they are still fighting me. The HAMP program ends in December and it appears that they are going to cause me to miss out.
I am writing on behalf of my 77 year old mother. We recently applied for a loan modification from Select Portfolio Servicing (SPS), who is the holder of her mortgage. We had to show proof of hardship, which after many agonizing months back and forth we were approved. My mother has had some pretty serious health issues, that require most of her income to cover. I won't get into that, other than to say she wants to stays in her home. Mom has not been the best with her money, but has worked hard to reduce her debt and improve her credit scores.
Back in 2005, she refinanced her home at an outrageous 10.25 rate, the mortgage was for 65K. The mortgage was bought out by SPS a few years ago. When the medical issue came up, I took over her finances and that was when I discovered the rate was so high. Needless to say I have been trying to get the rate lowered and failed with MHA/HARP and other programs due to equity issues (The home is worth maybe 35K). So I reached out to the lender.
SPS has awarded a loan modification and we were thrilled until we read the fine print... They lowered the interest rate from 10.25 to 8.75% and lowered her monthly payment from 572 to around 425. So, I was happy until I read further... There is a Balloon Payment of 49K at the end of the amortization. At the end of the day, in exchange for the lower payment, the cost of the loan goes from roughly $130,500 (19 years left at the current payment) to $146,000! (19 years at the lower payment plus the balloon payment of 49K). I will be writing to the mortgage company to express my displeasure with their offer as well as NYS Senator Schumer, NYS and Utah's Attorney general as I feel this is predatory loan tactics and is taking advantage of a senior citizen. I hope they will look into this company and its tactics, as I fear they are taking advantage of other people in addition to my mother.
We have been trying for months to remodify. Every week they need another form. We fax and email. They say they can't see in computer. They have been giving us the run around for months. You talk to a different person every time and each one gives different answers. They need to be held accountable. We are behind and we are almost in foreclosure. Is it wise to complain to Better Business Bureau. We are working with a hamp rep but not much help. Has anyone dealt with and got good outcome with sps... attorney to contact me??? Is it free?
I have been trying to short sale my house now for 2 years. The house is worth less than I owe (bought at top of market, I was young and dumb). SPS has done every stall tactic known to man. Requesting ridiculous documents, letting it drag out because they have 30 days to review, so we always end up with buyers who walk. Let me give you one scenario. I owe 247K on the house. We had a potential buyer at 235K and they denied it after stalling for 3 months. I feel like a prisoner to a house that I live 4000 miles away from. It's actually way worse than what I have listed here, but in the interest of space, I am keeping it short. I literally don't know what to do.
A few weeks ago we were informed that our mortgage lender Selene Financing had transferred To Select Portfolio Servicing. Originally we began with OCWEN as the lender- which then transferred to Selene. Like many of you- there was also no reason given to us in documentation as to why. Payments all sent in on time without problem. However - clear communication in documentation was provided in the amount due and consistent terms.
Last week we received a payment coupon from Select Portfolio that showed as blank in the amount due this next month (The payment is not due until about November 5). There was some confusing verbiage- which sent up a red flag. My husband contacted a Select Customer Service. The representative spoke with a foreign accent- and was difficult to understand, name non-intelligible. We gather that English was the second language. What was determined is that the information provided by telephone did nothing to reassure us that this company is working in full transparency mode. Number quotes did not match up etc.
In addition to not being confident that honesty and Integrity are part of this organizations mode of operations. She mentioned that the company was looking for a "reaffirmation" document. I certainly do not have the space to include the definition here- but look it up. It sounds like a simple harmless document that indicates -yes- This is how much I owe and the original stipulations of the terms. However it is actually something more sinister. No we never signed a reaffirmation document. After reading through the many complaints here - we see that the organization has self serving intentions that indicate questionable practices. We will be taking further action(s) and are interested in aligning with others like minded.
Our original mortgage company was Bank of America. In many respects they seemed to be much like SPS. They lost paperwork, scheduled foreclosure auctions, denied petitions without reason, all while we were in the midst of a short sale, for which BOA had a number of offers. Days before the auction date BOA sold our paper to OCWEN. OCWEN cut us a deal where we could retain our home. Forty year mortgage, with reduced amount to be paid, and an interest rate of 2% until Dec of 2017, at which time an ARM would kick in with an interest rate geared to a few percentage points above the prime rate. We were ecstatic. And we had no problems. OCWEN sold the paper to Selene, and still no problems. We kept perfectly current with Selene.
For whatever reason, Selene sold our paper to SPS. SPS sent us a letter and a coupon to submit a payment, but no amount for the payment was stated. I called SPS and linked with a woman whose native language is not English. Even when she stated her name, I could not understand her. I asked her how much we needed to send in for the Nov 2016 payment. No amount was provided and she commenced to interrogate me about a bankruptcy we had six years ago. She wanted me to submit a reaffirmation document. No such document had been generated. The SPS rep stated that they would have to investigate and that would take 30 days.
My gut feeling was that we are being set up to default so SPS can foreclose. The very fact that they would not accept an interim payment confirms that suspicion. There has been considerable information disseminated on this website. It appears that even those who have hired attorneys have been unsuccessful in obtaining just and fair treatment. I propose that we all send a complaint to the Utah Attorneys General Office seeking an investigation. They have a complaint form available on the web. Be diligent in keeping fastidious records. If SPS requests that they record your phone conversation(s). Tell them no problem as long as you have the same opportunity. If we do not receive consideration and obtain action from the Utah Attorney's General Office, we can try to find an agency who is interested in getting to the bottom of SPS's business practices.
This company is notorious for the same scams that HSBC pulled but FAR FAR worse!!! The scam is to create fax and contractual delays. I have 7 fax confirmations and they STILL can't get it moving? They even say it wasn't received even though I have confirmation after confirmation. I have OVER 60 pages!!! I'm livid, tired & stressed! They are raking me for hundreds each month. I was laid from another medical job in a small town where work is harder to find. To add insult to injury 3 people in a row are of Mexican decent. Guess why I went out of my home area for work? I'm not bi-lingual in phlebotomy!
My credit scores are very good so it makes it look like I can afford to be ripped off by people who sit at their desks and grin behind the phone. Please somebody audit them!!! These people are predators! They send threat letters and act as if I committed a crime. They assign you to a relationship manager who can never be reached. It's all smoke-n-mirrors. When I do get someone they make me repeat myself 3 times before they tell me I need to send another damn fax! I'm seeking an attorney and a class action. All the prior complaints look very similar.
The experience that I have regarding this agency, is TERRIBLE. My dad decided to stop paying the loan, because he already got the money he wants, and my mother and I decided to pay the current loan. Yes we are paying the loan that we never enjoy a penny, but is okay God is good. This is the complaint I have for SPS, since the beginning when SPS bought the loan from Citi Financial. They sent a letter, giving the welcoming to SPS. I was like, and who is SPS??? Decided to read their story on the web and no positive words are saying about this agency. When I started to talk to them I let them know about who I was and who were going to pay them, always being clear to them and always recording the phone calls with their consent to have proof just in case.
I have mention to different banks if they know SPS, and always receive the NO answer, always ask people about them and NO for an answer. My dad left 2 payments behind, but I am paying them month to month. They always bullying saying that they will take me to court and never happen, I told them to do that because I want to know if the amount they mention on their web page account summary is true.
They have me paying them an ESCROW, that belongs to them (Assurance Hazard LPI), but this is the issue. They "supposed to have secure this house" but this house is not registered on any document (deed), because my dad is special and he never did, because if he register the house, my mom had to sign to do the loan and for that not happen he never register the house. Sounds great huh? They (Assurance Hazard LPI) "supposed" have an investigation to find any document to give me evidence that the house is register, but like I told them, "I am his son, and already check everything that was behind the curtain my dad had and I have all the proof of what I am saying." They never listen.
With (SPS) I have been patient. About 5 times ask them to send me the contract to check my dad signs and everything and every time I ask for the document this is what they always saying "It will take us 5 business day for us to send you the document", and YES I am authorized on the loan. I told them also to send me proof of a cancel check to see if my dad took that amount of money and the response from SPS were like this "We are not going to send you that copy of the check because belongs to us." I was like "huh?" and yes I have proof of everything. I am writing with date, hour, minutes, seconds and the agent that I have talked to.
I live in Puerto Rico, and always looking to find at least other people that have SPS as a agency of their mortgage and no luck at the moment. I feel the only one who have them, because nobody know them. Another thing that I have to say is, if you see outside a car in front of your home and nobody comes out, is SPS, it happen to me 3 times, but the last time a family member saw this car for almost 25 to 30 minutes in front of my house and he asked them who they are looking for and they ask for my dad and when the family member told them to talk to us, he got nervous and left so quickly, and yes they have photograph of your home and everything around the house, how they took those pictures? Who knows!
I still waiting for the documents of the loan, and waiting for the investigation that SPS have regarding the loan and waiting for the investigation that Assurance Hazard LPI have. If anyone want to sue them count me in. Because I am paying this mortgage and need to verify all documents to see if this agency is a scam or fraud. If someone from Puerto Rico have an issue with them please contact me at **. Si alguien tiene problemas con esta agencia y eres de Puerto Rico no dudes en contactarme. Gracias! Thank you.
Updated on 11/12/2016: I have finally got connected with an SPS supervisor. I was calling over and over SPS asking for documents since Oct 4, 2016 until Oct 31, 2016. Like I have said, got connected with a supervisor and she told me "We have all documents you asked. We will send it to you by regular mail." And I ask the supervisor if a copy of a check will come with the documents, and her response were YES... I was surprise that finally will get those documents. I am writing this review on November 11, 2016. Still haven't received any document by regular mail. SPS told me "Wait until Monday November 14, 2016. If you don’t get the documents, please call us." I will definitely call them.
Other company or agency that SPS have is Assurance Hazard Lpi. They work hand by hand. The Escrow Company AHLPI at the moment has the house insured and the insurance covers only walls, roof in an earthquake, fire event. But the issue is this, the house was built on 1973 but there’s no evidence of the house been registered. My dad never registers the house. If they have any document of the house been registered, then is a fraud, because my dad to do a loan, my mom have to sign and she hasn’t sign no papers at all. This agency is taking money from me and I make already 3 payments for the escrow. SPS Supervisor told me this “We have interest on the house, and since the loan still alive the structure needs to be insured, no matter if the house is not registered and if you don’t pay the insurance it will increase interest on the payments.” When the Supervisor told me that I got mad, because that is not true.
How is possible to have something insured but you don’t have any documents showing that is true what you have or in this case is built, but at the same time paying insurance for it? I talk to Assurance Hazard LPI and SPS regarding this matter on November 10, 2016 the time recorded for this call was 1 hour 51 minutes and 5 seconds. This issue is not new for them, but they just ignore it. Not me! I am very transparent and honest at all times and they know that.
I am still paying the mortgage excluding the Escrow payments; I sent a letter to SPS, AHLPI, and investors saying that I sent them the amount for the mortgage without the escrow and the reason why. How do I know if they got the letter? If they got the check it means they got the letter, because is in the same envelope. There’s no reason to lie to me if they got it or not. Once again I have to mention that everything wrote on this review is true and have proof of everything, because all the communication between them and I are recorded with their consent. If I don’t have any proof can’t say much, but I do have plenty of proof.
As I read others complaints with this company I could relate. We are now into nearly 3 years of trying to modify a mortgage with SPS. An identical modification on a sister property only took 6 months with Bayview. I have submitted dozens, literally, requested documentation only to be asked for it again and again. I'm told now, as we have been told in the past, all docs are in. Well I'm not holding my breath.
Today I'm being told that ShellPoint mortgage is buying the paper... What this means... I don't know since we have no approval on the mod. Probably will start all over again or go to FC. How can this be a win for anyone. In the meantime I'll continue to collect rents. Even if we do get a mod, after reading some of the horror stories of other people's final mod terms, I don't know that it will be in my best interest to keep the property. How SPS legally gets away with these shenanigans is beyond me. I'm grateful it's not on my primary mortgage. Kudos to Bayview Loan Servicing for working a fair mod on sister property.
I have read most of the reviews on here about the different issues people have had with SPS, and I can tell you that I guess I am not alone when it comes to dealing with their unprofessional representatives. How many times I have called to speak to a rep that was assigned to me, and never have I been able to speak with her. All in all, I didn't agree with their so called modification, so one of the reps told me if I don't agree, don't sign the paper, ignore it. Well, after making payments, I was posting my extra payments to go into the escrow, well, apparently, they took all the extra escrow and applied it to the modification that I declined to sign. Now I am back at square one. They have raised the amount of my monthly payments. They didn't explain why, and I don't even bother calling anymore, because it is useless. I hate this company. They make it so difficult for you to keep up with mortgage payments and slam you when you are late!
I was on time, up to date current and a month ahead of my mortgage when HSBC denied my mod and sold our loan to SPS. Our interest rate jumped from 2% to 10% and we applied for a mod thru SPS. Nothing but heartbreak since. Stalling, requests for more forms as we get further behind. Our loan was sold in May, I had health issues and have been unemployed since July. My husband's income will not meet all the bills. I will be talking to a lawyer on Monday. Anyone interested in a class action lawsuit, please let me know. We will not be treated this way! Let us all fight back to save our homes!
Like many of the reviewers here, my mortgage was transferred GMAC to Ocwen, and now to SPS. This month was only my third payment to them, but it's my second phone call to the Ombudsman. For my most recent mortgage payment, they took out nearly double of the amount I authorized over the Internet. The troubling part is that nobody can confirm anything. All they know is the amount that was deducted. If you've had the unfortunate luck of getting your mortgage transferred to SPS, be sure you save the screenshots of your mortgage payments -- and keep them forever. Evidently, their computer system is the most unsophisticated reporting system ever created for a financial firm.
I've spoken to five different reps so far, and they've all confirmed it doesn't make a copy of anything. It doesn't track anything. It's entirely up to you to keep your own records as the ONLY thing their system show is the amount of the payment. They can't even tell where it came from or what time it was posted -- nothing. If I was able to switch companies, I'd be long gone. So for anyone who has this terrible scam of a company, be sure to keep all screenshots of your payments. Based on many Internet reviews, SPS takes out additional money and only offers a refund once they've been backed into a corner. I have zero confidence in this company and am sure it's riddled with fraud. Be very careful with them.
I have read all the posted comments and complaints about SPS. Wow! I wasn't alone. I managed to get a mod after years of sending documents to SPS on and off. I finally decided that it has to end. I contacted their Consumer Ombudsman Servicing - their email address is firstname.lastname@example.org or 866-662-0035. I got someone who actually cared and helped me get through their Home Retention Department. Lo and behold, I got a mod! They sent me the agreement and got a call from a representative who told me that I need to sign that agreement right away. Of course I signed it right away... I've been waiting for this to happen.
Well, after reading the agreement more in detail, I learned that I ended up with a negative amortization type of loan which means that after paying off the loan in 20 years in the amount of $371,000, there's a balloon payment due in the amount of $254,000. So that means that I would have paid $625,000 for a 2 family house in a HUD target zone area (aka poor neighborhood). I called them to complain but the rep said that's the best deal I'm going to get. She said that I was lucky that I even get a mod! I got so disgusted, I stopped paying the mortgage. I've been getting a collection call relentlessly. They told me that they can't change the negative amortization and balloon payment. I can only get a repayment plan. But guess what, I need to send them the RMA application package again... Back to the drawing board!! I think we should all have a class action suit against SPS.
Select portfolio has asked me the best number to reach me, I told them my cell phone wasn't a good number because I work Monday-Friday and requested them over 50 times to please call my work. One representative was very rude to me and hung up on me. Last week another person I talked to told me they needed me to resend all my information/paycheck stubs etc because they closed my case. I'm very annoyed with this Company. They are lazy and do not listen. I'm trying to do the respectful option by being current with my payments and turning my condo back to them but they are making things very difficult for me when I've sent them everything promptly.
My mortgage was sold to SPS from Ocwen which was bought from GMAC which was the company I had signed papers and had NO problems with. I ended up getting behind on my mortgage due to short term medical and had a decrease in pay and increase in medical expenses along with a divorce. As soon as my account hit 90 days past due, they threw it into foreclosure. Well the only way to get out of foreclosure is to reinstate or apply for a modification... so I applied for a modification and was approved for 3 trial payments (after endless paperwork needing to be faxed in after SPS saying it wasn't received or outdated) and made trial payments on time with no problems as I was back to work and could afford payments.
After 3 trial payments successfully made, account is to be modified. Well SPS denied the mod stating that the final review they weren't able to approve it due to the numbers not coming out right and couldn't work a payment out. I work in Los Mitigation with a very large mortgage servicing company and save people homes from foreclosure on a daily basis by doing modifications and have done so for over 7 years - and definitely know the ins and outs of modifications - and know what documents are needed. So I was told to reapply. So I did. So here I am 6 months later constantly sending in documents that are so called not received or need more documents to prove this and that which is harassment to me - example: to prove my residency. REALLY? I've lived in my home for 10 years and my address hasn't changed and all docs show my address - I had to provide a luxury bill to prove occupancy...
It is like they are finding stupid stuff to prolong the process to get to foreclosure sale - I can go on and on. Then they put a foreclosure sale date on my home even during a mod review which usually don't happen only if mod is denied not during review. When I called to let them know I have an attorney and gave name and info of attorney - and will be filing bankruptcy - they removed the fc sale date immediately - funny how that works... And I get a letter stating that they removed it and will properly notify me if a sale date will be placed again. They obviously screwed up. I have equity in my home and I truly believe they want fc on it and cash out on it.
I called today to check on status as I do pretty much every day and always talk to different relationship managers and get told something different every time and this time was told new docs need to be sent in due to ones they have are expired - it is endless!! They have put huge amount of stress on me and my family and they should be shut down and investigated for unfair practices and violations. My mailbox is filled with investors wanting to buy my house and notes on my door and people driving by and actually coming on my property looking around. I feel so violated and anxiety and depression all at once. It's sad I work for a very large mortgage servicing company and help save people from foreclosure and I can't even save my own home and have had to resort to attorney representation and possible filing chapter 13 bankruptcy... :(
SunTrust sold my mortgage to SPS without my consent. I didn't sign anything with SPS, I signed with SunTrust! Now SPS is claiming that I owe more than twice as much as my property is worth, and have done nothing to help me. I'm still waiting for a loan modification from SunTrust! I will probably lose my home and being retired doesn't help either, now on a fixed income which is less than half of my working salary! They have run me back and forth with promises to help me over the last five years and they are not helping at all, just liars and thieves! How and why can they get away with doing this to people? I am going to file a lawsuit and try to keep my house! They have caused my wife and I health problems and need to be out of business as a mortgage servicer. This is not the way it is supposed to be to own your home in the USA!
I contacted Select Portfolio back in 07/29/2016 representing one of their clients with the intent to reach a settlement or a short-sale. After a clear explanation of my client's financial hardship they suggested we work towards reaching a settlement. They requested a hardship letter and an offer letter of which was sent to them a total of three times. We verified that they received it and still on 09/14/2016 they requested it again. They have requested paperwork that the average homeowner can't provide on their own. They are purposely setting you up for failure and feel that a simple "I apologize for the miscommunication" will suffice. They bully clients by enforcing their power and position to the extreme of causing homeowners to reach of point of frustration that ultimately ends in Select Portfolio being the only winner. If their core values were true and had any real sense of belief, I would not be among the over 400 customer complaints.
SPS has stalled and not allowed me to short sale a home that after my wife passed away I could no longer afford. Two real estate agents worked hard to try to settle this situation and we had several interested buyers. The 1st agent who was appointed by USA bank before the mortgage was sold to SPS actually sent me a surprisingly unprofessional e-mail that said she was going to go postal after dealing with SPS. I moved on to agent who assured me they were used to dealing with short sales and they even recommended an attorney who was assisting to make some progress. After a year they also threw their hands up saying this was the worse situation they have ever seen. SPS Neglect and inability to responded to requests and apparent incompetence has caused severe financial damage not only to me but to the neighborhood in which the home is located in a beautiful location of Cold Spring.
After almost 10 yrs, the home has been vandalized and may need to be demolished. Imagine a home that people were willing to pay 200K for. SPS do you have a response or is it another person that will have to look into the situation. They must have a high turnover of Employees because no one can ever know or remember the last conversation. Sorry to anyone who ended up with SPS. They seem to be untouchable. Not sure why the court can't even get SPS to move on this property. Sorry to the good neighbors, interested buyers and agents. I tried my best. Sad former homeowner and SPS customer in Cold Spring NY.
I am so upset and anxiety filled with depression but I will try to be clear here in my complaint. I bought this house through a mortgage company who was predatorial. They did a no doc. knowing I had no income, but gave me two years worth of mortgage payments to put in a bank and let them withdraw for two years until my then husband got out of jail. Another story... But not knowing better and suffering with depression I signed papers. Well things did not go as they planned. The husband never came home and now all was on me. Eventually chase sold this mortgage to SPS. In 2013 I filed to restart my SSID. My daughter sent in partial payments and I sent in letters explaining my situation and that I was sorry but could not do any better until my SSID came through. In 2015 they stopped accepting partial payments and put into foreclosure even though they were working on a modification.
In 2016 my SSDI started and they still have not modified my payments. My interest rate is high and I am in a ARM. They keep saying they have no paperwork that I keep sending in though. I have the fax and printouts. They remodified it and payments were higher than what I was paying. They tell me they received the forms only to call or send mail that they need it or another form that was already submitted. I am with an agency the court set me up with but still the same thing. Now my income is not enough they tell me. So my daughter who's been living here with me for the past 24 years they want proof she lives here and is going to be giving me 500.00. I sent them a letter as requested that she write that she is. It was typed and now they want it written and want her to deposit checks in my account as proof. Well my SSi could be lowered if they see income.
It's been almost 2 years with them SPS claiming they are trying to help me keep my home but no help at all still. I can't sleep, I have pains in stomach often and I am so tired of the tears that cause me to then get major migraines. I don't know what to do. I am scared, tired, and just want real help. I want to be included in any class action suit if started. Then one guy at the agency tells me that "Can't you get a job?" That hurt because if he understood my disability he would know the answer to that. God knows if I could work I would. I don't like not being able to support myself. Someone please help!
When SPS bought my mortgage I was in the process of a refinance. From the time I told them this on they messed up my loan. First they refused to pay taxes out of my escrow account. When they finally did pay the taxes they paid them twice within a week which sent my escrow into a negative balance. This was almost a month ago. I have since closed on my refinance but had to pay SPS the amount they messed up on or I would have been charged extra interest so I could close the account. Every time I call them I get the excuse that they have no information and it will take 30 days to research it.
It is my second time trying to get a modification to my mortgage. I had previously lost my job, so I fell behind on my payments. I found a HUD counselor who has been helping me with my application. She has been sending all the paperwork requested, yet they keep saying that they never received paperwork. This is my second time making a modification and both times they request information of everyone who lives there. We clearly tell them many times, to please don't include everyone, as they are renters, they can leave at anytime. But in the end of the modification they used everyone's income as the total gross. The number is huge and there is no way I can afford the monthly mortgage payment.
I've told them many times, "please I know you're only looking at the gross, but that number is not correct, as I have renters." They don't care, they just keep saying that why didn't I specify during the loan, which I did... but they said they never got any information. Also that if I can't pay then they can just get rid of this mod. The monthly mortgage they want, is 95% of my net income, and 60% of my gross. I've told them, this modification is not helping me. That I won't be able to pay soon after. They reply: "We know, but if you don't want it, then this is going to the attorneys." HUD counselor tried calling them many times, they won't return her calls. If someone makes a class action lawsuit against them, I'm in.
Just as the others - I have been attempting to work with this unbelievable company. Always a different person. I have confirmations of e-mails and attachments and one person will tell me the documents are being reviewed and the other will tell you they have not heard from me and do not know what I am talking about. Again, extension numbers and names of previous contacts "no longer exist". After an hour and a half last week trying to buy a house it went into a recording of how much the mortgage was in the rears and when last payment was made. So the next step is foreclosure to get these clowns slowed down - we can run this course too. State Attorney General is being contacted as to unfair business practices and lack of proper reporting to owner.
We were sold to this company several years ago. I had recently been in a serious pedestrian/motor vehicle accident and was off work. SPS took advantage of us every step they possibly could. Every month we were receiving paperwork stating that they had no proof of us having homeowners' insurance so as a result they were adding their own, which of course would raise our monthly payment. We sent in proof over and over, even had the company fax it to them, they say they NEVER received any of it. Then they said they were going to pay our taxes, 6 months BEFORE they were even due and charge us interest to do so. We don't have an escrow, we pay our taxes separate.
We fought it and fought it. They were finally told by the court they would have to repay us that money, they called me and said "instead of sending you a check we will just keep it in an account and put it on your monthly payment, so you don't need to send a payment at this time." SEVEN months later, they sent us a letter saying, "we have decided not to do it that way after all, so enclosed is a check" (which was less than a quarter of what they owed us). The next day we received another letter stating our mortgage was now 8 months behind and they are going to foreclose on our home. We went straight to an attorney, who then advised us to file bankruptcy.
We have been fighting these people for several years now, and they always seem to come up with an excuse for everything, so we continue to fight. What they are doing is wrong on so many levels, and they need to be stopped!!! If you are currently with this company, look at your statements, compare them, they make no sense. I have gone back 2 years so far and not once has my beginning balance matched the prior month's ending balance. How is that possible? There is nothing in the statement that shows what the money was for, and it's not small stuff either. We are talking average of 1,000 difference each month. How can I pay on my loan, on time, every month for the past several years and owe more now than we it started? That is BS!!!
We started getting paperwork from them stating we may qualify for the HARP program, it would lower our interest rate and in turn our monthly payment. We decided it was a good idea and sent in all the required paperwork. My husband called to see what was going on, but they said they never received anything, so we sent it again. Then one of the papers came back, so we filled it out again, it came back 4 different times. They never stated why they were sending it back, so through trial and error we put current dates, back dates etc (it was for them to see tax return statements). Finally, we took it to the attorney, he came to the same conclusion we had, so we were clueless as to why they were sending it back, and of course calling them was NO help.
The last time we resent ALL the required paperwork via fax from the attorney. This way we would have proof that it was received, but they STILL say they didn't receive anything. Eventually, we just said "forget it", we will go to another company and get refinanced. All was working great, we thought we were finally getting away from their BS, WRONG!!! They totally sabotaged our chance. We got the payoff, we only wanted a lower interest rate, no money back, we were set to go into underwriting until SPS added 25k in INTEREST!!! What? How can they do that? Then miraculously I started getting paperwork and phone calls stating they received my request for review through the HARP program. Really? I sent in that paperwork the FIRST time at the end of 2014, now 2 yrs later when I'm ready to get rid of these clowns they want to go through and see what they can do, FORGET IT!!! WE WANT OUT!!!
This company does nothing but commit fraud after fraud, anything they can do to hurt people and better themselves. Well it's high time we get together and go after them, get our money back, and put these creeps out of business once and for all. We have rights, and what they are doing is in violation of those rights, so now we need to fight for what we have worked so hard for, and not allow these crooks to take our homes and profit from it. I am currently looking for a good, hard ** lawyer who will help me nail these guys to the wall. I am so sick and tired of their antics, and the runaround you get when you call them. Someone needs to put a stop to it, and someone needs to finally put these guys in their place, jail would be nice, and get back the 10's of thousands they have STOLEN from each of us because of their lying, scheming, manipulative ways.
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