About Select Portfolio Servicing
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I wrote multiple letters to request an extension of my loan due to financial hardship. The response was to take advantage of the misfortune and SPS proposed a Ballon payment which of course was very beneficial for the bank but not for us. Considering to file a lawsuit against this unscrupulous company.
January 19, 2022. I made an additional payment on my mortgage and indicated where I wanted it applied. It wasn’t applied correctly so I called Jan 26, talked to Gabriella and was told it would be corrected in 3-5 days. It wasn’t done. March 30 called and spoke to Phil and he said he would escalate to his supervisor and I would receive a call within 3 days. No call. April 5 talked to David at ext **, he escalated to a supervisor. Again nothing done. Called May 2, 2022 and talked to Supervisor Jamie at ext **. She said “cashier tasks” are backed up since Covid. They are currently working on November 2021 items!?! She mentioned high priority items are being addressed first. Mine doesn’t fit that bill. She said they were recently told it is taking 5 MONTHS to complete tasks!?! She said my case was open in the end of January and it should be completed by the end of May but she could not guarantee that to be the case.
I am totally dissatisfied with the customer service at Select Portfolio Servicing, Inc and wanted to write a complaint. Besides the slow completion time, the first line customer service agents are misinforming the customers on the timeliness of their work. When I went on Consumer Affairs I wasn’t shocked to see review after review of 1 star complaints about this business. VERY POOR BUSINESS PRACTICES!
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Worst company ever....Take multiple payments, misplace amounts of payment, didn't pay my yearly insurance, etc...World's worst company....Avoid if possible. I can't because the mortgage company only uses these idiots.
My mortgage was sold to another bank and they use SPS to manage the account. From the get go it's been a headache. First two months of payments were misdirected and not applied to mortgage (luckily bank has a 90 day adjustment period) after numerous calls and run around it was fixed. Then three months later I get a letter saying home is in a flood zone and I need flood insurance. I'm not in a flood zone, and wasn't when the previous bank had loan. SPS insists I am, claim FEMA called them and told them I am. FEMA doesn't know I exist nor that I have a mortgage nor does FEMA call mortgage companies, total lie. I went on FEMA's flood zone website and it clearly shows zone X, I printed map and uploaded it to SPS, not good enough, they purchased flood insurance and billed me 2600.
Numerous phone calls later I reiterate I'm in zone X (which is FEMA's lowest risk) SPS rep says "we're all in some risk of flood." What a total moronic statement. I ended up getting an elevation survey of property and submitted to FEMA for an amended flood zone determination, so now I'm in flood zone X (still, it's never been anything else) the only way to get SPS to recognize I'm not in a flood zone was to pay for a survey that wasn't necessary from the beginning. It beats paying these shysters for garbage flood insurance that they tried to charge me like it was a top tier policy.
Generally you don't have control over who gets your mortgage, so if you are unlucky to get SPS be prepared to their jobs for them and get attitude thrown back in your face. All the customer service rep talk over you as they read the "script" they have over and over. SPS really stands for Shanty Pirates and Shysters. They suck! Period.
A year ago our home burnt down and was a total loss. Our mortgage had insurance coverage for the amount of principal we owed at the time $69000. After the insurance adjuster inspected the damage our home was declared a total loss. The insurance company issued a check for 69000. SPS has full control of disbursing these funds to us at their discretion. This has been a complete nightmare. The first check was issued without incident and our obligation was only to sign an affidavit being responsible to restore our property to original value or better.
The problem has been getting funds released since then. The only way we have been successful at getting more funds was being lucky when calling in and actually getting a person who would listen to us and go the extra mile to override their system and would get our issue in front of some review board and then they would release 7000 one time and 10000 the last time. There is only 10000 left and we are halted building our home. We live in Iowa, it's freezing and we have lived in a 3 season 1 bedroom RV in our driveway with our 7 year old nonverbal highly autistic son and 2 large dogs.
As you can imagine this RV gets smaller by the day and we cannot have water hooked up to it due to freezing temps. Our rebuilt home has water and brand new furnace but not liveable yet. We are at the final stages of finishing our home and SPS will not release the remainder funds until we are finished. We can't finish until they release the funds. We have depleted all other money resources we had saved over the years for retirement and such. My 64 year old partner of 20 years is a carpenter and has been for over 40 years. He has built our new home pretty much alone. Myself and a couple friends have done the best we can helping but we are not carpenters. My partner was forced to take personal unpaid time off of work to build our home and we could of been moved in before winter if SPS would of released funds.
We have made our mortgage payments on time every month for the last 6 years since we had to get HAMP modification because we will be eligible to receive a 5000 incentive for doing so. The last month of this 6 years of on time payments is next month March. We have no clue how we are going to make this last payment to get the incentive because this month we have had to use that money to keep going and to provide for our daily needs. In our RV we use a tank of propane every day to heat the RV and we keep it at 60 degrees wear triple layers of clothes and when in RV are all under heating blankets with hoodies up and this includes our autistic son who doesn't understand any of this and is absolutely miserable and keeping him calm is not only traumatic to him but to us too.
We have begged tried everything to make SPS understand that we are the builders and have rebuilt a home that according to our county is already worth 25000 more than our old home and it's unfinished. We have met our obligation completely and now SPS wants a contractor's estimate of the entire rebuild and a detailed item by item breakdown of our entire costs down to the number of screws and nails we used and need to use. So we hired someone to do this who was almost finished with the bid and got into an accident and cannot finish.
We have no funds left and nowhere to turn to get funds. We cannot even get a payday loan or small loan from anywhere cause my partner took time off of work to build our home so no one will loan us anything without income coming in and no assistance place will help cause we can't show how we will pay the bills the following month. So we are trying not to give up but what do you do in this situation. We had a home inspection and SPS changed her final report from 76% done to 0% claiming they needed the contractor's bid on our home. At the beginning they claimed they needed only the affidavit and no contractor bid. We asked more than once then and we assured they will never need that.
Lumber prices over the last year have tripled in cost and are about to increase again. No one can get as far as we have paying for labor. We have had 0 labor costs, have dipped into every fund we have saved over the last 20 years, cashed in investments and taken penalties on that just to keep going and get into our home. We need that 10000 to finish and they try pacifying us by saying the review board has not made a final decision and it only went to review when I threaten to complain wherever I could and I would be contacting a lawyer so I am following through and letting whoever know this company is grimy and horrible to deal with and I have read other complaints similar and worse than our situation with this company. BBB has over 500 complaints on SPS and 75% are similar to ours about them holding insurance claim funds. Switch mortgage companies if at all possible. SPS is greedy and unhelpful.
They have been the biggest paper wasting & non helpful mortgage company & I have had 4 other mortgage companies, Never spoke w/ same person ever, Never documented my calls. I retold entire story every other week. They just want payment! They definitely does not look out for the customer! I did packets to refi since 2011 & Moved out when I stopped paying in 2017. This destroyed my marriage! A gov based business Clarifi helped my husband who is living at home in 2018 and all the same info went thru, Couldn't afford refi. They won't foreclose. They will not do deed in lieu. No short sale. I have tried everything. They Suck!
I received a notice on 02/15/22 that the house was scheduled to be foreclosed on and auctioned off on 03/02/22. My name is on the initial loan, which was handled by a local bank, but after we divorced we had my name removed form the deed. I have no idea as to when they obtained the loan servicing, but I have received no contact from anyone about this loan since we divorced, except for this foreclosure notice. I have had the same cell number for the last 20 years.
I contacted the company several times to see what needed to be done to take it out of foreclosure. I was told I was listed as the primary loanee, Some were helpful, others were rude and raised their voice to me when I state it was interesting that there were no apparent attempts to contact me until after foreclosure was already in process.
I was told on 02/17/22 it would take $ 7,743.33 to get the property out of foreclosure. I overnighted a cashier's check for $8,000 to them which they signed for the following day. I was checking the site this morning to confirm they had received the cashier's check, and now their site has posted it will take $8,939.29 to get it out of foreclosure. Very loan sharkish, in my opinion. I cannot believe this company is still in business. Also, interest rate was almost 8% on this 15 year mortgage.
This is the worst company that that I've ever come across in terms of customer service. I have been trying to get a loan modification for seven months and I have spoken to no fewer than eighteen service reps. Each new person I speak to is absolutely clueless about the status of my loan and my modification request. There is something truly irregular going on inside the walls of Select Portfolio Servicing that should be investigated by Utah's Consumer Protection Division. Bottom Line: Stay far away from this company.
SPS bought my loan from Chase and I've had nothing but problems ever since. I live in Baltimore and there is a property leasing practice called "Ground Rent" I own the dwelling but rent the land it's built on. Every mortgage company who has had my loan paid my ground rent out of my escrow all except SPS. The first year I was able to get them to pay it, I sent previous mortgage escrow statements from Chase showing it was paid and stated to them this is paid every 6 months. So I was under the impression they paid it the following year that's until I get a collections letter from a lawyers office that my ground rent is in collections, thanks SPS.
I sent everything in and called to make sure it was paid, NOPE. The unhelpful rep wants to forward it to the HOA dept. for review which could take 30 days and no guarantee it would be paid. First it's not an HOA fee and second, it needed to be paid now. This is not the only issue I have with SPS. Every year I've had to tell them to pay my Homeowners Insurance, this also comes out of my escrow. I've had to forward the paperwork to SPS from my insurance company after I get a letter my insurance will expire in a certain number of days. They bought the loan but can't pay things in a timely manner. I can only hope somebody else buys my loan from them.
RUN and AVOID to do any business with SELECT PORTFOLIO SERVICING! I'm writing this review with the goal to help anyone who is in the consideration stage to choose a good or at least a decent Mortgage Servicer, so they can choose wisely and consider this advice to avoid every kind of inconveniences in the future. Unfortunately, I didn't have the chance to pick my Mortgage Servicer because my mortgage was sold to SELECT PORTFOLIO SERVICING without my consent, (I'm aware it wasn't needed anyway because it is completely legal) making me live the worst moments in my life dealing with any company.
Having to deal with them regarding my mortgage status, or the continued discrepancies about how much I need to pay to become current, together with the rules they have to collect payments, such as not being able to make payments from my ACH bank account (the one from where all the automatic PITI payments were withdrawn monthly) because according to them the amount was higher than the monthly amount reason why they can't accept it.
I made the first wire transfer with the information they sent me in their TOTAL REINSTATEMENT LETTER, in the beginning of December, and it failed, then I tried to do it again but this time I called them to do it with someone from their representatives in the phone to verify the Wire Transfer information specially their JP Morgan Chase Bank Account and Routing numbers and it failed again.
I called my bank, (Bank Of America) to find out the reason why both wire transfers failed and they told me that they failed because the routing information seems to be an ACH and not a WIRE number. Given the situation, I went to Western Union to do it through them, but I managed to pay only $5,000 because the total amount owe was over the limit.
When this happens I started to understand that they are doing this COMPLETELY ON PURPOSE to foreclose me and keep the house which has now a juicy equity to cash out. They lack badly of pretty much everything as a mortgage servicing company, things like professionalism, prepared representatives with basic mortgage knowledge, and a decent customer service to solve their customer's needs, that exists because they create them.
I lost my job last year because of COVID and I had to submit a request for payment assistance but even though my current income would be enough to qualify for my monthly mortgage repayment amount, they denied my request. Now also they denied my request for a Mortgage Payment Assistance even though my Debt TO Income ratios were low enough to qualify for a Mortgage Modification and even for Conventional Loan, they denied my request. I hope my story would help others to avoid falling into their claws.
Select Portfolio Servicing Company Information
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- Select Portfolio Servicing
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