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Capital One sold my HELOC and my first mortgage, to 2 separate, but equally inept "servicers". SPS has the first mortgage and it's been nothing but frustration during the transfer. I was assured that my auto draft payments would flow seamlessly, but that's hardly been the case. Their website is lousy, as is their call center. I don't have any confidence in this company and will look to pay off the mortgage as fast as possible.
I had my loan sold to SPS from Capital One Bank on August 31 2018. I was pretty much the perfect customer for Capital One ~ 830 credit score, lots of assets to cover every debt. I guess I'd never experienced the kind of nasty treatment that people less fortunate than me talk about. Now I have and I get it. First the transition was a mess - SPS won't use email for communication, they want $15 for online payment (really, I'm not exaggerating), and the people who answer your calls tell you a little as possible. They called me a dozen times for no purpose I could follow. I finally blocked inbound calls from their numbers to solve that.
The autopay is designed to cause you to miss your first payment, presumably so that they can collect a late fee if you don't notice. When you call, there is a warning that they collect debts, a request to record the conversation - basically everything designed to make you feel like you've asked to make a call from a state prison. If I decide to pay off early, I'll use return signature requested, as I would judge these people to be completely without moral character. I hope they sell my loan to someone else before then.
I recently had my loan transferred to them from Capital One Bank. I have never missed a payment, my credit is in the 800’s, the transition has been dreadful. They have called me out of the blue and asked me for personal verification...anyone that receives a call on a Saturday morning at 9am five on an 1-800 number should be reluctant to provide information. I ask what it’s concerning and they say they can’t give me any information. So I politely say I will call them back. I do and they say there is nothing on my file of why they are calling me. So why on earth would they call? It was then because it showed that someone had called me. They also do not have my loan papers, have not provided me with my request for verification that they actually own my loan. This doesn’t matter too much to me as I am sure that they do, but the level of service is downright rude. Really rude.
They record their phone calls and I would love to have them played for you because they treat you terribly. I had someone want to hang up after a couple minutes (I get it! I am certain everyone dislikes them and it’s hard to be in their job). The review is not the people it is the company practices that are horrid. I can mention more, the insulting behavior, the responses, the annoyance... all of this to remind you that I am current with an 840 credit score. I cannot imagine what people go through when they miss a payment. They are not pleasant to deal with. Nothing is redeemable, only the 4th person I talked to but she is one in 20.
My experience with this company from day one has always been a good experience. There is nothing I can ever complain about concerning this company. I am glad that every call I make, every communication by letter or etc., is good and acceptable.
My loan was sold by HSBC to Caliber Home Loans and then to Select Portfolio (SPS). I have had nothing but a great experience, thus far. Due to illness and a loss of time at work, we fell behind. I contacted them immediately. They told me where to go on their site to request assistance. Everything was submitted online. Their application, and any documentation was uploaded right there. No lost paperwork! Within a couple of weeks, I was offered a 3 month trial period and ultimately, a permanent loan modification. Saved our home. Any time I had questions, the customer service and my relationship specialist were helpful and always answered all my questions. I am sorry that so many of you have had a terrible experience. I can’t wrap my head around how that is, when I’ve had nothing but a great experience. My advice. Speak to your relationship specialist and be sure to submit all documentation that is required.
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Select Portfolio Servicing placed a modification on our home loan which we wanted. They had insurance on our house but always said that it would be cheaper and better if we took out our own so we did. We were told that taking out our own house insurance would not affect our modification. We got our house bill in and it keeps going up. Note when we first went under the modification we was told that our payment won't go up, well it's going up. Each time we talk to these scammers they tell us something different. I would avoid this company at all cost. If I had somewhere to move today I would pack up and move just so we don't have to deal with this crazy, rude, company. Don't do business with them!
My HSBC mortgage was sold a few years ago and is now serviced by Select Portfolio Servicing. Worst. Service. Ever. Website is horrible. Charge you $5 for electronic payments. Representatives are rude. To top it all off, it is going to take five days to provide me with a payoff quote. So glad I'll be done with them soon!!!
I have been working with SPS Servicing for months on a loan modification after my husband rather suddenly left me. Yesterday I received notification of default and foreclosure, four certified letters, two regular mail to "Occupant". Just how does a company justify putting a borrower into foreclosure and default while working with them on a loan modification? Why wasn't I afforded at least a phone call before receiving these certified letters and two days previously a letter of default taped to my front door with bright blue navy tape for all my neighbors to see? I knew nothing of these going ons until I began to receive calls from random realtors asking me if I would like to list my home with them and I'd better hurry as I was in default and only had 30 days left.
Marcus ** called today, Monday the 20th of August 2018 telling me not to worry, my loan modification was still in progress and I'd receive a lot of paperwork within the next few days. Seriously? They call me after all this ugly paperwork has been delivered and tell me not to worry that my modification is still in progress? I hope to the high heavens that none of you reading this get turned over to SPS Servicing, they are a collection company and they state it in their initial phone calls. When you go to their website it looks like a mortgage company, IT IS NOT! They are shysters and crooks.
Our loan was sold from HSBC also 2 years ago to SPS. Had no problems till this year as I was working a job that could support the payment. Then recently I lost my higher paying job, found a replacement job making a quarter of my previous salary. Started having financial issues in May 2018, contacted SPS for a loan modification, they snuck around on a Sunday night during my daughter's high school graduation party taking pictures of our house. Then came back and said the investor doesn’t do modifications and our only option was a short sale. We were and have been only 1 month behind. How can they do this to us?
For the last 2 YRS since my mortgage was sold to SPS each time I send a payment in they hold it for days before they post it to my bank. Only 2 times can I recall that it took 5 or 6 days. Most time from the time I mail it until they post it they take 9 to 16 days. I can send bills to Phoenix, Orlando, Dallas & 3 to 5 days it is posted to my bank. In fact anything else that goes to Salt Lake City Utah only takes 3 to 5 days to post to my bank. But with SPS it takes 9 to 16 days for them to post it to my bank and then they torment me by phone about payment. I told them to get off their last rear and post the customers' payments. I am not the only one that is having this problem. Hundreds of other people are too.
I sent in July payment and they claim they didn't received it. So I stop payment on check and did payment by phone and got a confirmation number. Then lo & behold they try to deposit the check they say they don't have. They told me they wouldn't try to deposit that check since I stop payment on it with my bank. They instead went ahead after I made phone payment with confirmation number they gave me and try to deposit the check they said they didn't receive. My bank returned it to them. Now SPS wants to charge me late fee and return check fee. I will not pay it.
This company hold people CHECKS and payments for many days before posting them in order to get late fees. They say they have no control over mail service. I check with post office site & it takes 3 to 5 days to get to Salt Lake City. But all SPS payments takes average 9 to 16 days to post. I told them that the post office must take ALL SPS MAIL AND PUT A STAMP ON A TURTLE SHELL & STICK THE BILL IN THE TURTLE MOUTH. To me SPS is a scam, fraud, and illegally waiting to post customers' payments in order to get late fees. I know I am not the only one having this problem. I think it is time the Federal authorities know how SPS is doing business. SPS is a dirty low down crooked company. And they should be exposed as such.
I have spoken to three different at SP services and each time the service has been excellent. All of the people were polite, patient and knowledgeable. Why and where all these negative come from amazes me. GOOD WORK SP.
Accredited Home Lenders was my original mortgage holder. They sent me a letter stating that my mortgage to SPS. When I contacted SPS seeking a modification, I was told that my lender did not allow modifications. They informed me that Accredited Home Lenders owned my mortgage and that Deutsche Bank was the holder. When I requested a modification, SPS sent someone out to take pictures of my home. They sent me list of homes that was sold in my area and suggested that I do a short sale. This is underhanded and scheming.
They are interested in holding the property. Why? There are at least 7 vacancies on my block that is sitting and dry rotting. These vacant properties are destabilizing the neighborhood. They would rather see it rot than for someone live in it. I am 66 years old and I have lived here 24 years. This seems to be very convoluted and underhanded. How do you not allow modifications? I have been paying a mortgage for 24 years and I owe $80,000 on a home that is worth $70,000. Why can't I get my mortgage modified?
We fell behind on our mortgage payments when both my parents passed away two months apart. Maybe 4 months at most. They stopped taking payments from us and SPS wanted us to modify our loan to catch up with payments. Four years (4 years!!!) later, they held up any decisions by asking for more paperwork, including the time we met with a mediator, they asked for a whole new package at the mediation. At least a dozen applications have been given to them. They have forced us to settle with the in rem and offered relocation money. They have screwed our credit up by continually reporting we aren’t making payments, even though they weren’t accepting them, and screwed our ability to get a conventional loan elsewhere.
After we settled with them, they have now come back and said the tell money is contingent upon their inspection. We didn’t ask for a deed in lieu, which for the hoops were jumping through, we should have. We have consistently had to follow up with them to see where we stand... FOR FOUR YEARS. This business is incompetent and the left hand doesn’t know what the right hand is doing. Horrible management. Horrible business practices. They should have had leniency with us do to the hardship of losing my parents. They are just getting paid by the government bailout. I hope a class action lawsuit is filed.
SPS treated me as if they were going to make a modification in order for me to keep my home. I believed them. Stupid me-- ended up costing me more money. Even hired one of the so called top foreclosure attorneys in state of Florida! Guess that works for people with lots of money like investors. Stupid me. Wasted the last of my money. Long story short, I lost my home & I am too old to start over. I'm 66 now and cry every single day & then some. It's only been about 3 months. Had to leave my hometown of 42 years. Thanks SPS and my lawyer! Please include me in your prayers.
This company and some of its employees really know how to kick a person when they are down. I went and filled out all required paperwork for a modification in Feb. I was desperately in need of help. They lost my application 3 times and asked for the same thing every month. "Oh looks like we're missing bank statements for blah blah month."Well I've faxed and sign receipt same bank statements 3 times. I asked them why they were so irresponsible about my personal info and they are violating my privacy act by misplacing my personal info like my SSN, phone number, date of birth. The guy (quote) then said to me on the phone, "I turned off the recording device. Why are you really in this position," why did I buy a house I couldn't afford in the first place, I should have known better.
Then he said, "I wouldn't waste your time going through this. You'll never get it." The mortgage I have is a Freddie Mac and it's insured the bank so if I stop paying my mortgage and taxes and insurance usually takes 5 to 10 years to foreclose after house sell at foreclosed price. The federal housing insurance pays the mortgage company back the balance. For instance your mortgage was 80,000 and it took 10 years to foreclose. Taxes cost well say 20,000, their attorney fees for process 10,000, ins 5,000 so that totals 115,000. They sell the house at foreclosed amount of 15,000 then the feds give them the 100,000 balance. Banks don't lose anything at all. Plus they get all the money in 10 years instead of waiting 30 years. He continued with, "So as you can see there is no incentive for them to modify your home so stop wasting my time and yours," then hung up.
Select Portfolio bought our second mortgage in 2017. They forced placed a flood policy on our home when we already had flood insurance through our first mortgage. I sent them my dec page which continues to be lost. They bought a book of business that they can't manage.
My mortgage was sold to this Credit Collection company. They are NOT a bank or a quality mortgage company. The employees are undereducated, underpaid and full of attitude. Regardless of the question, their answer is typically 'they cant.' They cannot mail anything, they dont do email. THEY USE YOUR COMPLETE SOCIAL SECURITY NUMBER AS THE TEMPORARY PASSWORD!! Putting this highly personal information permanently into the internet to be easily hacked. I continue to be dismayed with the lowering bar of service or quality. As a mortgage company they suck.
We were advised on in June by a letter dated June 14th, 2018 that CitiMortgage transferred our Servicing to this company. We sent a payment on June 25th to the new payment address with all the specifics on loan number etc. in the amount of $1,565.00 which included extra principal. They still haven’t credited this to our account. I have called twice and the personnel is not helpful or friendly. They could care less. They keep telling me to call back to check if received and is due to not being set up when received it... Have been getting the runaround. They advised me they have 60 days to straighten this out and will credit interest accordingly. Based on her attitude, I doubt you can believe them. Never have I talked with a Servicing company and had such apathetic treatment. Can’t believe CitiMortgage transferred our loan to such an unreliable and questionable company.
My friend was too old to take care of her house. She quit claimed it to me, and moved to a retirement community. The deed was recorded November 2011. SPS allowed her son to take out a mortgage on my property January 2013 without my knowledge or consent. Am I obligated to make payments?
My mortgage was sold to SPS in 2004 without my knowledge or consent and I owe more now than when I first bought my home 25 years ago. I think after reading all the reviews we all need collectively sue this company for Predatory lending practices. How can we do this?
Our insurance company sent me a check to cover roof replacement. Select Portfolio Servicing requires their name on the check, so I had to send it to them for endorsement. They stated there was a two day turn around time, and stated that it would be faster if I send them a pre-paid USPS priority envelope. I sent the envelope along with the check. They received the check two days later. I was told two days ago that the check was in the mail returned to me, however, the post office has not received it according to the tracking number. SPS will not return my queries and now I am delayed in getting my roof replaced. It is clear their customer "service" is seriously lacking. They are, in short, liars.
Updated on 07/09/2018: Last week I complained about the delay and receiving an insurance check that was to be endorsed by Select Portfolio Servicing. I did finally received it. However, today (July 9, 2018) I received a call from man at SPS who started by saying he was from SPS and this was an attempt to collect a debt. I told him I am not behind on my payments and what was this call about. He then said he was recording the call and wanted to make sure I got the check and then asked to update my personal information, which he already had... I gave him nothing new. This company rates an "F" in customer service. I felt his call was an attempt at intimidation for making a complaint against that company.
The 1st check we received from the insurance we sent to SPS and then they sent it to a third party company called Insuranceclaimcheck.com. You send all the paperwork to them in order to get any of your money. Now that I have a second insurance check I don't understand why we have to send it to them again just to send it to the third party. This is going to take weeks. I just got my roof put on back in April 2018. Now we are in hurricane season again and we can't even get the inside of the fix.
This company is just absolutely the WORST I've ever dealt with in my 55 years!!! I had a mod with my prior company. Loan sold to another company whom they would never disclose to me. They said they are not offering a modification and I would have to reapply. I've sent in all the paperwork - wait for a response, then they tell me I'm missing something which I already sent.
Now the process begins all over again. They put me through this for months and months and finally said the "investor does not participate in modifications." After the late payments, it was impossible to refinance. Finally, I borrowed from my 401k to pay the arrears. Now I'm trying to get back on track and refinance again with someone else and then surely I will bring suit against them. This entire process was an horrific nightmare and a consumer disaster. Class Action Suit anyone? Surely I'm not the only one who has grounds. This horrible company should be investigate and their victims compensated.
I have the same problem as some of the other reviewers. It has been almost 9 months and we are still in our loan mod process. No one knows what the left from the right hand. I'll get a call saying they need more bank statements and then they keep requesting for the same bank statement and said one week that it was in underwriting and then the next week they say we need another bank statement. They only ask for 2 recent but they have asked for 4 of mine. While in the mod process they said that they would not do a foreclosure and that it is in status but that there was no date set. Well that was wrong. Just got a foreclosure date even though we are in a mod status. They said, "Oh don't worry. They will prolong as long as it's in a mod status." Also we claimed BK and it said that our debts have been discharged in the BK. We get statements. They say that it is not an attempt to collect a debt. So we are so confused.
I have to be honest, I have read these reviews a couple times and though this process with SPS has been long and drawn out, I thought eventually I would be different and leave a different review. Well, SPS has proven all of you right and me wrong. We received an excellent offer on our home, $13,000 less then what we owe and above what it was appraised at. I also received in a very timely manner, a release of a federal tax lien on the property, which was forwarded to SPS as well. That release has now expired and we are still going back and forth with SPS on changing the HUD-1 to how they want it to read.
We have passed our first tentative closing date and are now nearing the end of the purchase contract and I doubt the buyers are going to stick around. I have done my diligence and gotten them everything they have asked for within 1 day and we are still playing games. Then I get different and incorrect answers from their agents when I call to check on status! This has been an emotional nightmare and I am wondering why we even bothered with trying to do a short sale rather than just letting this property go, as it looks like that is what is going to happen in the end anyways. When our contract date comes and goes, I don't think I can start this over with SPS and deal with all of this again. I would love to hear if anyone has anything good to say about this process with this company to keep my hope alive, and I will update this, but the outlook right now is horrible.
I have been trying to do a short sale for a client for almost a year. I'm done. I priced the home where the bank told me to - full price offer in January - they are still reviewing, they need this, they need that... Weekly phone calls to SP Servicing and always something new they need - no one knows what other people are doing on this account. No communication. Today I called, "Oh your client's property is not in short sale anymore - your paperwork is expired." WHO'S FAULT IS THAT??? The incompetence, hatefulness, derogatory statements to me and my client - after 15 years in real estate never have I worked with anyone or any company like this. I am done.
I have advised my client to obtain a lawyer. We are contacting a consumer advocacy attorney. I have turned them into the Attorney General. I have been contacted by several people in regards to a class action suit - I'm giving all my documentation to my client and strongly encouraging him to join. I'm on the computer a lot. I have a lot of followers. They will hear about this and I will encourage them to share and share often. Good luck to anyone needs loan assistance from them. Don't try a short sale. Don't try a deed in lieu. Either let the property go or contact a lawyer.
This is simply CRAZY!!! WHY would ANY Homeowner Financing Company put BALLOON PAYMENTS at the end of your Home Loans? Unless, it's to have you pay your mortgage each month and then send you a BALLOON PAYMENT BILL at the end. I bought my home with the primary loan for 30 years and a secondary loan for 15 years. Now that my 15 years is up, they send me a BALLOON PAYMENT BILL for over $15,000 dollars and THEY do NOT refinance. And it appears that EVERY loan they do has a balloon payment in the end. I am a disabled vet on a fixed income. BUYER BEWARE...
Our mortgage was sold to SPS by Chase about 5 yrs ago — we were in process of modifying our loan then — had to start over — fast forward to 2017, still no modification - requesting docs we’d already sent; husband moved out but assured me he’d cont. with mod etc., November 2017 got served w/ notice of foreclosure for 12/5/17 so when I called SPS to ask about options they were rude, asked why we were separated (as if it’s their business) & told me there was nothing I could do to stop foreclosure. Told me they usually give owners 39 days to vacate — never got any correspondence related to when I had to be out. Sat on my porch that morning while they auctioned it off — seemed to jeer & laugh at me too.
Rec’d letter from new property management co; spoke to a very nice person who said she would look into assistance options (cash for keys, relocation assistance, option to stay as a rent paying tenant, etc.,) When I followed up w/ her she told me the ‘bank’ asked her to send the file back to them & she was unsure why they requested it. She gave me the # for SOS’s ‘relocation assistance’ department to get help —have called repeatedly (daily & at various times of day because they’re in Utah & I’m in New England & I’m on hold for 2 minutes and then am disconnected.
Now I’ve been served with papers to appear in court next week for an ‘eviction hearing’! Unbelievable! I have a 19 yo child with autism at home w/ a caregiver while I’m working — tried explaining this to SPS & they basically said they didn’t give a ** — cross your fingers for me next week... I continue to call each day (recording dates & times) but to no avail. This is a sick & twisted company we are dealing with — based on all the complaints I’ve read so far. We all need to band together with a class action suit against SPS & their deceptive practices. Count me in if this comes to fruition!
They would not work with me at all! My husband lost his job, he made 75% of our income. They claimed we didn't qualify. They offered to DOUBLE my payment!! They also refused to sign insurance check for hail damage. The check was for 7 thousand. That was only the first half, the insurance company would pay the second half when we showed a work order. SPS told me I had to pay out of pocket, prove to them the work was done, then they would sign the check. The insurance company sent two more checks after those expired. Same result. So they were complicit in my home falling further into disrepair.
A couple of months ago my mortgage company sent us a letter telling us our account was going to be handled by a company called SPS select portfolio servicing. What they did not tell us is that SPS is a collection agency. SPS did not identify themselves as this type of company either. In effect this makes it next to impossible to refinance your mortgage.
Select Portfolio Servicing Company Information
- Company Name:
- Select Portfolio Servicing