Consumer Complaints and Reviews
In August 2016 the remaining $19K mortgage on a ~$300,000 balance was transferred to SPS. It was always paid on time, but had been part of a consolidation in which Chase should have ceased charging PMI as the loan to value was very small. I proactively called Chase to alert them of the problem, but they having sold my account to SPS, told me to call them. I called SPS in August and again in September in advance of being billed and was assured by Melinda (?) that I was not being charged PMI by them, but would submit an inquiry to Chase about the previous charges. The PMI charge and desire to pay on time were the sole reasons behind my call.
The call was recorded and the details of the call were notated by SPS as was confirmed by multiple SPS representatives. Having been told that I was "definitely not being charged PMI by SPS", I continued to pay the day of billing electronically prior to receiving a paper statement and I paid in excess of the minimum payment. A couple months later I received a letter of decline on PMI refund. Having been assured PMI was not being charged by SPS and knowing the inquiry had been sent to Chase, I realized it was a result of the investigation with Chase and knew from past experience with Chase the nightmare that is Chase, but at least SPS was not charging me. Then around November, I decided to pay off the balance only to find that SPS had lied and was indeed charging me PMI.
It was only then after a couple of more months of "investigating" that they told me I would have to have the property appraised to determine if I could have PMI removed. I explained I paid what I felt I owed... Explained the only reason I called months earlier was to ensure I was not being charged etc. etc. I explained I was concerned in paying the disputed amount since they already were cheating me, but in a desire to obtain my release of lien, I paid. They then said they'd "investigate" again... Weeks passed before they said they didn't close out the account because of a $12 balance which in actuality I didn't owe either...
They owed me even more by this point... And again the "investigation" after months I have received a decline for return of PMI payments I called about in August of 2016 the one and only reason I called them was to ensure I was not being charged and they continued to charge through roughly the end of year. They owe me this inappropriately charged PMI about which they lied nor offered me a way to stop it despite have a ~3% loan to value for months.
This company sucks. I am attempting to obtain a payoff to close out my loan. I have made several requests over several days and still no results. Seriously? This is 2017... how complicated is the process. My suggestion is to stay as far away as possible from this company.
My primary mortgage was transferred to SPS from Ocwen about 1.5 years ago. Due to temporary financial difficulties, I got a little behind on my mortgage (60 days late). I am a working father of four and my wife stays home with the children and we had several unexpected medical bills come up. We didn't qualify for any hardships and instead were instructed to go into a "simple" 6-month loan modification process to catch up on our payments.
They sold this as the best option for us. What they didn't tell us was that for all six of those months, which we had paid an extra $150 on top of our regular payments, that my payment history would still show delinquent for each month. Had we known that, we would have dipped into savings to simply catch up. After numerous calls with very unprofessional and unhelpful reps, we were basically told that they couldn't help us with anything. They can't pull phone calls to find where my wife was told that the payments if made on time, would simply show on my credit report as such. Now, we are unable to pre-qualify for another mortgage with a reputable company because of the delinquencies, even with good credit.
Being on an ARM, they also decided to raise the monthly price of the mortgage to match the loan modification program that we just finished and which hurt us financially. We are in desperate need of a larger house but won't qualify for another year. It's my fault for not checking my credit during the modification process, but it's their fault for suckering my wife into the process without giving her a clear understanding that it would, in no way, benefit us.
We plan to get out from under this horrid company by selling our house and renting for a year, then qualifying for the home loan we really need right now. But we'll have to wait a year to do it unless we luck up and the disputes we submitted through the credit agencies can erase the delinquencies. If your mortgage switches hands to this company, be very wary of their underhanded tactics and take everything they tell you with a pound - not a grain - of salt. They do not have the consumer's best interests at heart, only their own.
SPS Inc purchased my account from HSBC. Their paperwork indicated that nothing would change. That was a lie. They changed my payment dates, amounts, and they took almost 2 months to catch-up my ACH payments, while charging me interest. I had to make multiple phone calls and requests to get it fixed. They kept trying to round off my extra payment amounts and change my due dates. Thereby, knocking me off my fixed budget. I had major overdraft issues. Later, I tried to pay off my deferred principle (balloon payment) and they refused to apply it toward my deferred principle. They told me that is not their policy.
Please note, my previous account holder had no such restrictions and was supposed to be honored when SPS purchased the account. (No Integrity) That was a lie! They refused to let me pay off the deferred principle. When I asked for an email, or PDF with proof or correction, they simply spun about their antiquated policy. I was with HSBC for 13 years and had little to no issues. Unfortunately, in only 2 months with SPS, there has been nothing but difficulties and issues with each payment. If you don't follow up, they will not make an effort to update you. I would not recommend anyone to continue maintaining an account with SPS. There is always an issue in their favor.
I know that writing this report is futile as SPS could care less about anyone. Reading even one or two of these reviews will let you know that. We have talked to several attorneys and they told us that they have worked with SPS and they want to push homeowners into foreclosure. According to my attorney, they buy upside down mortgages from banks. They push the owners over the edge by increasing escrow rates and interest rates. They refuse all attempts at short sale, deed in lieu or help for the homeowner and push until the owner has no other direction to go but foreclosure. Since they buy mortgages that are upside down and distressed to begin with, they blame it on irresponsible consumers.
At the foreclosure auction, they buy the house for half of what it is worth. They resell it for market value under a different name and come after the homeowner for the difference between what they paid for it at auction and what the homeowner owed them. My attorney said they have this down to an art and they always make money. He said the legal system protects them and there was nothing we could do.
We have been fighting with SPS since Wells Fargo passed our mortgage over to them. We moved. The property was upside down and after five years we couldn't sell it. We tried for a short sale. We got one offer and SPS rejected it. We got another offer 2 years later for exactly what the house is worth and SPS spent five months asking for the same forms over and over again. They blamed our fax and they blamed our email. I had 2 staff spend one week faxing and sending them documents. We sent the same bank statements 262 times. We faxed, mailed, and emailed the statements. My realtor sent the same documents 20 times.
SPS claimed they never got them despite us having staff that will testify and fax receipts and email receipts. They worked really hard to make sure that despite a good offer on the house, we couldn't sell it. We had good credit and zero debt. We are both professionals in the medical field. When we bought the house we live in now, my credit rating was 790. Since SPS took over our mortgage it is 450.
The first thing they did when they took over our mortgage was raise it from the 1600 a month we were paying Wells Fargo to 2200 a month. We have been paying 2 mortgages and had the house on the market for 5 years. We have had offers and SPS won't let us sell. We know that eventually we will have to let them foreclose and declare bankruptcy, but it seems obscene that one company can have so much power. They won't let us sell our property. They keep raising the mortgage. Eventually, they will push us to a point where we can't do it anymore, but our attorney tells us that is their goal and we should just declare bankruptcy now.
Every time I call them I talk to someone different who give me different information. They are literally the only debtor on our bankruptcy form. We can't afford to pay them the 200,990.00 our attorney says they will come after us for after the house forecloses. So we have no choice, but our credit rating was 790 when before SPS. They are the devil. Anyone who is stuck with them has no choice. No one would close this company, but what they do should be illegal.
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I had a equity loan with Beneficial and was given to Select Portfolio. To my surprise my 15 year balance was changed to 30 years and increased rate 5.25 to 5.45 and the amount to be paid to Select over 30 years paying $130 each month in interest and $39 to principal vs $109 in interest and $140 to principal. This is **. I will pay it off and Select can find some other sucker.
I had been receiving information from SPS pertaining to the possibility qualifying for a loan modification. After losing my job I was being proactive in contacting SPS to inquire on the modification. While speaking to a representative by the named of Myra. She then informed me that account indicates one (1) month behind in payment. I asked which month, and she stated January 2017. I advised the representative that was false and went on to tell her that I had not missed a payment and could provide proof.
Myra asked me to fax the proof of the payment and how. She advised me to fax the information which will get it to her faster. Myra provided me with the fax number and I sent the information to Myra and Mr. ** who is supposed to be my point of contact. I have tried several times to reach out to both Myra and Mr. **. I called to confirm receipt of the fax and to my surprise no one could find the fax nor the request. SPS is now acting like Bank Of America who did the same thing to me earlier in years past which cost me over thousands of dollars. I refused to be caught in this fraudulent activity again. I am now seeking a Debt Collection Attorney and the Consumer Investigator.
My original loan was also sold to SPS for reasons unknown, and the nightmare begins. First, I have never escrowed, always paid my own property taxes for the past 25 yrs, but when I went to pay last year, I was told that SPS paid them. And of course, now they sent me a letter telling me my house payment was going up $700/month to create a escrow account and to pay back what they had paid. I didn't ask them to pay my taxes, and I was never notified that they had intended to pay my taxes, so now I am in the process of contacting my county tax officer to make sure this doesn't happen again this year, and I told SPS that in no shape or form will I be escrowing with them.
MY REAL PROBLEM: last year we had a severe hail storm that resulted in $27,000 worth of damage to my roof, home. My insurance was great, sent out a check for repairs made to us and to SPS. When we sent the checks to SPS for endorsement, we now can't get them to cut loose of the money. So for a year, they have been setting on $27,000 of my insurance money, of course without paying me any interest on it. They have made the contractors jump through hoops, fill out numerous amounts of paperwork, and still will not pay. How do you get a contractor to start repairs when you can't get the bank to give them their money agreed upon? This has been a daily phone call to them for over a year now, and I am no further in getting my house repaired. Then I get a letter from them telling me that I have a expiration date to get these repairs, and if I don't meet it, they will apply that $27,000 to my loan. I need that to be paid to the contractors for repairs!
3 months ago, we started the process to get out from under them and refinance with a local bank. Of course SPS doesn't cooperate with what they need, and out of the blue, I get a letter telling me I am 60 days past due on my payment. I immediately called them. I have never missed a payment, and wanted to know just where they thought I had not paid... NO ONE can tell me. All I get is "we will have to have another dept look into it." I asked them, "You can send me a letter, telling me I'm 60 days behind, but you don't know from when or why?" This company is a joke, they should be shut down. I for one am going to get my local congressman involved. Something needs to be done about them. Any advice?
Our mortgage was sold by HFC to SPS July 1, 2016. At that time our HFC statements reflected deferred interest of $11,771 from when we had been behind. When I contacted SPS in July via phone the audio recording told me the amount due and when; but when I talked to a person he was so "nice" and told me I didn't have to make payments for 60 days. I did make payments anyway. Fortunately our situation had turned around, we had equity and were able to qualify for a new loan which closed in December. If I had not made the payments every month we would not have been able to qualify for a new loan as you need 12 months of one time payments to get a new mortgage - so glad I didn't listen to the "nice" guy at SPS.
When we got our 1098 for interest paid at the end of July the 1098 only included the $9,000 we had paid thru payments not the deferred interest, they called it deferred principal and had it separated out on an attached statement. I called early February to get this corrected. I was told to file a claim with the customer advocacy department, I did. 30 days later John ** from SPS called me to tell me my claim was resolved - the $11,771 was deferred principal and the 1098 was correct. I told him he was wrong, he insisted he wasn't. Then I contacted HFC and told them my situation. Within 10 days I had a letter from HFC stating the $11,771 was deferred interest and they would contact SPS to tell them of the error. I faxed HFC's letter to SPS and had to open another "claim" with the advocacy department.
Finally May 5 SPS called me and left me a message to call them. I was able to talk to Erica ** at SPS who initially seemed as though she didn't know why I was calling and I had to tell my story. She looked at the records and told me that SPS calls deferred interest deferred principal because they are the same thing because interest doesn't accrue on deferred interest. I told her there is a difference, one is tax deductible and one isn't and they need to give me a revised 1098. She checked other records and couldn't tell me when it would be done. When I told her they were wrong, and if I can figure out a way I will file a class action lawsuit against them because they are ripping people off who probably don't know any better. She said they abide with the necessary regulations and I would have my revised 1098 by the end of the week. These people are crooks. I'm sure we are not the only people they have done this to.
Worst servicing company in the world. Had a short sale I could not save before the sale date cause it's been 3 months. They did the BPO months ago. We got second lien approval in 2 days all the while the BPO came in at the purchase price and they would not send us an approval letter. Excuses all the time we called them. You could never speak about the deal with the same person. There must be an ulterior motive why not to work with homeowners even though us tax payers bailed them out years ago.
I have been doing short sales for 9 years now and have never had such a rotten, time consuming, aggravating experience as these people have done to all of us involved. They hurt everyone involved for their own selfishness and greed. Someone needs to investigate them right away. They are messing with peoples lives for their own prosperity leaving a trail of destruction and devastating peoples lives behind for their best interests! Stay far away from this company. Don't get hurt by them. Run as fast as you can. They will devastate you!
Our mortgage was sold to this crappy company by HSBC. Like everyone else here it's been nothing but a nightmare from the start. We were ahead by 8 months with HSBC. This company will not apply that to the printable note will they move up my date so I can start paying now instead of in 8 months. They also in the meantime have sent us a bill for 12000. Due when our payments are due in 8 months. I have spent at least 10 hours on the phone and still have not made any progress. They tell me they can start the payments next month. They have now eaten up 3 months of what we were ahead and say it's going to be another month. Stay away if you can. They SUCK...
In 2005 we got a Home Mortgage Equity LOAN, not equity line, originating with HSBC Mortgage. At that time and with our poor credit we had to go with a high fixed 12.25 Apr interest. We signed up for a 15-year loan, that's supposed to be completed in 2020. After that we put our heads down and just kept it paid. My wife has been paying this loan online, for a $15.00 "convenience fee" for 11 1/2 years. Recently HSBC sold (?) our loan to SPS. Today I received the first statement by mail from Select Portfolio Servicing this afternoon and was floored when the figures were computed. In 2005 we took out a $25,000 loan with 12.25% Apr interest rate, and as of today we owe, according to SPS, $24,016!! We haven't missed any payments and have paid on time. According to the statement, the payment due is $261.97 a month with $26.35 going to principal and $235.62 STILL going to interest.
I called them today to find out about getting the correct amount owed where it should be and the lady I spoke to insisted that the numbers were correct. So after paying $261 a month for 11 1/2 years on a $25,000 (yes, Twenty Five Thousand Dollar Loan), we still owe (according to SPS) $24,016. According to these numbers we have paid approximately $34,310 interest on a $25,000 loan at 12.25%. The person I spoke to stated that "principal is paid first", as if that explained everything. When I asked how this loan could possibly be paid off by 2020, she stated that "there will be a balloon payment at that time". I then asked the amount of the balloon payment and she said "It's not on here."
By my calculations our "balloon" payment will be $12,793 IF every payment from this point is applied to the principal, which it won't. The other issue I've discovered is that in January HSBC had our loan amount at $23,400 outstanding, but somehow SPS has increased that amount to $24,016. So they are charging us an additional $616 for... I don't know. If you should do business with them, BEWARE and keep all of your payment documentation.
I had a mortgage with HFC for 17 years. They sold it to SPS. I called them to make certain that my auto payments would continue. Response was they can't because I'm 3 months ahead on my payments. They could start auto payments in 3 months. Then 2 days later I get a letter stating I need to send $2,851.00 by 8/24/17. I call the company and ask if I'm 3 months ahead and they can't do auto payments can I now owe $2,851.00. Answer was that it is interest. I think I'm getting set-up by these people like all the other posts.
We bought our home through Mortgage Lenders Network before they went bankrupt in 2007. Lehman Brothers issued fictitious securitization of $911M, then went bankrupt. Countrywide, BOA, and SPS (since 2012) have all represented themselves as servicers, without valid documentation. One outfit took our title work, rented the house to make payments, disappeared for a while, and is now in jail in Georgia for five to seven years. They get out soon. With so many reports on SPS, we have decided to post our legal issues on our site at ** for sharing to other people with similar issues. Our litigation continues with SPS, both for our own issues and those of our class.
Predatory company (needs to be investigated). I had a loan with Wells Fargo. They sold my loan with no notice to SPS. My loan amount has now increased by $4000.00. I had been paying principal and interest to Wells Fargo for the past 10 years. Now SPS is stealing the principal payments and applying them to a bogus escrow amount. They can't provide proof or paperwork from Wells Fargo on any of this but every year taking my principal amounts and saying that is paying the escrow I never paid.
They are also charging interest on the escrow and but can't tell me what the interest rate is i.e. they are not allowing me to pay principal and interest. They say the loan is the same as I had with Wells Fargo but never provided any paperwork and the loan with WF was allowing me to pay interest and principal but SPS is making up fake escrow fees and interest fees so that I cannot pay principal.
If I send a larger payment than I owe they then make up a new fee to steal the money I wish to apply to the principal. If I don't pay an excess amount over the interest only amount they charge me a late fee saying that I must make escrow payments for escrow fees that no one has ever broken down for me. They are so corrupt. How does a collection company transform into a mortgage company overnight?? And why is there no information on who owns this company etc??
CitiMortgage sold our mortgage to SPS starting 2/1/17. We mailed our February payment and March payment to SPS. Only had them for 2 months and got a foreclosure letter. After calling SPS a total so of 16 times we were told that they see where we made the payments but the payments were being held on the side (these 2 checks cleared our bank) and that they were waiting for information from CitiMortgage. Called CitiMortgage to find out why they hadn't sent the January payment records to SPS and was told that they did send it, spent exactly 2 1/2 hours on the phone with SPS last night getting a runaround. Got one person who I could actually understand, seemed nice, put me on hold to check something and got disconnected. This company needs to be investigated. If anyone starts a class action against them count me in. This company has caused me more stress than I can stand. Stay away far away from this company.
We were in bankruptcy chapter 13, never missed a mortgage, payment, then Beneficial sold our mortgage to SPS. The fun begins. With my wife retiring and me drawing disability, we decided to try for a loan modification. As they all said before they kept losing the papers or saying the fax was not working in some way, around 2 months I said, "Screw it," and decided I was walking away from this house. Somehow I became 1 1/2 month behind on the house. They then went into foreclosure mode. I begin to have weird folks taking pictures of the house, strange people driving by telling me my house was about to be auctioned off.
I finally decided was all I wanted was time to save money up and move from the house. And that is where we are at now. I will file a chapter 7 Monday and yes walk away from a house we loved for 14 years. PS I must also say I blame the trustee in chapter 13 for screwing up my payments and making me late. She held my payments for 3 months and finally sent the check to Beneficial.
I have been trying since March 20-2017 to get SPS to return money that was sent to them in error. No one seems to know how, the bank says it was SPS and SPS says it was the bank. Anyway as soon as I seen that it had been taken from my account and without my permission, I called I have talked to 22 different agents as of today and everyone has said the same thing that they are escalating the process so the money will be returned within 72 hours. That is a crock. No one has done anything and we are in week three. The first 4 times I believed them. I have faxed all the documents that they requested along with my contact number but I have never been contacted, not once. Today I ask what escalating means and was told that it just means it was sent to the supervision in the cashier department. This is the worst excuse for a company that I have ever had to deal with.
I am filing a complaint with the BBB and hope the other 700 or so customers do also. After so many complaints with the BBB they will start an investigation.
My realtor send in an offer on our house on August 16, 2016. As of today we still have not heard if the Short Sale has gone through. This company is nothing but a fraud as they acquired our loan from Chase and for the last 4 years we have paid nothing but interest on our loan, nothing towards the principal. They ask every time to record my phone calls which I do agree to, because I can't imagine any company would was to be known for taking 7 months to finalize a short sale. The offer made on the house was exactly what it was appraised at. Thank the good lord that the buyer has stuck with us through these 7 months.
The problem I have with this is that they are taking our credit rating down the tube as late payments but I was instructed by them to not make any payments while it was in short sale. HELP. I want to know who I can contact for pain and suffering during this time as we have relocated and not lived in the house since September 2016. We had been paying someone for lawn service, utilities etc and I can't afford to do both. Please help in any way you can.
After looking at many reviews, I see that they are not paying people's taxes? They had my property as well, in which I lost to foreclosure! I see this company everywhere, even when I look at homes that are bank owned. I'll see a sheet of paper on the counter, with a date and their name, "Select Portfolio Services". When I look at property taxes to see if they are paid up to date, who do I see? For years prior and then I see another company take over paying the taxes. Looks shady to me. DON'T LET THESE BANKS WIN!
I was going to write a review much like all the rest on here about how this company has been screwing us around. Telling everyone about how we have been in our home 22 years and my health is failing and my work hours have been cut and we got behind. How they continuously mess the Modification paperwork up and they send people out to take pictures of our home and they call and harass us. But We all know this so I am not going to do that. WHAT I WANT TO KNOW, HOW DO WE START A CLASS ACTION LAWSUIT AGAINST THESE PREDATORS? Someone surely knows something about how we get started. What they do can't be legal! Is there no way to stop these animals?
The interest paid to SPS as reported on their IRS Form 1098 is approximately $11,000 more than it was last year. The total interest paid according to Select Portfolio's on Form 1098 is actually more than the total amount of mortgage payments for 2016. The company rep had no explanation for the matter. I am reluctant to File my 2016 Income Tax Returns as a result.
My mortgage is currently being serviced by SPS, and has been since 2010. After seeing a late night TV advertisement for Homecomings Financial, I contacted them for help getting a loan mod. I hired them, but before finding out they were frauds, they scammed me out of several months worth of house payments. Before this happened my mortgage was always in good standing with Chase.
After realizing I'd just been scammed, I attempted to bring my mortgage current by paying the 3 months worth of payments I was behind. I went to my local Chase Bank branch to make the 3 payments, but they refused to take my payment! I was instructed to call the Chase department handling my account. Long story short, I explained how I hired Homecomings Financial to assist with a loan modification, and that I was paying my mortgage payments to them. Then explained how Homecomings Financial assured me they'd be making my payments while working directly with Chase to get me a loan modification. Chase wasn't helpful in any way, shape or form, even though I had proof, plus a great payment history.
Chase advised me my account was in default and the foreclosure process was started. Even though I was only 3 months behind and had money to bring my account current... including late fees! This all happened in 09 and by mid 2010, I was facing a Sheriff sale date. A few months before the sale date, I received notice my mortgage was being serviced by SPS.
I managed to avoid the 2010 Sheriff sale by applying for a loan mod, which I was denied for several times. Then in 2012 was facing another Sheriff sale date, and ended up having to file chapter 13, which stopped the sale. My bankruptcy was dismissed due to not providing documents the trustee was requesting, due to me being self-employed.
So I suffered through another almost 2 years worth of anxiety, severe stress and depression, dealing with SPS. Towards the end of 2013, I finally managed to get a loan modification with SPS, through the HAMP program. Everything was going great, payments were made on time etc., etc, and finally had the permanent loan mod I was wanting.
Then in late 2014, I tried starting up my construction business framing homes. Long story short, I ended up falling 3 payments behind again. This happened because I was faced with the choice of paying my employees or my house payment. I chose to pay my employees, so they wouldn't quit, thinking soon as I was paid, I'd bring my mortgage current. Well almost 3 months later, I was just finishing my 3rd home and was getting paid.
After getting paid, and finally having the money to bring my account current, plus a 4th payment... SPS REFUSED my money, and said I was in default again! By the 5th month, they contacted me with the option to reinstate my account and would contact me with the amount to do so! I gladly accepted and 3 days later was given an amount to reinstate my account that was over double the amount of my 5 payments!!! Unfortunately I didn't have enough, so asked if I could pay what I had, and then pay the balance of the reinstatement amount over the next 3 or 4 payments... they of course said NO!
A couple weeks after this happened, I contacted my SPS relationship manager pretty much pleading for a doable solution I could handle. He instructed me to set my monthly payment aside each month into a savings account. He instructed me to continue doing this until I heard back from SPS with a workable solution. Several months went by, and I was never contacted. So I contacted them and just got the runaround. Then in 2015 was served notice of Sheriff sale, so hired an attorney and he got it cancelled, and by March of 2016 was facing another Sheriff sale.
I ended up filing chapter 13 again and got the sale date cancelled. Here it is, March 2017 just filed another chapter 13 & I've been living this nightmare for over 7 years now! This has totally ruined my life, and has caused nothing but stress, anxiety, severe depression and constant fear of not knowing what tomorrow will bring! I pretty much gave up my construction company up after I finished building the 3rd house. Before all this started, my mortgage was always paid on time, and my credit was great! I owed under $70k on my home, now owe $113k which is almost $20k more than it's worth. I built the home in an established older neighborhood in 01 and my daughter and I have lived in it since then.
The results from all this, plus quite a bit more, has also caused me bad suicidal thoughts and urges, for the last 7 years! I feel both SPS and Chase Bank are deceitful and have no intention of helping me keep my home. Even though I've only made a few payments in the past 7 years, and still live in my home, I'd much rather have my life back the way it was before falling victim to this whole foreclosure/loan modification scam that these banks have ruined so many people's lives with! If you managed to read all this and know of a way I can keep my home and resolve this nightmare permanently... PLEASE reply. I'd be the most grateful person on earth!
We have been pelted non-stop from different people calling on SPS behalf. We were told we were given a RELATIONSHIP MANAGER that we are supposed to correspond with for our account. Well lo and behold that MANAGER finally called us today not once but twice. The second call the individual identified themselves. Now we will respond to that call. We have several different payments from several different people. We are paying what they told us to as a trial plan. We were told if we made all our payments as scheduled we would continue at that payment from the trail period on. WE have enough mail from them to start up a branch for the USPS. We will give as necessary to this review.
I had Beneficial. They sold it to this company they said was gonna help and get assistance to keep my home but puts my home in the market behind my back. Total ripoff. I'm losing my home in 30 days for a foreclosure and barely receiving a letter of the foreclosure after they told me I wasn't losing my home on the phone.
My loan was sold to Select Portfolio and several people from there told me that they would help us to keep our home. We applied for a modification in order for us to be able to pay the loan because we are on disability and they denied us the modification. My husband and I both are disabled and can't move anywhere and they are pushing us out of our home. After we had filed bankruptcy and we've found that we didn't have to pay the loan now they are trying to collect from us but they won't help us after they said they would. Don't trust SPS.
I received my 1098 in late January and noticed immediately that Box 1 Mortgage Interest Received from Borrower (me) was materially overstated - almost double what it should be. I track my amortization schedule every month, so I have a good idea what the amount of interest paid during a year is. I called Customer Service twice and they were absolutely no help at all - even saying the difference is due to a loan mod - which I don't even have. Have now escalated to the Ombudsman level and again two phone calls within the past two weeks and still not resolved. They are claiming their system changed this year, so I would offer advice to all to double check Box 1 before filing your Tax Return.
In July of 2016 our mortgage was transferred to SPS Servicing from HSBC for servicing of our mortgage. At that time our balance was $171,000. Now by some set of circumstances we owe $184,000. Something about principal that HSBC added back on. WHAT? We also had an ARM. Our interest rate immediately went up, without even a letter from the company until after. I called and they said that it went up because we had an adjustable rate and the Libor went up and it was our 6 month interest change.
I asked if we could rewrite this loan to a conventional set rate. They informed me they do not rewrite loans but I should apply for a modification and that could change our rate if they saw fit. It took almost 6 months of them telling me they still needed more and more paperwork and proving my husband's retirement income was correct from the government and they needed more bank statements, on and on... after that time, they sent me a letter, "congrats you are approved for the HARP."
Well the gist of the approval was that they would take our mortgage back up to 30 years (of which we had 17 left) and reduce our payment by $150 a month. In the process of figuring out what the cost to us would be, it came out that SPS would gain $85,000 by doing this and we would gain 13 years onto our mortgage to save $150 a month. I told them no one in their right mind would take a deal like that. My husband and I are in our mid 60s and are trying to pay our house off sooner not later. I told them there was no way on God's green earth any sane person would take a deal like that. Now they say, well maybe we could go get a loan somewhere else and they would do a "short payoff". However we may be responsible for the balance. These people are CRAZY... HSBC was a great company for the past 13 years, why they sent it to SPS is beyond me.
I feel it doesn't matter how many complaints they get because mortgage companies just use them to service their accounts and the average person doesn't get a loan from them. So unless something is done about this company and their tactics, it will keep going on. I agree with the person who said they need a class action lawsuit against them.
Rude people, holding back late fees that are paid with regular mortgage instead of applying to mortgage payment. Trying to tell me I am behind 2 months when I am only 35 days behind. SPS is holding Unapplied funds totaling a month's mortgage payment instead of applying it to account! Telling me "There is a hierarchy of Payment. We can not apply this money until it equals a FULL Payment!" WRONG Late Fees get applied to the Monthly amount not held on the side putting the person making payments further behind the eight ball. My mortgage was "sold?" to them from OCWEN, who acquired it from Chase, by the way was fined 4 billion for Unfair Lending Practices. I wonder if SPS holds my Paper, if not Legally I should not have to pay them So long as I pay the Original LienHolder, CHASE BANK!
Like many, my mortgage loan was sold to SPS, and it has been one nightmare after another. I sent in paperwork for a loan modification in November 2016. I did not hear from anyone and when I called, they said there was one page they could not read. No one called me and informed me. One representative said someone did call. I told them my cell phone logs every call and no one from SPS called me. I question their integrity. I was not approved for the loan modification. Unfortunately I have an ARM, and the interest rate went up. A SPS representative called me twice a month to inform me of the increase in interest and each time told me if I have difficulty in making the payments, I can apply for a loan modification. I could not believe my ears! I told them I had and I was not approved.
Finally, I decided to record them and told them to cease and desist all calls regarding the increase in interest rate. My loan was with my previous institution for 15 years and I have NEVER gone through anything as what I have gone through with SPS. Within 6 months of taking over my loan, SPS advised I did not have sufficient funds in my escrow, the representative suggested I try to lower my home insurance. I bundled my home and auto insurance which lowered my home insurance and I received a letter stating I was still short in my escrow and have documentation that my insurance and city taxes were lower. SPS response was to consider a short sale. This company goal is not to help the consumer.
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