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Select Portfolio Servicing Reviews
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My loan was sold the SPS years ago and I have been a good customer and on time payer. SpS notified me that my new payment would increase, again, due to the escrow shortage of approximately 2500. Previously, whenever I had a shortage they would always give me the option to spread it out over 2 years, keeping my payment affordable. I called and spoke to a woman who told me that they would do it and told me what my new payment would be. The payment never changed and no explanation.
I called again but this time they refused to spread stating that they haven't done this in years and that bank America won't allow it, bull! I asked for the notice for when this option changed, still waiting for it. I told them that the payment would negatively affect my financial situation and it would be hard feeding my children. They suggested I call the tax office and see if they can give relief and one suggested refinancing. My interest rate is currently 4%, why would I refinance for a larger interest rate? I wanted to pay most of the escrow with a credit card, they won't accept it, they are making it difficult for me. They want to force me to default and do a modification or refinance so they can earn more money. 18 years a good paying consumer and this is how they treat you. This is a true and current situation. If I have to borrow money I will cause they won't get my house.
I was put into a forbearance program without my consent or knowledge. They stopped my auto payments without my knowledge and notified me that I was in forbearance. They then offered me a modification which added another 20 years and $30k balloon payment to the loan. How is this legal? I have hired an attorney and waiting for their explanation. Also, please file a complaint to CFPB. There is a pattern to this behavior and they're committing fraud.
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I have been working with you for a few years as a Loan for my house, my payments are punctual for years, I wanted to remove my PMI where I qualified correctly and you sent me a letter where it is dated April 26, it arrived a week later where I marked and signed the letter to remove the PMI and also send my Money Order of $450.00 dollars in the name of Select Portfolio Servicing from May 4 and until today May 15, 2023 they have told me that they have not received anything, and this is impossible. The letter does not. It takes a long time and I have informed you that the time is long, the people with whom I communicated from Customer Services have been some with disrespect without tolerance, like others very professional, for example Ms. Johanna at extension ** and Ms. Angela extension **.
I am surprised by this company where for me it was at a high level, however I have to do a Review to be heard, it does not seem right to me, I need someone to contact me as soon as possible and resolve my case. I have the proof and veracity of what I am saying, it is unfortunate that a Company like this is for a group of Customers in such a bad situation right now.
My spouse passed away recently, and I have assumed our mortgage. SPS is our lender. I applied for loan modification, so I will be able to pay the mortgage within my budget. I will summarize my experience with this company in a few words: A total joke. First, you only get to talk to representatives, and each representative will tell you different messages about the status of your application. For example, if I talk to 5 different representatives, you will receive five varying messages about the status of your application. Even if you record your conversation with a representative, and try to make a complaint later on, you will not be able to get any feedback about the complaint. All they can do is to coach their representative, and that is it. It is a one-sided way of doing things.
Second, I received the approval of my my loan modification, and they only took out $18 dollars out of the current amount I am paying for the mortgage!!! You know how they get all information about your current bills, etc. so they can make the "appropriate decision?" I do not believe they even look at all the paperwork you send them. Their underwriters are mediocre. I have a plan, and I will not divulge it here. But I can guarantee you that in the right time, I will part ways with this subpar mortgage company. Please, if you are purchasing a home, and SPS is the lender, think a billion times before you entrust your life and future to this company. All the feedback in here about this lending company is accurate. Beware of SPS.
Purchased my home 20 years ago (I was 19 years old). When the loan balance was just under 20k BofA sold it to SPS about 2 1/2 years ago. Never had ANY issues with BofA. Received a letter mid May saying that my "loan maturity date" was April 5th and a final payment of $4700 was due or they would send it to an attorney for foreclosure. $4781.27 is about 3X more than my reg payment. I went ahead and sent them the money as they required and gave myself a pat on the back that the home is paid off.... I shouldn't have celebrated so soon! I kept logging onto the SPS site and it never posted to the acct. After calling them every day for a week...they kept saying. "Sir, we received the funds and it's processing to the acct".
ONE day before the "loan maturity date" a manager finally got on the phone and said they are not going to process the payment because it was less than the balance. I have the letter from them with the amount owned to the penny and that is EXACTLY what I sent them. He said it was short and the amount owed was $14,800. I asked him for an explanation, and he said it was due to the escrow acct. My taxes are about $7800 a year... I explained to him that their system is adding in the taxes for the current year and WHY would I send them that money if they are paid off and have no vested interest in my property. He agreed and said..."yes let me look into this and get it fixed."
Come to find out a week later that it was due to a negative escrow balance from last year. (AGAIN, this was a week later of calling every day before I got a straight answer from them.) Hey, if I owe it...I will pay it. THEN, I requested an EXACT payoff quote AGAIN and it went from 4k to 14K.... THEN TO $16,900!! When I requested a breakdown they said the acct has already been sent to the attorney's office for foreclosure and that is the attorney fees that MUST be paid. ALL this transpired in a 3 week period. TO SUM IT UP...This company is a predatory lender and it's STAIGHT UP lender fraud... My home is valued at over 1.5 M. They buy paper (loans) that are very close to being paid off...and hold your house hostage that you have almost paid off, give you a bunch of ** charges.. They are bad bad people!!!
I recently purchased a home 3 months ago and the loan got sold to Select Portfolio Servicing, my escrow monthly is 520 usd that include taxes and insurance. And my monthly payment was 3450. When I created my acc they put I have to pay monthly 5020 when the error is in their end, as they put the taxes of my 380k home being 23700 a year. Is nonsense and I called them to fix it yet, they treat me badly, and didn't want to help me fix the issue. What I will do is pay this loan quickly with my small business. The reviews here doesn't help my gut feeling of the company.
This company is a disgrace. Operating on the fringe of illegality. The worst bunch of crooks I've ever dealt with. They continually operate in a way that puts the home owner in constant threat of delinquency even though you are not delinquent and have never missed a payment outright crooks. My rating of SPS is a negative 100. They should have their pants sued off.
What they’re doing to people has to be ILLEGAL. My loan originated in August 2021. I started getting letters from the county that my taxes weren’t being paid. It resulted in fines and they made ME PAY THE PENALTIES FOR 2,000. I am not sure what has happened since then because it is now April 2023 and I am somehow 10k under in escrow. THEY UPPED MY PAYMENT FROM 1800 to 3040!!!! THIS IS INSANE. BEWARE AND STAY FAR AWAY.
My experience with Select Portfolio Servicing (SPS) was the most horrific experience in my life time. I was in a foreclosure dispute with SPS from 2012-2018. It ended in 2018 when I was handcuffed and forcefully evicted by the Sheriff's Department. I had a letter from a law firm that was emailed to me less than 24 hours prior and was told that I would be working with the law firm. Instead I was evicted the next day. In 2017 SPS retained two different law firms to basically scare me into conceding with them. It is impossible for me to tell the entire story. I filed numerous complaints with county, state and federal agencies. Basically, SPS started a foreclosure on my home when it had already been foreclosed upon. In the end the tables turned on SPS and an Attorney that was processing foreclosures for them in Maryland allegedly stole the proceeds from foreclosure actions. **
My SPS loan will mature on 09/27/23. I was told today that my last payment would require a balloon payment of $14,000 on the last payment. When I called they said it was for a deferment which never happened. The loan has been sold at least 4 times since 2003. When I spoke to the Rep they could not tell me any details on the deferral. Anyone else in the same boat?
Select Portfolio Servicing Company Information
- Company Name:
- Select Portfolio Servicing
- Website:
- www.spservicing.com
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