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Select Portfolio Servicing

United States

Consumer reviews about Select Portfolio Servicing

TW DJ
Dec 9, 2011

Stalling on HAMP Refinance


I wonder how many other of the loans that are chronically stalled have a good loan to value ratio. We have about 40% equity in our house and it would be a good deal for BOA to foreclose as they would make $$ on the deal.
What kind of equity do you other HAMP applicants have?

J M R
Dec 12, 2011

Stalling on HAMP Refinance


As a follow up to my dilemma with Select Portfolio Services(SPS): I did send a letter to the Federal Reserve and cc'd SPS. The Fed responded to my letter and sent a notice of grievance letter to SPS. SPS responded that it was my fault, mentioning the "30" day period and that they have been trying, in vain, to work with me. BUT, low-and-behold, within thirty days SPS had readjusted my interest rate by cutting it almost in half. So if anyone is having similar problems I would suggest sending a letter to the Federal Reserve Bank in New York City. Wish you all the best! JMR PS: (to TWDJ) thanks to the devaluation of just about all homes countrywide, my current loan to value ratio is approximately 15%.

autobodydoc
Dec 28, 2011

Awful company


I have tried for over two years to have my mortgage modified only to be told i needed to give them $5, 000.00. In good faith for the loan and only two days to do so.I to have had to do endless paperwork several times over and have been told different things each time we enquired. The best one was not to pay our credit cards till we reached a deal for modification which has led me to bankruptcy for the credit companys have gotten judgements against me.and still the best part is i can afford my mortgage and pay my cards but when your mortgage i$s 675, 000.00 and your home is only worth285, 000.00. And your still willing to stay but sps still wants.to.foreclose.CAN ANYONE EXPLAIN HOW THAT MAKES SENSE

predator killer
Jan 14, 2012

Extortionists


My best advive to anyone dealing with Select Portfolio is to get rid of them ASAP. Because they will DEFRAUD you out of thousands of dollars, then hire lawyers who rely on a persons lack of knowledge of laws to defraud you out of your property. I know because I'm going aftem and the law firm they hired.

oldmomrocker43
Jan 16, 2012

Dishonest/Deceptive Practice


My loan just went up another $500.00 per month. When I asked Ms. Moody, who was incredibly rude (typical of SPS reps), how this could be happening when interest rates are the lowest in history, all she would say is read my contract and suggested credit counseling!!! They inundate you with inscrutible paperwork, then when you question what they've done, you can NEVER get the same answer from a different rep. When they took my loan over last October, they claimed I owed a payment to my prior servicer that was clearly indicated on my bank statement, which I submitted to them. After fighting with them until January, they said they finally reviewed the matter and I owed $300, hardly a month's payment and an amount I knew was wrong, but was just tired of fighting with them. So my credit rating got slammed because no one there would take the time at the documents they had before them. After reading all of the complaints against this company, it is unbelievable they haven't been sued yet. It's criminal!

ChasityM
Mar 21, 2012

Dishonest/Deceptive Practice


I JUST satisfied my lien with SPS. It was a long trying process but I picked up my SATS docs (lien satisfaction) today at my county courthouse. A few months ago I got a call/ call back from SPS and the rep explained the short pay process. It's kind of like a short sale but I'm the only bidder. I offered somewhere around 10% of the remaining balance. I wrote up an offer with all the right info in it, a hardship letter, a short list of flood damage to the property (to prove it could never be sold full price- as is, ) and an explanation of how I was going to get the money. At this point I was significantly behind (actually farther behind then the 10% I offered.) Originally my offer included 60 days to get the money and wire it to them, but the accelerated the time frame to 28 from the day they agreed- giving me slightly less time. Getting a few grand together in 20 some odd days was TOUGH but I did it. Mine was timed around a tax refund. I just went to court house this afternoon and explained it all to the Recorder of Deeds and she got a very big smile and said 'Well it's done now Baby.' When I asked about loop holes and scams and 30 years from now and what not she simply said "It's recorded. It's done."
Yeah, it's done.

Morry
Apr 9, 2012

they are really bad and greedy


I work for them and I can say for sure - this company is really bad. They're not helping people, they're focused on the money instead. They don't even have enough staff, and most of their staff are not even residing here, they are from India.

serena
Jul 30, 2012

Frauds, beware of this company!


I was supposed to be taken off the list two years ago. However, I have recently found out that I own them money. I have spoken to my attorney, who said that there is not much he can help me with.
If there are other victims of this company – please cntact me!

smileygrl
Jun 4, 2013

Select Portfolio Servicing not playing by the rules!


http://www.whitehouse.gov/the-press-office/2013/05/30/press-gaggle-principal-deputy-press-secretary-josh-earnest-5302013

Go to this link. I believe the president would love to hear what they are doing to us middle Americans.He's trying to help us and technically Select Portfolio is playing around with and stalling the President's plans for us to keep our home.

SPSsucks
Jul 3, 2014

Select Portfolio Servicing Won't Release Insurance Claim Funds


Chase sold my loan to SPS in the fall of 2013. I have never missed or been late on a payment. There was a big hail storm in my area on 4/3/14 which damaged my roof. Called my insurance and filed the claim, adjustor came out, insurance sent a check - all completed in less than 2 weeks. Called SPS since check is in both my name and theirs. Was told to endorse the check and mail it to them, that due to the amount, it had to be held in escrow and payment made to the contractor and myself. No problem, not like I can replace my own roof. It took them over a month to send initial set of papers to me that had to be filled out. Ridiculous amount of paperwork, some of which had to be notarized. I turned everything in via fax on 6/3. Two weeks later I get a letter in the mail that additional paperwork is needed. Got it all signed and returned on 6/18. Called them on 7/3 to check on the status of the first half of the check. You guessed it - not mailed yet. Apparantly the contractor's W9 was out of date (it has ALL of the exact information they need just on an outdated IRS form) and there is one more paper that the contractor and I have to sign that states the claim is more than the proceeds so the homeowner, me, has to pay the difference. Well duh, I am aware I have to pay the deductible. Should that be the case in all claims, so why not go ahead and include that document in the initial packet of paperwork? So it is now July 3rd, 3 months since my roof was damaged, 2 months that they have had the check from the insurance and they still will not release the funds. They are going to fax the newly needed paperwork to me but of course that takes 24 hours to request and they are closed tomorrow for the holiday and over the weekend so it will be Monday before I get it. Then once I return it, they need 2-3 business days to process the paperwork and 3-5 business days to cut the check, if they don't need anymore documents from me and I have to wait for it to be mailed. And this is all for just the first half of the payment for a job that is expected to take 1 Day to complete. Then to get the second half, more paperwork and an inspector has to come to my house and verify the work is done and complete. Really???? Every single house in my neighborhood has their roof replaced but ours. We are still sitting here with a leaky roof, a paid insurance claim and a mortgage company who spends their days jerking around their customers. I have done everything they asked. I just want my roof fixed. It shouldn't be this hard.

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