• Report: #1121975

Complaint Review: SPS - Select Portfolio Servicing

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  • Submitted: Sat, February 08, 2014
  • Updated: Sat, February 08, 2014

  • Reported By: Diane — Austin Texas
SPS - Select Portfolio Servicing
3815 SW Temple Salt Lake City, UT 84115, Select State/Province USA

SPS - Select Portfolio Servicing Ripped me off by not honoring my 1 month old refi with Chase - Readded original fees and denied them being on the original documentation signed off by myself and Chase Bank Salt Lake City Utah

*Consumer Suggestion: Options Always Exist!

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For the past 4 years I'd been trying to refinance my house.  Chase finally found an "investor" as they called it and I was finally able to refi my mortgage, which included house payment, insurance and taxes.  My first payment was due May 1, 2013.  But before I had even made my first payment to them, they sold my new mortgage to Select Portfolio Servicing, aka SPS.

After a couple of weeks with my so called new refi company, my homeowners insurance company calls me to tell me that my homeowners insurance had not been paid.  To make a long story short, I called SPS, and they tell me that the insurance is not included in the refi of the loan, that just the house payment and my taxes.  What? I've refinanced my house before and I have never heard of that.  And if it were an option, I would opt out of that. I want everything to be included.  Everything.

I faxed them my copy of the refi agreement which they did have as well, and it clearly states, to include insurance and taxes.  At this point Chase had already paid for my previous year 2012 taxes right?  Yes.  But SPS said no it does not say that!  What?  It's right there clear as day and in English.  So they paid my homeowners insurance which was about $1200.00 or so.  And my monthly payment jumped almost $100.00 more than the "original" agreement with Chase which included EVERYTHING! And I am yet to make my first payment to SPS at this point.

So needless to say, I know my fundamentals in math, and it does not add up to what they are saying!  In addition to that mess, all of a sudden the $1200.00 is now showing up as over $4,000.00!  What?  What for? They claim it's for taxes.  But the 2013 taxes aren't due yet, and even IF SPS had paid them, my annual taxes are only about $1500.00-$1600.00.  So still the math is clearly not adding up.  $1200.00 + $1600.00 does not equal to over $4,000.00!  At least not here in Texas where I learned math and still use it on a daily basis!

They show that I am behind in my payment, because now it's supposed to be like $1200.00 a month.  I don't know how in the heck it got to that, when my original bill was at $825 or something like that.  I paid that once, Just once and that was to Chase as per the agreement.

I called my refi agent with Chase numerous times and my calls were not returned.  So I got smart and called the main number and had the operator transfer me.  Guess what?  She picked up right away!  I told her what had happened and she said there was another client there with them whose account had been sold as well, and guess what?  You got it!  They were having the very same problem I was having.  And she says to me, "I'm sorry, but there's nothing I nor Chase can do about that"...

I called SPS and they refuse to see the refi contract for what it is.  And they have come up with their own figures and payment.  I'm almost a year into this mess, and I am going to start looking for refinance again!

It makes me wonder if Chase and SPS have some kind of agreement.  To lure single middle class moms into their little web of deceit!  Come on, two different clients with very recent refi's with Chase and both are having the exact same problems with SPS!  I wonder if the other client is a minority...  Interesting if they were to be...

Thank you.

This report was posted on Ripoff Report on 02/08/2014 08:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/SPS-Select-Portfolio-Servicing/Salt-Lake-City-UT-84115-Select-StateProvince/SPS-Select-Portfolio-Servicing-Ripped-me-off-by-not-honoring-my-1-month-old-refi-with-C-1121975. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion

Options Always Exist!

AUTHOR: Dana Shafman at END Consulting - ()

Hello Diane in Austin!

You absolutely deserve an answer as to why SPS refuses to service the loan that Chase approved. In fact, if it was recorded then you will have a copy at the recorder's office to further your cause.  Also, there are validation of debt documents that SPS is required to possess in order to actively collect on the debt and those can be obtained by you through the QWR process.  We can help!

Your struggles are all to common and trust me when I tell you that I have battled SPS as well as Ocwen, Bank of America, Nationstar, Chase, and many many more but have gotten through the ignorance veil by utilizing muscle from regulatory agencies coupled with fierce negotiation tactics and copious communication logs full of time stamps. We list the regulatory agencies on our website at ConsultingEND dot com along with free help links if you need a bit more muscle.

With that said, there are times when a professional is needed and I can show you that I am a trusted professional running an ethical organization of individuals that truly care about our clients and we also have a vested interest in beating the banks at their own chess game! After all, it is just that a game where the one that fights the longest and hardest wins but the fight can be long and grueling unless you have some dynamic tactics that can knock the debt collector (servicer) off their feet. I am extremely successful at utilizing this tactic to encourage the desired results.

Please visit our END Consulting website (ConsultingEND dot com) to check out the "Client Resources" tab and to hear my motivation for starting the company on our new radio show "The Debt Show" visit ENDDebtShow dot com. There is no question that you ALL are entitled to be reviewed in a valid manner for debt restructuring by your mortgage lender and/or servicer but it takes muscle and facts; the emotion must be taken out of the equation.

For those that choose to hire a professional, you should make sure that they call your lender or servicer up front at no cost to you to see if they can help you before blindly taking your money without accurate knowledge of your file. There is no way that a firm can determine what options exist for you in which for you to determine if you should proceed unless information is obtained...that is our philosophy at END Consulting!

I would be happy to speak with you about what options may exist without obligation as per our philosophy, we absolutely do not charge to discuss your situation and possible solutions for you. Please contact me (info at ConsultingEND dot com) as I have personally helped to modify 50 loans, settle 12 mortgages, and completed 6 short sales in only the past year so I look forward to hearing from you. I can tell you that it took many letters to many agencies and constant beatings to get results from SPS but it is possible so please don't give up...

Good luck!!!

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