• Report: #145033

Complaint Review: Select Portfolio Services, Fairbanks Capitol Corp.

  • Submitted: Sat, June 04, 2005
  • Updated: Sat, February 04, 2006

  • Reported By:Amarillo Texas
Select Portfolio Services, Fairbanks Capitol Corp.
3815 South West Temple Salt Lake City, Utah U.S.A.

Select Portfolio Services, Fairbanks Capitol ripoff adding insurance fees: fraudulant late fees and other service fees with no explaination Ripoff Salt Lake City Utah

*Consumer Comment: Going through the samething ..company, which was accused of improper collection practices and investigated by the Federal Trade Commission

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Select Portfolio Services aka Fairbanks Capitol Corp. has added home owners insurance to my loan as of last November. They had requested proof of insurance the first of December 2004 and my insurance company faxed it to them and mailed it to them. I also called them to confirm they got the fax and they said they did so I assumed all was well. The policy didn't expire until April 27,2005. Then again in February I received another request for proof of insurance. I again had my insurance agent fax and mail them a copy of the insurance. Needless to say, this is the same pattern of Fairbanks Capitol Corp. So when the next letter came in April, I called SPS and talked to an associate who refused to identify herself and was told they never had received any proof of insurance so once again I had my insurance agent fax and mail both last years policy deck sheet and this coming years deck sheet. I called SPS back and the associate I got that time I told that if I got one more letter from them requiring proof of insurance, I was going to hire a lawyer and sue them because they may have changed their name but they sure haven't changed their business practices. About two weeks later, I got a letter in the mail that said they had canceled the insurance they had placed on the property and credited it back to my account from November 2004 but I never saw any money credited to any of my statements. Come to think of it, my $400 house payments don't lower any balances either. Not principle, not negative escrow not taxes... nothing. I think it just lines their pockets.

After this confrontation over the insurance, they filed a motion to Lift a Stay so they could proceed with forclosure on my home. The had caused me so much trouble in the past that they forced me to file Chapter 13 Bankruptcy. Their reason for the Stay was missed or late house payments. Failure to provide insurance on property etc. Luckily, I have all my canceled checks and insurance deck sheet etc. So it looks like the Bankruptcy Judge isn't going to let them have the Stay.

At this point, I'm ready to sue them. I would like to cause them as much greif as they have caused me. ( and I'm sure hundreds of others) I would like to know if there is a lawyer out there that would be willing to take this case and if anyone else would like to join and maybe make it a class action suit.

Jan
Amarillo, Texas
U.S.A.

This report was posted on Ripoff Report on 06/04/2005 04:55 AM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Services-Fairbanks-Capitol-Corp/Salt-Lake-City-Utah-84115/Select-Portfolio-Services-Fairbanks-Capitol-ripoff-adding-insurance-fees-fraudulant-late-145033. 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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#1 Consumer Comment

Going through the samething ..company, which was accused of improper collection practices and investigated by the Federal Trade Commission

AUTHOR: Kim - (U.S.A.)

Jan I know what your going through as well. My mother filed for chapter 13 bankruptcy in 2000 and they tried to do a lift of stay in 2001 and again in 2004. In April of 2004 was the last one and she was out of bankruptcy in Dec of 2004. They of couse denied it because she was covered by the bankruptcy law but they are still trying to charge her lawyer fees in the amount of roughly $3000.00 and they are saying the payment is late every month so changing a late fee monthly. We are in the process of refinancing the loan just to get out of there so they can't charge her any more or take the house. I am looking to find out if we pay off house if we lose the right to sue them on the charges they are charging us plus just for the pain and stress they are putting my mother through. I read something on the internet today and this is what it says...Select Portfolio Servicing (SPS), formerly Fairbanks Capital, is one of the largest servicers of subprime residential mortgage loans in the US (it currently services about 270,000). The company, which was accused of improper collection practices and investigated by the Federal Trade Commission (FTC) and the Department of Housing and Urban Development (HUD), reached a settlement in November 2003 in which it agreed to pay $40 million to establish a redress fund for consumers. Shortly after settling, it closed its office in Austin, Texas. Mortgage issuer PMI Group sold Select Portfolio Servicing and its parent SPS Holding Corp. to Credit Suisse First Boston in October 2005.

By the sounds of this it appears that SPS may have been sold yet again or is getting ready to change their name to another because they are having all sorts of problems yet again and need to hid again to keep screwing people. If you find someone willing to take this on please feel free to contact me or have them contact me! Best of luck to you with your dealings with them!
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