• Report: #386545

Complaint Review: Select Portfolio Servicing ( SPS)

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  • Submitted: Thu, October 30, 2008
  • Updated: Thu, October 30, 2008

  • Reported By:Bakersfield California
Select Portfolio Servicing ( SPS)
10401 Deerwood Park Blvd Jacksonville, Florida U.S.A.

Select Portfolio Servicing ( SPS) is forcing me sell my home within a three (3) month period or face foreclosure Jacksonville Florida

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Ownit Mortgage Solutions, now defunct, made my Jumbo loan in July, 2006. The loan amount was $569,950.00 At 8.625 % for two years and variable rate effective September, 2008. It kicked up to 11.250%. The loan was sold to Litton Servicing then to Select Portfolio Servicing. I fell behind on the payments and SPS at first agreed to give me a Fresh Start Plan to Modification, then in October, 2008 I was contacted by a person in the loss and mitigation department. She stated that she and an underwriter carefully reviewed my loan documents and that I had a "terrible loan" and would "never" be able to pay off the property because there was a balloon payment in the amount of $502,201.76 at the end of the loan period! Therefore, the only help I was offered was a three month Fresh Start To Sell the property. I was advised to contact a realtor and list the house for sale, wire SPS $5,000.00 after I sign, fax and mail the agreement and pay $5,000.00 in December and $5,000.00 in January. No other options were offered. My response to the loss mitigation rep was that SPS purchased the loan and knew the terms when they purchased it. How then, could the terms of the loan be a surprise to SPS and more importantly, how could the terms of the loan be cited as the reason SPS will not modify. Nothing was reslolved other than I will have no home. I am self employed and do not qualify for any HUD programs.

Bamboozled
Bakersfield, California
U.S.A.

This report was posted on Ripoff Report on 10/30/2008 10:32 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing-SPS/Jacksonville-Florida-32256/Select-Portfolio-Servicing-SPS-is-forcing-me-sell-my-home-within-a-three-3-month-per-386545. 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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