ED Magedson – Founder
Select Portfolio Servicing ( SPS)PO Box 65450 Salt Lake City, Utah United States of America
I requested a modification in July, after being without work due to pregnancy and childbirth. I sent my paperwork in and was placed on a forebearance that would keep me out of foreclosure. I followed my forebearance to the letter, and finally (TODAY) received my modification.
According to their website, my principle is $104,805.11. My interest rate is 8.99% and monthly payment is $871.00. Their proposed "MODIFICATION": my principle would RAISE to $115,778.09, my interest would be 8.99% and my monthly payment would be $1256.93. HOW"S THAT FOR A "MAKING HOME AFFORDABLE" MODIFICATION!?!?! Oh, it gets better, according to the man I spoke with (while at the HUD counselor) SPS doesn't do the "OBAMA" modification, they do an "IN-HOUSE" modification.
These people are sharks. They prey on you when you're down and screw you when you need help the most. All I wanted was to lower my interest and put my arrears on the end of my loan, but instead I got screwed. Looks like I'm going to lose my house.
This report was posted on Ripoff Report on 12/04/2009 10:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing-SPS/Salt-Lake-City-Utah-84165-0450/Select-Portfolio-Servicing-SPS-Select-Portfolio-Servicing-I-requested-a-modification-534182. 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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