• Report: #412445

Complaint Review: Select Portfolio Servicing

  • Submitted: Thu, January 15, 2009
  • Updated: Fri, January 16, 2009

  • Reported By:San Diego California
Select Portfolio Servicing
10401 Deerwood Park Blvd. Jacksonville, Florida U.S.A.

Select Portfolio Servicing Loan modification, Ripoff -WARNING! Please help! Jacksonville Florida

*Author of original report: SPS - Select Portfolio Servicing RIPOFF

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Trying to negotiate a loan modification (and loan audit to avoid foreclosure), through a lawyer. During the process, was informed that my loan is owned by Lehmann Brothers who has filed for bankruptcy. SPS indicated that they cannot do a loan modification because Lehmann Brothers' assets are on freeze due to the bankruptcy - no loan modifications can be made. SPS at the same time sent me a Forbearance Agreement indicating that I was the one who requested for it. They are asking me to sign the agreement and make payments to avoid foreclosure.

After reading the comments about SPS, it seems like it is a predatory company whose intention is really to foreclose homes thus obtain property at a bargain price. I am alarmed that SPS' intent is to do just that! Can someone offer advise on how I can prevent them from foreclosing my home. My lawyer is telling me that I might just end up paying instead of negotiating a loan mod at this point. Please help!

If there are any class action sutis I am wlling to join, if SPS/Lehmann brothers does foreclose on me, after trying to negotiate and be upfront with them in the first place, and had been intent on working out a solution!

What kind of help can we get from the government? I attended all these FHA seminars and contacted 1800-HOPE to no avail!

Sc87
San Diego, California
U.S.A.

This report was posted on Ripoff Report on 01/15/2009 12:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing/Jacksonville-Florida-32256/Select-Portfolio-Servicing-Loan-modification-Ripoff-WARNING-Please-help-Jacksonville-F-412445. 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 Author of original report

SPS - Select Portfolio Servicing RIPOFF

AUTHOR: Sc57 - (U.S.A.)

Just wanted to add a "bait and switch" tactic that SPS is employing: My lawyer had been trying to negotiate a loan mod and requested for my documents almost 2 months ago to do a loan audit. Up to now they have not sent documents but instead offered that if I could provide proof of additional income they will agree to modify the loan. When we provided "possible" future sources of income, they instantly switched tactics. They then informed my lawyer that Lehmann brothers was in bankruptcy and can't do loan modifications at this time. Instead I was sent a "forberance agreement? and being made to pay in a week, past due amounts. Is this is not trickery or predatory?

We have been negotiating for almost 2 months now and could have told us early on they can't do a loan modification due to the Lehmann brothers bankruptcy (filed way back in august/september 2008). But now suddenly after learning/baiting that I could possibly produce additional income, they come up with a forbearance asking me to make payments in a week. They know I can't afford to pay. If their aim is not to foreclose my home - I dont' know what you would call this "bait and switch predatory tactic" that they had played on us.

I would like to file a class action suit - are there others out there in a similar situation?
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