• Report: #334814

Complaint Review: Select Portfolio Servicing

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  • Submitted: Sun, May 25, 2008
  • Updated: Thu, June 05, 2008

  • Reported By:DADE CITY Florida
Select Portfolio Servicing
P.O. Box 65450 Salt Lake City, Utah U.S.A.

Select Portfolio Servicing My home is in foreclosure because of these people. Salt Lake City Utah

*Consumer Comment: Mortgage Servicing Fraud may be an issue in this case.

*Consumer Comment: Mortgage Servicing Fraud may be an issue in this case.

*Consumer Comment: Mortgage Servicing Fraud may be an issue in this case.

*Consumer Suggestion: Steve is no company shill

*Consumer Comment: STEVE, THESE PEOPLE WOULD HAVE FORECLOSED ON HER EVEN IF SHE WAS NO PAYMENTS BEHIND!@!!

*Consumer Suggestion: This is a lesson in READING what you sign!

*Consumer Comment: Forbearance, which will give you time to gather your assets

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Because of these brokers my home is now going into foreclosure. When I refinanced my home 2 years ago I was doing great with another company but unfortunately they were brought out by SPS. They have been my worst nightmare ever.

I wanted a fixed rate with lower payments, which I didn't get and which I didn't even know that I had the adjustable variable rate. The one that they chose and have charged me a arm and a leg for. I noticed things going wrong when I went through my divorce and was behind on two of my payments.

I signed a forebearance agreement because I was told there was no other program. That only made my situation worse, and had I known I would never had signed it. My realtors even called to speak with them because everytime I called they were awful. With the realtors they were great and had them thinking that they were concerned for me. Yea right!

They faxed a hardship program application but after filling it out and sending it by UPS they denied ever recieving it. Since day one they have lied to me about everything and I had a copy of the reciept indicating who rec'd the pkage and was promised a chance to fix my mortgage situation but it was all a lie.

My big question and my biggest beef is what happened to he $30,000.00 that I put down as a down payment when I brought the property? Even the realtors couldn't figure out the numbers they came up with. They overcharged me for things I don't even know about. And that's the thing, if you don't know anything about buying a home, they are like sharks out to get you. They got me alright.

I lose all the money and my home. Now I'm looking for a place to live, but having problems because of my credit.
Don't ever do business with these guys and don't sign anything if you are not sure. Go to a Real estate attorney who can tell you what to do when you have questions or doubts.

Don't even ask them anything because they've a bunch of liars. I didn't even get a notice that my home was in foreclosure! I found out when I tried to refinance to get out from under them and it showed up in my credit report. Because of that I can't refinance with no one. There staff is the rudiest people you don't ever want to deal with.

Maria
DADE CITY, Florida
U.S.A.

This report was posted on Ripoff Report on 05/25/2008 08:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing/Salt-Lake-City-Utah-84165/Select-Portfolio-Servicing-My-home-is-in-foreclosure-because-of-these-people-Salt-Lake-Ci-334814. 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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REBUTTALS & REPLIES:
0Author 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Mortgage Servicing Fraud may be an issue in this case.

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

Steve may simply be somewhat familiar with Select Portfolio Servicing because they have an office in Steve's city. However, his information is a tad off. SPS, f/k/a Fairbanks Capital Corp., is a third party mortgage servicer. They do not originate loans; they do not invest in subprime mortgages as their primary source of business although they have issued their own RMBS in the past. You may recognize the name as it appears on the home page of ROR.

None of us know all of the details or the loan history regarding Maria's situation. We only know the bits and pieces that she has chosen to post. Knowing what I know about SPS based on my own experience with them, no judgment should be passed either way on Maria's situation without further information. The Federal Trade Commission certified 281,100 victims in USA/Curry v. Fairbanks back in 2003. I was one of them. I was awarded a permanent injunction against Fairbanks Capital in 2005 after a Superior Court judge ruled that the foreclosure action Fairbanks brought against me was illegal. I was also awarded a contempt order against them and now have a $13.5 million racketeering action pending in federal court.

Do some research before passing judgment on any situation concerning mortgage related issues. Origination issues and securitization issues such as Mortgage Servicing Fraud are completely and totally separate things yet they may both exist within the same case. Few people understand that the servicing rights to a loan can be sold separately from the loan itself. The lender that Maria originated her loan with may very well still own her note and simply sold the servicing rights to Fairbanks/SPS. What may have happened to Maria and what has happened to more than the 281,100 other documented victims of Fairbanks/SPS can just as easily happen to literally anyone with a mortgage regardless of whether they legitimately fall behind in their payments or not. I have proof on my website that Fairbanks/SPS held payment until past due. They are not the only servicer perpetrating Mortgage Servicing Fraud. There are at least a dozen others.

Feel free to run Michael Dillon New Hampshire foreclosure through your favorite search engine or contact me at (((ROR redacted))) if anyone has any questions. After all, all you have to lose is your home.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#2 Consumer Comment

Mortgage Servicing Fraud may be an issue in this case.

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

Steve may simply be somewhat familiar with Select Portfolio Servicing because they have an office in Steve's city. However, his information is a tad off. SPS, f/k/a Fairbanks Capital Corp., is a third party mortgage servicer. They do not originate loans; they do not invest in subprime mortgages as their primary source of business although they have issued their own RMBS in the past. You may recognize the name as it appears on the home page of ROR.

None of us know all of the details or the loan history regarding Maria's situation. We only know the bits and pieces that she has chosen to post. Knowing what I know about SPS based on my own experience with them, no judgment should be passed either way on Maria's situation without further information. The Federal Trade Commission certified 281,100 victims in USA/Curry v. Fairbanks back in 2003. I was one of them. I was awarded a permanent injunction against Fairbanks Capital in 2005 after a Superior Court judge ruled that the foreclosure action Fairbanks brought against me was illegal. I was also awarded a contempt order against them and now have a $13.5 million racketeering action pending in federal court.

Do some research before passing judgment on any situation concerning mortgage related issues. Origination issues and securitization issues such as Mortgage Servicing Fraud are completely and totally separate things yet they may both exist within the same case. Few people understand that the servicing rights to a loan can be sold separately from the loan itself. The lender that Maria originated her loan with may very well still own her note and simply sold the servicing rights to Fairbanks/SPS. What may have happened to Maria and what has happened to more than the 281,100 other documented victims of Fairbanks/SPS can just as easily happen to literally anyone with a mortgage regardless of whether they legitimately fall behind in their payments or not. I have proof on my website that Fairbanks/SPS held payment until past due. They are not the only servicer perpetrating Mortgage Servicing Fraud. There are at least a dozen others.

Feel free to run Michael Dillon New Hampshire foreclosure through your favorite search engine or contact me at (((ROR redacted))) if anyone has any questions. After all, all you have to lose is your home.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Respond to this report!
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#3 Consumer Comment

Mortgage Servicing Fraud may be an issue in this case.

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

Steve may simply be somewhat familiar with Select Portfolio Servicing because they have an office in Steve's city. However, his information is a tad off. SPS, f/k/a Fairbanks Capital Corp., is a third party mortgage servicer. They do not originate loans; they do not invest in subprime mortgages as their primary source of business although they have issued their own RMBS in the past. You may recognize the name as it appears on the home page of ROR.

None of us know all of the details or the loan history regarding Maria's situation. We only know the bits and pieces that she has chosen to post. Knowing what I know about SPS based on my own experience with them, no judgment should be passed either way on Maria's situation without further information. The Federal Trade Commission certified 281,100 victims in USA/Curry v. Fairbanks back in 2003. I was one of them. I was awarded a permanent injunction against Fairbanks Capital in 2005 after a Superior Court judge ruled that the foreclosure action Fairbanks brought against me was illegal. I was also awarded a contempt order against them and now have a $13.5 million racketeering action pending in federal court.

Do some research before passing judgment on any situation concerning mortgage related issues. Origination issues and securitization issues such as Mortgage Servicing Fraud are completely and totally separate things yet they may both exist within the same case. Few people understand that the servicing rights to a loan can be sold separately from the loan itself. The lender that Maria originated her loan with may very well still own her note and simply sold the servicing rights to Fairbanks/SPS. What may have happened to Maria and what has happened to more than the 281,100 other documented victims of Fairbanks/SPS can just as easily happen to literally anyone with a mortgage regardless of whether they legitimately fall behind in their payments or not. I have proof on my website that Fairbanks/SPS held payment until past due. They are not the only servicer perpetrating Mortgage Servicing Fraud. There are at least a dozen others.

Feel free to run Michael Dillon New Hampshire foreclosure through your favorite search engine or contact me at (((ROR redacted))) if anyone has any questions. After all, all you have to lose is your home.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#4 Consumer Suggestion

Steve is no company shill

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

Steve is a hardworking person much like yourself. But I do find it funny that he is being thought of as a company shill. Just because he told the truth and did not play cheerleader for the OP does not make him a company shill.

This company invests in subprime mortgages, of course they are going to be ruthless. They are often the last resort for people who are stuck in a rut when it comes to their home mortgages. Because of this they may tend to go into the foreclosure process more readily then other lenders.

Unfortunately people can get taken when they refinance their homes. To some extent the rules are different. The lender can lure you in with one rate and then slam you in at a higher one. Sometimes they get away with this because the person already put in thousands of dollars into the refinancing process and just don't want to walk away and lose their money. The OP had the opportunity to do this if she would have read the paperwork like Steve said. The paperwork would have shown the interest rate as well as whether it was fixed or a adjustable as well as the maximum and the lowest the adjustable rate could go. She should have done her homework on the worst case scenario and decided if she wanted to go thru with it.
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#5 Consumer Comment

STEVE, THESE PEOPLE WOULD HAVE FORECLOSED ON HER EVEN IF SHE WAS NO PAYMENTS BEHIND!@!!

AUTHOR: Screwed Too - (U.S.A.)

Steve,

I am wondering if you even have the slightest clue about this company. Or maybe you work for them or another company like them. I made my payments on time, every month and SPS still harrassed and stole and lied. We have been in this hellish nightmare with them since 2002. You have to wonder if they are in some kind of organized crime.

We have taken them to court, and the case is in appeal, we have contacted every govermental agency known to man. All the agencies back away, even the court system. We are now working with the FBI , hopefully they can help. My point is Steve..........these people are the crooks, not me, not Maria, not all the other countless people they have harmed.. Just pray that the servicing of your loan does not get sold to them, or you will be in the same boat as the rest of us.

Oh beleive me Steve, it wont matter that you made your payments on time, because they will hold them until they are late, they will add fees that you have never heard of, they will call your work and everywhere else and harrass you even though you made the payment. And Steve you will lose sleep, lose your appitite you might even cry, but no one will listen and no one will care..... welcome to our world steve
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#6 Consumer Suggestion

This is a lesson in READING what you sign!

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

Maria,

How could you not know that you had an adjustable rate mortgage?

This is clearly disclosed on your Truth in Lending statement.

I was in the mortgage business and can tell you that your claim is impossible.

>>>
You wrote:
..."Because of these brokers my home is now going into foreclosure. When I refinanced my home 2 years ago I was doing great with another company but unfortunately they were brought out by SPS. They have been my worst nightmare ever.

I wanted a fixed rate with lower payments, which I didn't get and which I didn't even know that I had the adjustable variable rate. The one that they chose and have charged me a arm and a leg for. I noticed things going wrong when I went through my divorce and was behind on two of my payments..... "
>>>

You went into foreclosure because you were 2 months behind in your payments!

No rip off here.
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#7 Consumer Comment

Forbearance, which will give you time to gather your assets

AUTHOR: Tmm33 - (U.S.A.)

If you have a copy of who signed for it then bring that up. I had a problem with Aames homeloan. They did the same to me. They held my checks for up to three weeks , then it went into foreclosure, sent two checks for the mortgage plus the late fees they charged and they returned them saying my home was in fore closure not only that they refused to give me anything saying I was in default ect. Good luck to you.

Loan Forbearance

Some of our clients are eligible for Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.
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