ED Magedson – Founder
Select Portfolio Servicingpo box 65250 Salt Lake City , Utah USA
Select Portfolio Servicing SPS Fraudulent modification Salt Lake City Utah
Our loan was with Countrywide, sold to BoA, then to SPS. We have been working on a mod for over a year. Finally got papers yesturday evening. Modification terms include a higher interest rate, a higher principle, and $200,000 balloon payment at maturity. I dont understand how this is legal. If i agree to the mod I will be paying the principel plus interest plus the balloon.
Essentially I will pay just under a quarter of a million dollars for a home that is currently valued at just under $300,000. On top of that, I recieved papers on the 15th and have to return them by the 18th. How is a family supposed to make an educated decision in 2 days?? This company needs to be put out of business and the people responsible need to be held liable.
This report was posted on Ripoff Report on 10/16/2013 08:20 AM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing/Salt-Lake-City-Utah-84165/Select-Portfolio-Servicing-SPS-Fraudulent-modification-Salt-Lake-City-Utah-1092293. 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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