• Report: #502858

Complaint Review: Select Portfolio Servicing Inc.

  • Submitted: Thu, October 01, 2009
  • Updated: Wed, June 09, 2010

  • Reported By: Thomas — arizona city Arizona USA
Select Portfolio Servicing Inc.
spservicing.com Salt Lake, Utah United States of America

Select Portfolio Servicing Inc. This company will give lots of hope and promises, tell you all is ok, say you meet all criteria, then deny you without reason. Salt Lake, Utah

*REBUTTAL Individual responds: Why is nothing happening against SPS???

*Author of original report: SPS still at it

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It's a long read, so enjoy, I did!

Select portfolio servicing has to be the nicest bunch of crooks I've ever dealt with. They will give you so much hope and promises, be so nice on the phone, then send letters of denial and ask for more money.

Two and a half years ago, my wife started having medical problems. In the course of 1 and a half years, she was taken to the ER by ambulance over a dozen times, not exaggetrating. She was having crippling pains in her abdomen that would drop her to the ground. We got the usual run around by the doctors, IBS, obstructed bowl, swollen glands, diverticulosis and even appendecitis were all looked into. Her appendix was even removed, thats when they finally found the problem, she had endometriosis that was so bad, it ws wrapping around and pulling at all her internal organs. Two surgeries(appendectamy and full hysterectamy) and a few months later, shes completely normal.

However, the incurred medical expenses, even with insurance, her time off from work and my lighter hours at work(to deal with kids and house stuff), proved to be too much for our already tigh budget. We were gonna loose the house.

Our loan at the time wasnt too bad, 30yr fixed @7.5. Manageable, but left no wiggle room. We defaulted on our mortgage and were considering bankruptcy. Then, while trying to work out an agreement with the mortgage company, who was pretty helpful at the time, notified me that they couldnt do anything or make changes, my loan was sold in a lot to another mortgage company Select Portfolio Servicing......

So, I googled the name. A few bad reports, a few good. At the time, they didnt stand out as "horrible". Immediately called them, explained the situation and the statsus of the loan they just bought. They cant talk to me for 2-3 weeks, they still needed to recieve and review all my paperwrork.

In late jan, early feb of '09, Finally spoke to them, explained the situation and that we were filing for bankruptcy. The person on the phone was very nice, said don't do bankruptcy untill they've exhausted all options. They said with all the government programs and programs within they're own company, they've been doing alot of modifications, theyre main goal was to keep people in theyre homes and paying on mortgage. I told them I wasn't expecting a miracle or anything amazing, i just wanted the past due(alot at this point) on the end of the loan and the interest at a more manageable level. Gave them all our financials, bills, income, everything they asked for. Our mortgage was supposed to drop  from $1442 to $960 a month according to financials. Time for the contract...

They told us we would have to pay them a forbearance for 3 months in the amount the financials said we could pay. they were constantly saying they dont have our proof of income, so every two weeks, on a friday, I faxed in my wife and my paystubs and verified they're reciept on the following monday. I honestly can't even guess how many calls I made and how many minutes were spent on the phone with them. Every single step of the way I as told our income looked good, our financials were great, our payments were on time and were certified funds, we were prime candidates for the modification. At 3 months, they started telling me that they were doing so many modifications, the review process was backed up and they were working day and night to get caught up. They constantly reassured us we were on the right track and all fit perfect for us to get the modification. They then said the best thing we could do was to keep paying our forbearance to keep up a good history of payment and intent.

At 6 months, we were told that our loan mod was up for review and in underwritting, everything fit perfectly into whatever criteria they required and that we could expect a new contract in about 3 weeks...AWESOME!

3 weeks later, we recived a letter of denial and were asked to pay the past due amount in 14 days. I called them, they said they couldnt verify our income! WTF! I politley explained that we sent it to them every 2 weeks for approximately 4-5months. She said oh, yeah, you did. It says youre income didnt match financials. we reveiwed our financials and everything still matched perfectly! I was pretty upset at this point, but still maintaining some level of decency, and she was so d**n nice on the phone, it made me feel worse! She said we could resubmit our financials again, which were exactly the same. I said I've already payed you so much forbearance, 6 months when 3 were contract required, I dont feel comfortable sending more money untill I know whats up. She said she would resubmit for modification and that NO MORE MONEY was required for resubmittal. Everytime I talked to them since, I was told its in review and to pay more money!

3 weeks later, we recived another letter of denial.

.....but they were so d**n nice on the phone!

This report was posted on Ripoff Report on 10/01/2009 04:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Servicing-Inc/Salt-Lake-Utah-/Select-Portfolio-Servicing-Inc-This-company-will-give-lots-of-hope-and-promises-tell-yo-502858. 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 REBUTTAL Individual responds

Why is nothing happening against SPS???

AUTHOR: ANONYMOUS - (United States of America)

It seems that the same scam is happening to alot of people and nothing is being legally done about it  .... Is this right or legal anyways is'nt there a law now that protects us homeowners from bad home morgage companies like SPS ....I know THE SAME EXACT THING IS HAPPENING TO ME RIGHT NOW ......  the only diffrence is I hired  an attorney because I wanted to feel safer and secure of my modification and because SPS would not deal with me directly and basicly I had no choice, but even with attorney and struggling to make the attorney fees I am back where I started.. They made a great forbearence contract with me as well and I did exactly as the contract stated for 3 months... I ended  up paying 9 months of fORBERANCE because of their delay, miscommunication and disorganization between them and my lawyer I have over and over again submitted all the paper work they needed I mean over and over....and its seems they never know what is going on... the last thing they did was return one of my payments saying I had to send my complete payment of $20,000 can you believe this....till this day I am still dealing with my attorney and theirs trying to get this done....O =now they want me to reapply for the "Obaham Stimulas loan modification" ...when from the start I tried and they denied me because SPS does "not" offer that program well I am exhausted with this I am in the verge of giving up and let happen what has to happen...I think thats what they wanted to acomplish...the sad part is that we  try so hard to save our home and the bank comes and sells it to other persons for lesser I mean way lesser than what you owed...,,that seems dum to me because they are losing way more this way....


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#2 Author of original report

SPS still at it

AUTHOR: Thomas - (USA)

Ok, so, I called SPS today to see where we're at. If any options are availible to us and what our timeline looks like. They told me we were denied due to my proof of income having overtime. Ok, so?(this is different from the last couple reasons they have given me) I have given them about 8-10 of mine and my wifes paystubs, our financials and proof of income perfectly match what I've told them we make. They said I average about 10 hrs of O/T per month. Why would this look bad? I dont count on o/t, as its not gauranteed, but it has always been on my check stubs when I actually get o/t and I've never hidden it from them.

But wait, theres more!

After hearing for months that my financials were great, we could afford and they would accept 960/month, they suddenly came back and said our financials were 1,800 negative each month! Now how in the hell can our budget be 1800/ month negative?(no politician answers please) With my wife and I both working, our credit cards and debts payed off, we only have one personal loan and regular utility bills, we're in pretty good shape for the first time in years! I asked for the break down, sps wouldnt give it to me. I said what about the 6+months of financials saying i can afford 960/month and you guys accepting that, she simply re-iterated we were 1800 short each month.

About of my wifes income.

They said they never received her proof of income for the resubmittal process. Ok, she worked for one clothing store during the initial 6 months. Then moved to another store, she was making the same money, but has gotten benefits and vacation time, which was the main reason for her changing jobs. This didnt make any changes to our financials at all. All the income and costs/bills were the same. We never notified them of her job change! Heres the fun part, they insist we didn't submit her income, yet here the lady is, calling my wife's new job by name and reciting to me the approx amount of her first paycheck! The only way they can possibly have this information is if they actually received the proof of income and entered it into they're system!  

So the battle goes on. . . .

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