Complaint Review: Select Portfolio Servicing - Salt Lake City Utah
- Select Portfolio Servicing po box 65250 Salt Lake City , Utah USA
- Phone: 18002588602
- Web: www.spservicing.com
- Category: Mortgage Companies
Select Portfolio Servicing SPS Fraudulent modification Salt Lake City Utah
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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: https://www.ripoffreport.com/reports/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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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