ED Magedson – Founder
Select Portfolio ServicesNationwide USA
Select Portfolio Services 26 months of BS from SPS and Chase Salt lake City Utah
Here are some of the reasons why these mortgage Servicers / companies do what they do,
1. the more they get you to owe, the more they will collect when and if you give up your property.
heres how, your mortgage has insurance on it but not to cover you, when you walk away from your home or give it up. they collect up to 80 to 85% of the mortgage that is due. Exsample I owe $500.000.00 I give up the property or they forclose, the insurance company pays them 80% or $400.000.00 of the original mortgage. And when the property is sold they pick up whatever it sold for, Like they have told us our home is only worth $280K, if it sells for that, SPS will have collected $680.000.00 for my home that only had a mortgage of $500K, GET IT NOW!
And the longer you hold out and do not make any payments the more they will make!! So they love you.
Remember this never give them all of your income, because they will base your modification on your income and use the guidelines to their advantage. also on your enitial application or a new application, what I recommended is pay and Attorney a $100.00 to go over your app and make sure all is there and have him/her to certifie and mail from his office, not as your represenitive. But rather a verifier to the fact that all information requested/ needed has been sent, You should do this with any additional documents as well.
Make reports to BBB Better Business Bureal, tell them what they are doing to you, you can file your complaint on line. File a complaint with the Department of Justic, let them know you believe there is fraud or something criminal happening MAYBE!
Something I'm starting to do is send fax and emails to the employees, telling them they are helping to put families on the street by doing these companies dirty work, we need whistle blowers to come out.
My letter / fax/ email, is not arguing or cursing at anyone, I just ask them to do the right thing and tell someone what there company is doing to enrich themselves by causing finacial hardship and helping to tear families apart, Ask them do not tell them. And with GOD grace someone will speak out, it only takes One to start a fire.
I plan to fight until I die, I plan to go to Washington, if neede I will go to UTAH to make my point, call your state and federal represinitives and tell them what your going throgh, Remember the squikey wheel gets oiled, Good luck and I hope what I have told all of you help's.
This report was posted on Ripoff Report on 06/24/2014 06:31 AM and is a permanent record located here: http://www.ripoffreport.com/reports/select-portfolio-services/nationwide/select-portfolio-services-26-months-of-bs-from-sps-and-chase-salt-lake-city-utah-1157021. 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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