• Report: #414859
Complaint Review:

Select Portfolio Servicing, Inc.

  • Submitted: Thu, January 22, 2009
  • Updated: Sun, January 25, 2009

  • Reported By:Riverside California
Select Portfolio Servicing, Inc.
P.O.Box 65250 Salt Lake City, Utah U.S.A.

Select Portfolio Servicing, Inc. This company who did own my house didn't help me out for any note modificatons and then forced out of my house and wasting money and try resell for lower price Salt Lake City Utah

*Consumer Comment: Communiction, listening, and knowledgement is key

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Select Portfolio Servicing , Inc didn't generate my adjustable loan mortgage; but inherited from infamous New Century Mortgate in organge County, California which originated the loan with adjustable note.

Since 2006 SPC increase my monthly payment every six month according to the note. Then I paid off money that I owed until December of 2007. Again as me and my wife request from help SPS denying any note modification and also mentioned that they don't own the note hurridly forelosed on July 09, 2008. Then they forced me out of the property since Ocotber 01, 2008 and didn't get any money from the mortgagor and spending to resell the property.
I beliver thd SPS try to get government stumulus money and my hard earn money and try unjutyficaly enrich. Even SPS follow the black lettr law they didn't any attention to the govenrment and people out cry to help customer how ever they can. This type of rudy behavior cause economic melt down and got worse and people of the united states and democratic government should not allow these companies proceed with this.

I profoundly ask all the people who reads this support for full inquiry of this matter and urge SPS stop doing this to theri clients or put out of business in sake of good business practice.

Riverside, California

This report was posted on Ripoff Report on 01/22/2009 11:49 AM and is a permanent record located here: http://www.ripoffreport.com/reports/select-portfolio-servicing-inc/salt-lake-city-utah-84165-0250/select-portfolio-servicing-inc-this-company-who-did-own-my-house-didnt-help-me-out-for-414859. 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 Consumer Comment

Communiction, listening, and knowledgement is key

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

A servicing Company does in fact have to report back to their investors. The possibilities open up when the investor lightens up on its guidelines.
A loan modification is key for a situation being this delinquent on your mortgage, however there were MANY preventive measures you could have taken to prevent this situation!
In addition to a loan modification (in which you have to qualify) there are many other plans that could have prevented the Foreclosure on your property.
Unfortunately upon YOUR loan origination you signed to have an ARM on your mortgage note. This cannot be blamed on a servicing company, but in fact upon yourselves and predatory lending on your brokers behalf at loan origination.
Lucky for you the loan was not serviced by a hand full of other company's, I guarantee you would have been out of your property a lot faster.
The Investor and the Servicing company both take a major loss in a Foreclosure, however, unfortunately, when a consumer cannot afford a property it is in the best interest to take the property to sale.
There are SOOOOO many measures you could have done to prevent this, options, options, options... A loan modification does not fix everybody's problem, nor ever will.
You still would need to proof your ability to stay in the home, and to prove it would be more affordable to have your loan modified.
This is not the answer to solve every home owners problem. There are a dozen preventive measures you could have taken to prevent this.
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