ED Magedson – Founder
Select Portfolio Servicing, Inc.PO Box 65250, Salt Lake City, UT 84165 Salt Lake City, Utah USA
Select Portfolio Servicing, Inc. SPS, Inc. SPS will draw out your modification for as long as they possibly can. They will fight a war of attrition against you while they simultaneously attempt to extort any money they can from you. Salt Lake City Utah
I signed final HAMP Modification Docs with Chase on July 20, 2013 after working towards that end for a year and a half with Chase. Chase received these documents from me on July 23, 2013 and told me my modification would be finalized within 2 weeks. One week later, I received a letter from Chase stating that my loan was transfering to SPS, Inc. in Salt Lake City, UT. I had already sent Chase my final August 1st (4th trial payment in total) trial period payment so I figured SPS would be the servicer of my new modified loan.
I received a letter from SPS the first week of August stating that they were happy to be the new servicer for my loan and they were nice enough to include a September payment stub with the letter along with an automaic payment withdrawl form that said they needed 45 days to get the automatic payment set up after receiving it. So, I went ahead and sent in my Sep. 1st payment (which was my first real modified payment, so I thought....) along with the automatic withdrawl form for Oct. 1st payment and after.
When I called a week later to confirm they received my payment, this is when things went wrong. They said they received my payment and applied it to May of 2012 and that I was due for June of 2012. They said I owed my old loan payment amount and that I was in default for around $56,000 and I could cure that with a payment of $60,000. I thought they were joking because I had signed final modification papers with Chase 3 weeks earlier. They were not joking so I called Chase and my representative their said they never finalized my modification and I needed to work with SPS to finalize it.
To me, this is outright fraud to begin with. Chase told me I had 10 days to sign and return my modification docs them but they never finalized my modification and it has been 61 days now since my loan has transfered to SPS. SPS has not finalized my modification still and they keep telling me 5-10 more days. They have been telling that to me for 2 months now.
The customer service staff at SPS are set up to give customers the "Run Around". I have only been able to speak with my assigned representative 1 time in 61 days. There are no voicemails and you cannot reach anyone by extension there. I have spoken with well over 100 representatives and each time I call in I get someone new. Meanwhile, SPS continues to send me payment stubbs telling me I owe them a $60,000 payment.
These people at SPS are Rip Off Artists. They are owned by Credit Suisse and I can never get a straight answer out of anyone there about anything. I signed my modification paperwork 71 days ago and SPS has not still not finalized my modification or stood behind anything they have said. I have lawyers ready to go if they do not finalize it within 10 more days.
If you are working with SPS right now, prepare for things to get ugly. Take a look at all of the hundreds of similar consumer complaints and tell me there is not something massively similar and fishy with all of our complaints. Then look on wikipedia and read about the $40mil settlement they had to pay for consumer damages when they were Fairbanks Capital 10 years ago.
Please, some law firm needs to put this company out of business once and for all.
This report was posted on Ripoff Report on 09/30/2013 05:32 PM and is a permanent record located here: http://www.ripoffreport.com/reports/select-portfolio-servicing-inc/salt-lake-city-utah-84165/select-portfolio-servicing-inc-sps-inc-sps-will-draw-out-your-modification-for-as-lon-1088463. 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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