• Report: #1092293
Complaint Review:

Select Portfolio Servicing

  • Submitted: Wed, October 16, 2013
  • Updated: Wed, October 16, 2013

  • Reported By: angry consumers — Maryland
Select Portfolio Servicing
po box 65250 Salt Lake City , Utah USA

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: http://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.

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