Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #1235073

Complaint Review: Select Portfolio Servicing - Salt Lake City Utah

  • Submitted:
  • Updated:
  • Reported By: MS resident also a victim — Olive Branch Mississippi USA
  • Author Confirmed What's this?
  • Why?
  • Select Portfolio Servicing PO Box 65250 Salt Lake City, Utah USA

Select Portfolio Servicing MS resident also a victim of the scam Salt Lake City Utah

*Consumer Comment: Bad From The Start

*Author of original report: Another dead end

*UPDATE Employee: i work at sps

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

In January 2003, we were financed with a "interest-only" 80/20 mortgage.  Our payments consisted of interest portion only and made it possible for us to obtain a larger home for less money per month.  Our loan was attached to a balloon payment which would be due 10 years from the initial date of the loan.  Our plan was to sell or refi at that time.   

However, in January 2013, our two income household became a one income housesold since the company which my wife worked was sold and laid all the employees off permanently.  For the next 6-9 months our finances were very tight.  During this time, I saught after a loan modification due to the layoff and decrease in our income.  Our mortgage at that time was with JPMorgan Chase and had a perfect payment history.  Never late!

Well, as fate would have it....the balloon note came due and the modification wasn't happening fast enough.  It's 6/11/15 and we still have not finalized the mod.  Mainly because we have since done research and found out about the Civil Action Suit that was taken against JPMorgan Chase.  We now realize the activities of SPS mirror the exact situation many found themselves in while dealing with Chase.  We are seeking help to keep our home.  

Chase started the modification, but midstream handed us off to SPS 6/2014.  The modification that was offered to us increased the payment, and shortened the term.  Obviously we could not agree to such terms.  For years, we both carried between 772 and 683 credit scores.  We are now in the 500's.  Our credit is ruined, we are receiving foreclosure letters, phone calls right and left, and our insurance has been cancelled on the house. 

The thing is...we were never late on our payments when we inquired about the modification.  We were only inquiring to prevent the very thing that has/is happening. 

We were advised NOT to make payments during the processing of our modification.  "advised against it"  I know, we were in disbelief too.  But, we followed their advise.  Our payments were starting to show late.  Our credit score started to drop.  We were being put in the position, sign the modification or lose the house. 

We have since been told, we have to pay $13K to catch up arrearage and added fees.  We are currently paying bi-weekly payments to SPS above the amount due per month to help us catch up.  However, this last week we received a certified letter mentioning foreclosure still. 

We need legal advice or something.  There has to be a way for us to keep our home and get our credit back.  Please help! 

This report was posted on Ripoff Report on 06/11/2015 07:01 PM and is a permanent record located here: https://www.ripoffreport.com/reports/select-portfolio-servicing/salt-lake-city-utah-84165-0250/select-portfolio-servicing-ms-resident-also-a-victim-of-the-scam-salt-lake-city-utah-1235073. 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
1Author
2Consumer
0Employee/Owner

#3 Consumer Comment

Bad From The Start

AUTHOR: Jim - (USA)

POSTED: Saturday, August 01, 2015

You stated here YOU entered into an interest only deal with a ten year balloon.  Your summary of that statement was YOU did this so you could "afford" a larger home for a smaller monthly payment.  Let me more correctly sum it up...YOU couldn't afford this house to begin with!  An interest only deal is a dead giveaway and guess what, as you are making the interest payments, you build up zero equity.  Then the icing on the cake is this balloon payment addition.  Again, a very clearly defined step which says YOU couldn't afford this house.  YOU then go on to say, somebody lost their job as you went to a one income family.  Did that person IMMEDIATELY look for another job even if it meant stocking shelves in the middle of the night?  You didn't say that.  Finally, you say somebody advised you to stop making payments.  Did that "advice" even register to you?  What happens when you don't make payments?  Collections, foreclosure and low credit score, all of which you could have avoided by not getting into a house you couldn't afford in the first place.  By the way, that was YOUR decision and there's NOBODY to blame but you. 

Bottom line here is you got into a house you couldn't afford and possibly you guys failed to replentish the lost income by getting whatever job could be had for the purpose of generating money.

No, I don't work for them.

Respond to this report!
What's this?

#2 Author of original report

Another dead end

AUTHOR: - ()

POSTED: Tuesday, June 23, 2015

I called the number twice.  The first time, the call ended after the 2nd ring.  I called again.  Call went straight to voicemail.  Looking for legal help, I guess.  I can't waste anymore time waiting on SPS.   

Respond to this report!
What's this?

#1 UPDATE Employee

i work at sps

AUTHOR: FBI - (United States of America)

POSTED: Wednesday, June 17, 2015

please call us 

 

my name is Benny Gold 

 

312 772 8002

 

i work at SPS

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now