Complaint Review: Select Portfolio Servicing ( SPS) - Salt Lake City Utah
I requested a modification in July, after being without work due to pregnancy and childbirth. I sent my paperwork in and was placed on a forebearance that would keep me out of foreclosure. I followed my forebearance to the letter, and finally (TODAY) received my modification.
According to their website, my principle is $104,805.11. My interest rate is 8.99% and monthly payment is $871.00. Their proposed "MODIFICATION": my principle would RAISE to $115,778.09, my interest would be 8.99% and my monthly payment would be $1256.93. HOW"S THAT FOR A "MAKING HOME AFFORDABLE" MODIFICATION!?!?! Oh, it gets better, according to the man I spoke with (while at the HUD counselor) SPS doesn't do the "OBAMA" modification, they do an "IN-HOUSE" modification.
These people are sharks. They prey on you when you're down and screw you when you need help the most. All I wanted was to lower my interest and put my arrears on the end of my loan, but instead I got screwed. Looks like I'm going to lose my house.
This report was posted on Ripoff Report on 12/04/2009 10:03 PM and is a permanent record located here: https://www.ripoffreport.com/reports/select-portfolio-servicing-sps/salt-lake-city-utah-84165-0450/select-portfolio-servicing-sps-select-portfolio-servicing-i-requested-a-modification-534182. 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
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