Report: #534182

Complaint Review: Select Portfolio Servicing ( SPS) - Salt Lake City Utah

  • Submitted:
  • Updated:
  • Reported By: Renee — Sand Springs Oklahoma United States of America
  • Select Portfolio Servicing ( SPS) PO Box 65450 Salt Lake City, Utah United States of America

Select Portfolio Servicing ( SPS) Select Portfolio Servicing: I requested a modification and they DOUBLED my house payment. AND added $11,000 (yes thousand!) dollars to my principle. Salt Lake City, Utah

*Consumer Comment: Sounds familliar

*Consumer Comment: Find legal counsel immediately

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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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#2 Consumer Comment

Sounds familliar

AUTHOR: Thomas - (USA)

POSTED: Sunday, December 13, 2009

My ripoff report on these guys is a long read, as i was mad and ranting when I wrote it.


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#1 Consumer Comment

Find legal counsel immediately

AUTHOR: Mike dillon - (U.S.A.)

POSTED: Saturday, December 05, 2009
Hi Renee

I wish I could say that I was surprised at hearing your story. Granted I don't know all of the details but it sounds like SPS may have tried to set up a "forbearance agreement" for you as opposed to a "modification". And if they truly are not performing HAMP modifications then that is a rather large issue as SPS has obtained more than $750 million from the HAMP program under TARP within the last year.

Run a search for " Mike Dillon NH foreclosure " when you have a chance. You'll find plenty of info on me including GetDShirtz. You should also start becoming familiar with " Fairbanks Capital Corp." as this is the former name of Select Portfolio Servicing. It's amazing to me just how many people, including attorneys and state and federal regulators simply do not know the history of this corporation. See " USA/Curry v. Fairbanks" as well.

Feel free to drop me a line directly...

Manchester, NH
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