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Select Portfolio Servicing Complaints & Reviews - Dishonest/Deceptive Practice

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Select Portfolio Servicing

Posted:    R Donner

Dishonest/Deceptive Practice

Complaint Rating:  100 % with 19 votes
My husband and I have been trying for several months to get some resolution on our loan with Select Portfolio Servicing. Each time we speak to a different representative who will not give out and extension to be able to deal with the same person. They ask us for certain documents which we provide. They eventually send us paperwork, which we complete and return. The next month, it's the exact same thing. They have some lame excuse why everything needs to be resubmitted. They can't use the documents we've already sent them, we have to send new ones. The next month, it starts all over again. This has been going on for months! In the meantime, our payment keeps going up and up and up. It doesn't matter how many times you contact them or who you talk to, there is never any resolution made.


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 30th of Oct, 2009 by   Mike Dillon 0 Votes
I wish I was surprised that this was happening. You are certainly not alone in your situation - either as an SPS "customer" or as a borrower dealing with the loan mod industry in general. Depending on the terms of the Pooling & Servicing Agreement (if your note has been securitized) servicers in general, including SPS, make more money from you the longer they can keep you in some form of default.

You may want to do some research on the web about SPS including prior to their name change in July 2004. SPS is formerly known as Fairbanks Capital Corp.

Don't hesitate to contact me directly if you have questions. Can't guarantee that I'll have answers for you but I'll certainly try...

Mike Dillon
Manchester, NH
www.getdshirtz.com
 30th of Oct, 2009 by   Livinonprayer 0 Votes
We are in the same boat as you. We started a short pay refi with them (after they suggested it to us b/c we were a good candidate) about 6 months ago. We jumped through hoops for them and tried to get our payment reduced or get locked into an interest rate that was reasonable before our ARM jumped up in October. They took their time and declined our offer stating they did not see the hardship (again, after they said we were a great candidate for that program). I have called them several times asking them to work with me and they flat out refuse to work with me and it's like they want us to walk away from our house!
 31st of Oct, 2009 by   Mellon in ABQ 0 Votes
I have been dealing with SPS for the last year. In that time, I have submitted documentation over and over again for a modification. And over and over again, I am turned down for one reason or another. This companies " three month trial period" is ridiculus. I have done the three month repayment plan, now I'm in another trial three month trial period to ascertain if my wife and I can afford the loan. I am now paying a loan amount of $1910.83 which includes taxes and insurance. The kicker is, I have to pay the property taxes and insurance out of pocket. So basicly I am paying double. I feel like a donkey with a carrot hanging over my head.
 18th of Nov, 2009 by   glumone 0 Votes
I feel your pain, there are several options for you to explore. There are two great sights that can help you solve your problems. http://www.thepatriotswar.com/ http://livinglies.wordpress.com/ These sites are filled with articles and solutions to foreclosure related problems. I am not an attorney I gained my knowledge of these matters by surfing the net to help my family with their mortgage related problems. For instance SPS is a mortgage servicing company and you will learn they are limited in what actions they can take since they are not the note holder of your loan.

Good Luck
 8th of Dec, 2009 by   MOD ALERT 0 Votes
When you are short of cash... you are weak and SPS knows that. You can use this to your advantage thus be humble and polite. Gather info... DO NOT give them any financial info on the phone. Make sure everything is in writing. Know the subject matter. This company, like Nationwide, IS NOT on your side. It is a collection agency not a lender... They are not your friend.

When you get a call...SPS has a computer system which automatically dials... the person you first speak to does not know initially why he or she is speaking with you. Too often even after reviewing screen notes they do not know.

The employees are documenting your conversation on their computer screen as you speak. One goal stated to me was to find a discrepency... (employee got too friendly)

If you are not comfortable seek outside help but do not pay for it. The HOPE program is basic but the employees are not well trained. I see no problem hiring a person to explain and answer questions... who that would be I do not know... but maybe a smart family member or close friend. It will take 20 hours to sort through the program but it might be worth it.

If you are turned down for a mod demand first to be given the calculations. After you get them (good luck) turn them over to:

Freddie Mac. They developed a “second look” process to audit MHA modification applications that have been declined.

ALSO TRY http://www.sigtarp.gov/

Mike Dillion is a great source of info. Use ask.com and search his name and Manchester, NH

I tend to agree with most conclusions. SPS is a messed up company. As recent as 2008 an ex employee blogged they ignore law. There is one good thing about SPS. The employees are too polite. They can say no in many ways and be so very nice. SKIP the polite ones and ask for a supervisor and then the supervisors supervisor and be a pain politely.

START WRITING DOWN NAMES, DATES AND WHAT was SAID . Follow up each conversation with a letter and send it to:

Select Portfolio Servicing, Inc.
Attn: Consumer Ombudsman
P.O. Box 65250
Salt Lake City, UT 84165-0250

For blogs before 4/10/09
when SPS signed the agreement to do mods

I suggest everyone start over. SPS will do whatever they want to do with no regard to the Home Affordable Mortgage Program and most of U's will accept the mod. I suggest that everyone study what they are supposed to do. Other lenders might actually be worse which is hard to do.

The goal is a payment equal to 31% of your gross... with some flex to 38% which I do not yet understand.

THEY MUST FOLLOW THIS EXACT SEQUENCE... can not skip the order

FIRST they add in back payments, taxes and insurance to get the current balance. They call that CAPITIALIZATION.
SECOND they must reduce the interest rate to a floor of 2%... a little at a time from your current rate... if still not at 31%
THIRD they need to extend the loan to a number up to 480 months... if still not at 31%...
FOURTH they can defer payment of interest and principal on a portion of the loan for the loan term called FORBEARANCE.
FIFTH they can WRITE OFF PRINCIPAL called forgiveness but they do not have to.

NOTE: They can start with forgiveness and then go to step 1.

You will get little help from Treasury etc.

So far SPS has not lost one document well sortof... they did ask for the same document twice so I started sending by ... with a copy to some other SPS department which had noting to do with my mod.

www.getdshirtz.com is interesting and a GREAT source but "who they are" is a secret as they are somewhere behind domainsbyproxy.com.

Mike Dillion, however, seems legit and has been blogging everywhere for years and has lottttttssss to say. He may be the worlds biggest blogger... but AS THE SITE SAYS... be careful what you say or better yet say nothing. As to all blogs keep in mind that SPS does have people who blog and review blogs and I might be one or not.

If you are at the end of your rope there is something you can do... force them to prove you owe money.

I am not there yet but since SPS seems to have a full time job harassing Mike Dillion I doubt little me can turn their head. I am waiting for some SPS related matters before I blow the lid.

Try to be humble... do not yell or scream or get too difficult... document document document... on web sites be discreet... change your state age sex maybe even the servicer you are complaining about

Here is a site which has the do it your self method:
http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

Like my picture? its not me! OR IS IT?

TRUST ONLY YOURSELF. HERE ARE SOME PHONE NUMBERS

Select Portfolio Servicing, Inc. Website: http://www.spservicing.com
Select Portfolio Servicing, Inc. Phone:
800-258-8602
888-818-6032
(801) 293-1883
(801) 293-3848
(801) 293-8830
(904) 702-7691
(904) 722-7691
Fax: (801) 293-1297

THESE PEOPLE RUN SELECT PORTFOLIO SERVICING
Valorie H. Kacherian, Matt Hollingsworth, Lee Ervin,
Andrew De Jong and Credit Suisse AG One Federal Street Boston 02110 Robert S. Shafir


 31st of Aug, 2010 by   diversity_030 0 Votes
oh hello everyone oh so true, I have been in the mod process for over a year now. I have sent in all my paperwork signature required and they still pretend they havent recieved it. They have also started screwing with my mortgage saying they dont have payment that they withdraw from my bank account. I actuallly had a trial period that they said i lost for non payment even though i have all the bank statements showing they collected. Then they made me payback the difference amount and tacked on late fees... aside from that last year they did the same thing saying i was late on payments i had clearly made. I finally called sigtarp and clicked on was transferred to the help line who called sps and demanded answers I was actually suprised. I am now waiting to hear something again tho. so we will see!! I am sure it will not be what it should be at all!!
 16th of Sep, 2010 by   blueeyes99 +1 Votes
I've had nothing but problems in dealing with this company and it's name change didn't change a thing. I noted recently large charges based on what they told me was the manner in which they service my my loan. I am late now three payments plus hundreds in charges accumulated due to their practices. They send someone to my home every two months to drive by it seeing if I've moved, or if in bad repair for a charge of $14.00 dollars each time. My residence is in perfect repair.. painted, lawns all maintained and I'm actually painting the inside now after having put two hundred into maintenance in the front yard recently broken sprinklers, upkeep.. the paint was already on hand no out of pocket money being spent. The inside is in excellent repair anyone can see it's prime property. The property is in near immacualte condition, I'm not going anywhere as I also work from my home.. My loan balance is not at all a large balance small in comparsison to most out there I owe very little but I'm behind in my payments. I have a small amount owing but got behind after health issues and other such issues. My payments of course are needing to be caught up but things in California are not good so my income dropped by eight hundred.. which is the reason why I can't catch up quicker. Then I noted hundreds they've charged me due to my tax situation. They pay it out of my escrow account and charge me for doing it over three hundred dollars in the past seven months. Then if a payment for "no" reason other then it must have been lost takes ten days to arrive at a distination that takes only three days..it's another near $30.00 dollar charge making it yet again late with another near thirty dollar charge..bounced checks let's look at that one. My account was closed and open at the same bank due to fraudulent activity found..someone stole my information. SPS went right ahead and deposit the check in the old account instead of paying attention to the fact they were given a new account number..the day before they deposit it. That cost another fifty dollars each time it happens. Payments always seem to arrive late even when sent ten days prior. Let's see I now have nearly six hundred in added charges, they're still sending out people to inspect the property for no reason.. as I am in touch with them weekly at times twice a week. I now send all my payments with a delivery confirmation to avoid this situation.

The Obama Plan doesn't seem to cover me as they tell me I don't make enough money to pay my taxes and payments.. make sense? I'm paying them each month now so how come I'm being denied due to income? Oh by the way I don't find many at SPS that are nasty and rude as they use to be or threatening as they use to be.. it's their job to keep one under the thumb I guess..pressure seems to be the tactic, threats that are quite suttle but there all the time.. you feel drain each time to speak to them. Each time you repeat the same thing over and over again.. hearing a different story evrytime you speak to them. It's their job is all I can say to intimidate you thus creating stress and anxiety in your life so you breakdown emotionally or have a heart attack because you live on a fine line with them.. when will I lose my home? When will they proceed? No wonder people die in circustances like this they lose hope, they have heart attachs and more.. come on Obama it's not working but I bet these servicing companies are making a fortune from this plan?? I don't know but I hardly believe they do it for nothing.

Help I need Donald Trump!
 16th of Sep, 2010 by   blueeyes99 0 Votes
I forgot to mention. They denied me because they say I can't pay my taxes, insurances and monthly payments even though I am making all the above monthly now. I needed to add in my insurances.

So Mr. Obama, I do make my tax payments to them. I do pay my insurances on my home to my insurance company and I do make my monthly house payments to SPS. So why doesn't your plan work for me? I do pay over nine percent interest every month to SPS. I am affording to do all that but cannot afford to pay it through the Obama Plan Modification which is purported to lower your payments so you don't lose your home.. I guess I'm one of those women who just fall through the cracks?
 23rd of Dec, 2010 by   vipereen 0 Votes
OMG, I'm going through the same as the rest of you here. I've been on a Mod for 2 years now with these people and after paying on time, they denied my Mod. Said they have sent a tentative foreclosure date of early next year if they don't receive all the late payments. (Sorry not posting exact info, don't know who's on this site that might work for them). All the time I was dealing with the Loss Mitigation Department who said we weren't in foreclosure, the Asset Department was moving along with the foreclosure process. Be very careful, they lie in order to mislead and buy time to screw you in the end. I wish I knew of a class action suit for their faulty practices, this is just too ridiculous. Viper
 24th of Dec, 2010 by   blueeyes99 0 Votes
In the past two days I have received one certified letter from them a genric letter but certified. I received another letter stating that I must read every document that comes to me in order to save me from further proceedings and that there was no guarantee that I would be accepted into the Obama Plan Modification. The certified letter that I received today told me that they have tried reaching me several times but haven't been able to do so, they wanted an immediate call from me.. I am completely shocked by these lies. Let me see, I picked up the telephone about an hour later (caller ID) told me it was them calling from their 6000 number which meant an automated call again. As usual no one was on the other end when I began saying; Hello about six times. They do this all the time to bring up the number of times I'm sure they insist they have called. Here it is almost Christmas Eve and I'm sitting here thinking why do these people lie so much. I have been in contact with them sometimes twice weekly and for months now. It's been about 12 days since I last spoke to them then I was told all my paperwork had been submitted and they were just waiting for confirmation. I have submitted and resubmitted all my documents to them.

What I get now is there is going to be a rash of foreclosures after the first of January. I have been paying my loan to them but not the back due funds. In one of my more recent conversations when I told the rep that I would simply borrow the back due funds from my mother in-law they said; Oh there is no need to do that we'll just modify it I'm sure your eligible. I'm wondering why they were so eager? Was it to make more money off of my application? Then to just shut the door upon me saying we'll be forclosing in thirty days? I'm expecting it next.

I do hope that someone wakes up President Obama and those that are corrupting this plan because that's what it is. I will continue to post my days ahead in hopes that someone in a capacity to do something can go after these companies.
 24th of Dec, 2010 by   blueeyes99 0 Votes
This is Christmas Eve in comes another letter from SPS, this one tells me I have 30 days to cure the default from the date of the letter 12/21/2010. Not a word about the Modification that has been ongoing for four months or more. While I was out yesterday yet another call came in during the evening. A family member who knows the entire story picked up the phone and tore into the rep telling them how they call all the time and it's automated no one is on the other line. The family member explain I've constantly worked with them kept in contact but they act like I've done nothing, that I have received numerous letters stating the same thing from them how it's a untrue then asked the rep what was going on. Of course she kept on refusing to discuss it with him telling him they'd be closed in about an hour. They were already closed when I got home and he didn't wish to upset me more so waited until this morning to tell me. It's harassment in the worst kind they won't stop until you drop or pay up the past due in full or take your home away. They have no intention of modifying my loan. I sincerely believe our goverment needs to examine all such practices to see where the tax payer money is going. This is fraudulent activity. Again I owe very little on my home but I don't have it in the bank or I'd pay them off and be ever so happy to get this company out of my life forever. You take nine months of harassment on a near daily venue it breaks you down. I can only see two options at this point because the modification does not exist. I will get a second job, or borrow the funds to cure the default from someone. I can cure the default with a second job in about five to six months. I must add to this at my age in life that I never expected to get behind but illness hit me along with the economy. Nor did I expect to have no medical insurance, no funds any longer in savings I am now over sixty.
 12th of Jun, 2011 by   F.U. SPS 0 Votes
Mike Dillon's online site is great! He has had a long battle. 1000 employees at the SAlt Lake City, Utah location...gotta be Mormon's! If you look up many of the employes on Linkedin, FB, etc. they say they are LDS. Gotta wonder about what kind of religion condones working for a company like SPS putting families on the street! Then again, look up the history of the Mormon church and the land grab in Florida when Walt Disney was buying land! Look up the Ellington case filed in Travis Cty, TX where the investors are suing SPS for defrauding them! On page 38 it says SPS would hide force placed insurance fees from the investors by listing them as corporate advances, etc. This way, they charged the investor for the insurance and pocketed the cash from the homeowner. Other good sitess are : MSFRAUD.ORG, http://livinglies.wordpress.com/ and facebook site Homeowners Against Mortgage Servicing Fraud to chat. EDUCATE yourself and watch videos on MSfraud site! Garfield has very educational vidoes on loan securitization and why your servicer is doing this to you. STOP talking to them and send cease communications letter via certified mail return receipt requested. Then, if they violate...take them to small claims for violations of Fair Debt Collection Practices Act. Get an Attorney on either Max Gardner's Bankruptcy Bootcamp site under GRADS or Neil Garfield's Atty list on the Living Lies blog site. God be with you all!
 16th of Jan, 2012 by   oldmomrocker43 0 Votes
My loan just went up another $500.00 per month. When I asked Ms. Moody, who was incredibly rude (typical of SPS reps), how this could be happening when interest rates are the lowest in history, all she would say is read my contract and suggested credit counseling!!! They inundate you with inscrutible paperwork, then when you question what they've done, you can NEVER get the same answer from a different rep. When they took my loan over last October, they claimed I owed a payment to my prior servicer that was clearly indicated on my bank statement, which I submitted to them. After fighting with them until January, they said they finally reviewed the matter and I owed $300, hardly a month's payment and an amount I knew was wrong, but was just tired of fighting with them. So my credit rating got slammed because no one there would take the time at the documents they had before them. After reading all of the complaints against this company, it is unbelievable they haven't been sued yet. It's criminal!
 21st of Mar, 2012 by   ChasityM 0 Votes
I JUST satisfied my lien with SPS. It was a long trying process but I picked up my SATS docs (lien satisfaction) today at my county courthouse. A few months ago I got a call/ call back from SPS and the rep explained the short pay process. It's kind of like a short sale but I'm the only bidder. I offered somewhere around 10% of the remaining balance. I wrote up an offer with all the right info in it, a hardship letter, a short list of flood damage to the property (to prove it could never be sold full price- as is, ) and an explanation of how I was going to get the money. At this point I was significantly behind (actually farther behind then the 10% I offered.) Originally my offer included 60 days to get the money and wire it to them, but the accelerated the time frame to 28 from the day they agreed- giving me slightly less time. Getting a few grand together in 20 some odd days was TOUGH but I did it. Mine was timed around a tax refund. I just went to court house this afternoon and explained it all to the Recorder of Deeds and she got a very big smile and said 'Well it's done now Baby.' When I asked about loop holes and scams and 30 years from now and what not she simply said "It's recorded. It's done."
Yeah, it's done.

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