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:
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:
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