I too, have been ripped off by SPS. I have been trying for two years to deal with them and they know nothing, hang up on me and provide no answers or explanations to any of my questions. My mortgage has caused me serious hardship but I don't want them to win. They have taken unexplained fees and additional charges, raised my mortgage, and not allocated payments probably. Somehow I still owe the same amount for the last two years, despite paying a 2,000 a month mortgage. They have horrible customer service and give you no answers or explanations. I have even tried HUD and we called together, and they hung up on us when they heard the HUD rep on the line. I don't know how with all the complaints and comments that they are still in business. It is frustrating and upsetting when you feel that someone is stealing your hard earned money and getting away with fraudulent business practices. What is the next step and how many complaints does it take to get someone's attention??
Thank you.

I am an attorney and real estate broker. I have been attempting to facilitate a short sale on a property I am listing for a client. After over four months of receiving requests for documents I have previously submitted, and after SP Servicing REFUSING to counter to not one, but two offers, I am at wits end. I will be filing a lawsuit shortly. The lender (loan servicer) continuously LIES, making representations they don't deliver on, constantly saying the issue is being escalated, fast tracked, or otherwise being sent to someone [higher up] to look into complaints. That doesn't happen. Two BPO's were performed. The first was about 10-20,000 too high. I disputed it (BIG MISTAKE) and they took 30 days to respond that they stood by their BPO, despite me providing sales of IDENTICAL floor-plan properties within 100 feet of the subject. Then, because the BPO had been over 6 months old, they performed another. This time their valuation went up by $8,000, despite additional sales of IDENTICAL floor-plan properties (its a very popular floor-plan in the neighborhood) selling for 5000 to 10,000 less. Plus these other properties had amenities such as granite counter-tops, swimming pool, corner lot, fenced in yard, etc, which the subject property had NONE of. Again, I disputed, which is SOMETHING YOU DONT WANT TO DO. All that it does is push back the process by 3-5 weeks.

THESE PEOPLE ARE EITHER MORONS or they are perpetrating a fraud, violating numerous laws and regulations. I wouldn't be at all surprised if they are intentionally frustrating a short sale, so they can foreclose and get another realtor to sell the house, thereby receiving illegal kickbacks.
IF YOU DO attempt to negotiate a short sale, if they begin by telling you it will very possibly take 4 to 8 weeks, you're in trouble. That's the first lie. The customer service relationship manager will also constantly present inaccurate information, even to very simple, specific questions, This is either due to the fact they are inept MORONS as well and don't have a clue about what they are saying, or they are being systematically deceived by their superiors and think they're telling the truth. One final explanation is they are being instructed to give evasive and or inaccurate responses, or worse yet, to out right deceive the borrower. .

Naturally, in this business the turnover is substantial, so don't expect to speak to the same relationship manager twice. Although it's not impossible.

Bringing complaints to the Ombudsman are equally futile. I never thought I'd say this, but there is a WORSE company than OCWEN. Select Portfolio Servicing is the most problematic loan servicer I have had the unfortunate opportunity to work with.
If you would have any questions or more information regarding SP Servicing and their illegal business practices, please contact me at [email protected]. The soon to be filed lawsuit can be amended to a Class Action.