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Select Portfolio Servicing

United States

Consumer complaints and reviews about Select Portfolio Servicing

patg Send email
 
Feb 7, 2014

Low life company with Matt Hollingsworth as CEO

My loan was transferred by Bank Of America to Select Portfolio Servicing in August 2012. I had been working on a modification for over 5 years with BofA and was one payment behind with them. Select took over and immediately told me I was three payments behind. I sent them proof but they insisted on another modification. I went ahead and they continued to show me from 90 days in arrears up to 120 in arrears. I sent their legal department proof of all my payments and factually made them aware I wasn't behind over 30 days. After over one year Bank Of America finally sent them the two payments I had told them about. SPS finally finished my modification and did apply the two payments but have never changed the credit bureau to be factual. Many phone calls and letters failed to help. Have just recently sent letters to Switzerland to the owners of SPS to get this straightened out. Letters to Matt Hollingsworth, CEO of SPS went totally unanswered. They are among a list of 4th rate organizations that you should stay away from. This poor reporting on the bureaus are a direct violation of the Fair Credit Reporting Act but they could care less.
THUNDERBIRDR7955 Send email
 
Jan 22, 2014

refi

I received assistance to get my mortgage current. I am trying to find out now why BOB doesn't know why RALPH {not correct names} has no idea what's going on with my loan. It is current however they{select portfolio} state that I am still behind by 1 month???????????? They also keep charging my account a late fee and if you did not know they check to see if the house is still there on the property standing. Whoops another fee. HOW CAN U B CURRENT TO SELECT IF THEY REFUSES TO B HONEST? They are NOT
ChasityM Send email
 
Mar 21, 2012

Dishonest/Deceptive Practice

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.
R Donner Send email
 
Feb 23, 2012

Dishonest/Deceptive Practice

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.
Oldmomrocker43 Send email
 
Feb 23, 2012

Dishonest/Deceptive Practice

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!
Foster Send email
 
Feb 23, 2012

Extortionists

Where do I begin? I guess at the beginning. Hope everyone is ready for a true horror story worse than anything Hollywood could dream up. We purchased our home in 1998 from my parents. This is our family home that has been in my family over 35 years. We can afford our home and have paid faithfully for our home. In July 2005 we refinanced with Countrywide. No problem paid our payments until about 9 months later we got a letter from Select Portfolio Servicing saying that we were in default and they were going to foreclose. SURPRISE, who the h**l is Select Portfolio Servicing. Apparently they had bought our mortgage and low and behold we were told absolutely nothing about this transfer. We had been paying mortgage payments to a company that no longer owned our mortgage yet kept the money.

So begins our relationship with Select Portfolio Servicing. So we worked this out with them so we thought and paid inflated payments to make up for the payments that were somehow just lost in limbo somewhere. We never recovered those lost payments either. We kept paying our mortgage and about once a year we have to fight with them and show proof that we are paying our payments and go through the whole you now us fees etc... We paid these and kept hoping that eventually they would stop their games. No such luck.

Then in 2008 we get a notice that we have five days to move because they sold our house. What the F***. We call them and they refer us to their attorney who says that we had not make payments for six months so they foreclosed and sold our home. News to us because we had proof of our payments and were never notified of anything from Select Portfolio Servicing.

We went rounds with him and found out they sold it to their own bank. We sent all our proof and they agreed to settle if we gave them $26, 000. So we cleared our 401k and sent them themoney . Their settlement stated that they would admit no wrong doing just that we contested what they said. They set our payment at $1515 a month with a fixed interest rate of 8%. Not great but manageable. We paid these payments and then in Sept. 2009 we got a letter that they were raising our payments to $2200 a month. When we called they refused to give us an answer as to why. We struggled to make these payments and in April 2009 they suggested a loan modification back to where we had originally settled on a payment. They said that if we paid the payments for three months it would become permanent. So we paid and paid and paid and have been paying this payment every month since last April.

Then on 2/26/10 we got a letter from Select Portfolio Servicing that was sent on 2/22/10 that we had until 2/23/10 to pay them $55, 000 dollars or they would foreclose. No explanation just that they wanted $55, 000 three days before we even got the letter. But wait this gets better. On 2/27/10 some man shows up at our home that we have been paying for for 12 years and said he bought our house. Again what the F***. So first thing on Monday morning 3/1/10 (which was my birthday --Happy birthday to me -- not) we contacted an attorney. Yes I know we should have done this a long time before but we are honest and paid our bills and just expected the same in return.

Anyway come to find out they did sell our home on 2/25/10 to a third party, a day before we got their latest extortion demand letter. No notice of foreclosure, no sale date posted, just decided to sell it. Needless to say our attorney is filing a lawsuit first thing this morning and we are going after them with everything we've got. We owed $183, 000 on the house and got nothing but BS from them about everything yet they illegally sold it to some bottom feeder for only $72, 000. Makes not sense to me.

My warning is to anyone dealing with Select Portfolio Servicing, do not deal with them. Pay the money and get an attorney. They may act nice on the phone but it is all an act. They are out to *** over. You will never get the same person twice and never get the same answer twice. I do welcome and appreciate any advice anyone can give me on how best to attack these vultures.

Best of luck to you all, the best thing you can do is get away from Select Portfolio as soon as possible because they are CROOKS and terrorists !!!
Predator Killer Send email
 
Feb 23, 2012

Extortionists

My best advive to anyone dealing with Select Portfolio is to get rid of them ASAP. Because they will DEFRAUD you out of thousands of dollars, then hire lawyers who rely on a persons lack of knowledge of laws to defraud you out of your property. I know because I'm going aftem and the law firm they hired.
Fernando Send email
 
Feb 23, 2012

Awful company

SPS is worse than fairbanks. and they have all these states hoodwinked into thinking that they are helping customers stay out of foreclosure with these 90 day 'stays'. i am now getting an attorney because they violated just about every term and condition of the settlement back in 2003. they are supposed to be open 7am-8pm EST monday through friday. well guess what they don't open til 7am MST which is 9am EST! and they are supposed to have staffed at all times a dedicated phone number for disputes-its a recording. the list is endless and now i am looking at circling the wagons for national class action suit. contact the press in your area your state senators your governors office and the FTC. there is a myspace account set up for victims of sps. time to take these same people that allowed fairbanks to run amuk down.
Autobodydoc Send email
 
Feb 23, 2012

Awful company

I have tried for over two years to have my mortgage modified only to be told i needed to give them $5, 000.00. In good faith for the loan and only two days to do so.I to have had to do endless paperwork several times over and have been told different things each time we enquired. The best one was not to pay our credit cards till we reached a deal for modification which has led me to bankruptcy for the credit companys have gotten judgements against me.and still the best part is i can afford my mortgage and pay my cards but when your mortgage i$s 675, 000.00 and your home is only worth285, 000.00. And your still willing to stay but sps still wants.to.foreclose.CAN ANYONE EXPLAIN HOW THAT MAKES SENSE
J M R Send email
 
Feb 23, 2012

Stalling on HAMP Refinance

As a follow up to my dilemma with Select Portfolio Services(SPS): I did send a letter to the Federal Reserve and cc'd SPS. The Fed responded to my letter and sent a notice of grievance letter to SPS. SPS responded that it was my fault, mentioning the "30" day period and that they have been trying, in vain, to work with me. BUT, low-and-behold, within thirty days SPS had readjusted my interest rate by cutting it almost in half. So if anyone is having similar problems I would suggest sending a letter to the Federal Reserve Bank in New York City. Wish you all the best! JMR PS: (to TWDJ) thanks to the devaluation of just about all homes countrywide, my current loan to value ratio is approximately 15%.
J.M.R. Send email
 
Feb 23, 2012

Stalling on HAMP Refinance

My mortgage was sold to Select Portfolio Servicing about 4 years ago. In may of 2009 I contacted SPS in order to apply for a refinance with the Federal Government HAMP Program. this company has been giving me the run around ever since. They insist I do not qualify for the program. Yet, If I go on the HAMP website, I meet every qualification. When pressed, SPS has informed me they did not submit my paperwork because it took over 30 days for me to send them the paperwork they requested. The 30 day period is their self-imposed window to review a mortgage holders' documents. Over the course of the 30 days, they kept saying they need additional paperwork, I send the document in, a few days later they need another document, etc, even though I submitted all documentation at the onset. Then, lo and behold, 35 days after I initiated the process, they call to inform me the 30 day window has elapsed and I do not qualify for them to submit the paperwork to HAMP. That was the first time any mention of a 30 day period was disclosed. Ever since then, they say they have in-house programs I may qualify for. I have lost count with the number of document requests they ask for, and re-ask for the same info i sent them a few weeks prior. In December I qualified for their 3 month trial Forebearance Program. If all 3 payments were made on time (which they were) and the submittal of, yes, you guessed it, additional documents at the end of the 3 month period, then the payment would be permanent. Well, wouldn't you know, they never asked for additional documents and turned me down for the permanent payment. So now, I get to go throught the whole process all over again. This circus show has been going on for just about TWO YEARS! What a quack outfit to deal with! I have contacted the OCC, Office of the Comptroller of the Currency, which suggested I contact the Federal Reserve Board. So, at present, the Federal Reserve has my complaint and hopefully they can render assistance with this problem.
TW DJ Send email
 
Feb 23, 2012

Stalling on HAMP Refinance

I wonder how many other of the loans that are chronically stalled have a good loan to value ratio. We have about 40% equity in our house and it would be a good deal for BOA to foreclose as they would make $$ on the deal.
What kind of equity do you other HAMP applicants have?

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