Is Select Portfolio Really Going to Help?

[glorums]

Hello everyone. I am new to this site (I found it when I was googling searches). I've been trying to decide if I want to go through the emotional trauma, yet again, with Select Portfolio Servicing. I've been trying to get them to do a modification since December, and every time we talk, it ends up the same. They tell me about these new programs, I spend a lot of time on the phone, with me giving them my income/output information. Then they say that they can't help me after all.

In January, I gave up and listed my house on the market for a short sale. I found a rental and tried to move on with my life. I've been depressed because of my failure to keep the house, and wonder if I should have done more. When I bought my house, it was at the peek of sales (August 2006). Now the house is worth 1/2 what I owe.

Last week I got another call from SPS, telling me about the new government programs that could help. They sent me a Forbarance to Modification Agreement, in which I pay a certain amount for 3 months, and then they will reivew my account for a possible modification. They cannot guarantee me anything until 3 months are up, only a verbal account of how they've helped so many people.

Of course I'd like to keep my house. I know Select Portfolio is obviously looking out for themselves, regardless of what they tell me. I don't want to get excited again, just to have them say "oh we cant help", just the way they have in the past. I don't know enough about programs, and maybe this is just a big risk. I was wondering if anyone has really had any success with Select Portfolio or if I'm better off with the short sale route. Thank you for any advice.

[Vick2009]

Glorums,

I am also with Select Portfolio. After tryiny multiple times to get a mod, they finally approve me for the 3 mths forbarance plan.
They told me to make the 3 payment after which they would see if I am qualify for a permanent modification.
I am very nervous about this but it's worth a try. I called several times about this agreement aking " what if i'm denied after making my 3 payments". The reps would tell me to just make my payments on time and that should be enough to show good faith that I can make the adjusted payments going forward.
I also have a 2nd loan on my house of which i'm not paying until I get a permanent mod from SPS.
I'm keeping my fingers crossed and hoping for the best. I'll be making my 2nd payment this month and my final next month.
Keep me posted, please!

Thanks

[giari3]

My friend has Select Portfolio. She had big time success!!!! They contacted her out of the blue. Told her that her payment would be reduced from $2635 to $2142 (around those amounts.) Does not include taxes/ins. She said they never asked her for income verification or anything else. I told her to call and tell them that and how is it that they determined this without income. So she called and now they lowered her monthly payment to $1835 (it now includes taxes/ins.) OMG that is what I call SUCCESS!!! If only we can all get that lucky. The response for all this has been no more than 3 weeks all together. She does not know what program they put her on. I must add that her payment is due on the 1st and she often sends the money until the 17th or 18th, having to pay late charges. I had never heard of Select Portfolio. So those of you that have it, don't loose hope!

[Vick2009]

That is great. Congratulations to your friend. I hope I get the same success.
Thanks for sharing and giving us hope!