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Select Portfolio Servicing

Discussion in 'Loan Modification' started by itladyintexas, Oct 9, 2009.

  1. itladyintexas

    itladyintexas LoanSafe Member

    Based on the many posts on this website, government compliance websites, mortgage watch-dog group websites, "rip-off" updates websites, and others, it is apparent that a thread of discussion concerning Select Portfolio Servicing needs to be resumed. I say resumed because I recall seeing some very good information about this servicer some time ago. Moe has created a website that has become a critical component to survival during these tough times. I have read that a few people have successfully managed to get SPS to work out a home loan modification plan, if there are others please share. If there homeowners still struggling like us to make it work with them please let's share our thoughts, experiences, and suggestions. In looking at the new Fall Stats released reflecting modifications, it is glaring that these numbers are skewed and not reflective of what is really going on with home loan modifications particularly with SPS. It is wonderful to know that some servicers and lenders are trying to help homeowners who just need a lift back to normalcy. I also have reason to believe that some of the comments being posted on this website that are positive concerning SPS is being made by their Offices to put a positive spin on things. I actually was told this by a representative in a mortgage company. More importantly is that everyone in America with this lender or servicer needs to post and let everyone know what really is going on. If it is as bad as my Realtor tells me it is then they need to really have government action taken against them. I already found that they were Fairbanks Capital and had a US Gov Class Action Lawsuit brought against them. In closing, we know that all of these workout plans by design are for the benefit of the investor and not the homeowner, but some of the decisions being made are putting citizens on the street and are certainly not to the advantage of the investor. I work for a homeless social service agency and at least 20 people a day tell us that they have been foreclosed on and put on the street. Folks, they are living in shelters in the area. Just today in the rain we put 3 families into a hotel. They had their paperwork showing that they thought they were on forebearance, then a HAMP plan, then they were denied after making 3 trial payments, and then out of the house. It is heartbreaking and I have nothing but empathy because we are trying to not end up like them. We are embattled in our own HAMP issues with SPS. In Texas they can foreclose faster than anywhere else and the lender simply exercised the right to foreclose based on notices sent months ago. The families thought that the foreclosure proceedings had stopped because of the trial period, but SPS foreclosed anyway. Times are rough and we can make it through with encouragement and advise from our experiences. I apologize for the long post, but this entire matter is overwhelming for us all. Keep the faith and strength.
  2. davakrikev

    davakrikev LoanSafe Member

    We were just denied on a short pay request with SPS after several months of negotiating with them and meeting all of their requirements. We also just filed complaints agianst them with the California Dept. of Consumer Affairs and Dept. of Corporations. We'll see if we get any response. They are are bunch of deceitful liars.
  3. MyHAMP

    MyHAMP LoanSafe Member

    Please check the link in my signature. In our case, they were a dream to deal with but that certainly does NOT mean that this applies to everyone else with SPS as well.

    PS. Our case is not made up...;)
  4. davakrikev

    davakrikev LoanSafe Member

    You are the first person I've heard that has anything positive to say about them. Not exactly a stellar track record on their part. To me, it certainly does mean that applies to everyone else associated with SPS. They have blatantly lied and deceived us and many others and those cases are not made up either. Maybe they were a dream to deal with because of an ulterior motive. It's great your situation worked out so well but I doubt they did it because it was the ethically, morally right thing to do. Or they suddenly came to the conclusion that they really need to start helping these poor homeowners. It's all about what benefits them the most.
  5. MyHAMP

    MyHAMP LoanSafe Member

    Unfortunately, it seems that the last sentence applies to virtually ANY lender. It wasn't different in our case either:

    The modification benefits them the most as well.
  6. michelle kaber

    michelle kaber LoanSafe Member


    sps just denied after 3 trial payments basically saying they now won't as their investors aren't willing to all of a sudden. Unbelieveable. Stay tuned as the fight begins...

    My original paperwork says credit suisse, does anyone know if they are same??

    Thanks, mk
  7. puglug

    puglug LoanSafe Member

    You are the first person I have run across that also has credit suisse as their investor. I have them too. They are a huge company and own SPS. Keep fighting, try the ombudsman dept. It took me a 1 year and 3 months, but I got my papers and sent them in today. Just don't give up.
  8. classactionsps

    classactionsps LoanSafe Member

    I am a current consumer of select portfolio servicing and they are not honoring the intention of the Making Home Affordable legislation. I want to gather a large enough group of consumers in the same situation as we are so that we can form a class action suit. We cannot pay a lawyer on our own but together, we can have power. If you want more information and want to help, email me at classactionsps@gmail.com.
  9. goldie

    goldie LoanSafe Member

    I hope you follow MyHamp's postings. SPS renegged on her loan mod!!! :eek:

    AFTER she thought everything was fine and dandy...
  10. MyHAMP

    MyHAMP LoanSafe Member

  11. goldie

    goldie LoanSafe Member

    Your story is one of the leading reasons WHY I didn't sign the B of A perm mod I was offered. My perm mod was also loaded with clauses wanting me to waive any future legal rights. Uh-uh. Homey don't play dat.
  12. MyHAMP

    MyHAMP LoanSafe Member

    Our case shows that the servicer sometimes doesn't even care what the agreement says. They certainly didn't have the right to back out but they simply did..:rolleyes:

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