SELECT PORTFOLIO SERVICING, INC
Consumer Complaints
There are over 9109 complaints on file for SELECT PORTFOLIO SERVICING, INC. Dated between 2019-12-06 and 2012-02-28.
Complaints Page 92
2018-01-25
Fort Myers, FL
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-25
Buena Park, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-25
Hollywood, FL
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-24
Las Vegas, NV
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-24
Irvine, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-24
Orland Park, IL
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-24
Palatka, FL
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-24
Greenwich, CT
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-01-23
San Diego, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I have been trying to modify my loan for over 4 years now. I have submitted documentation time and time again to no avail. I requested an appeal based upon the last streamlined request for modification by XX/XX/XXXX. XX/XX/XXXX, I submitted the streamlined modification request however on XX/XX/XXXX, I received another forebearance with payments of XXXX which would be for 12 months AND a balloon payment of approx {$130000.00}! At which point, my representative was advised that there would be no guarantee of a modification. This was very perplexing and frustrating.
All this time I was waiting I was excited for my family and myself because I actually believed the bank was going to actually review and come up with an affordable payment when I submitted the streamlined application. It appears to me that they did that only to make it seem like the bank was trying to help but they had no intention, especially not with those numbers and keeping the same rate of 7.45 %.
I requested an appeal and as of XX/XX/XXXX, they had not received the request for the appeal however, my representative advised the SPS representative to please notate the account and he advised that he would. I still have not received a reply to the appeal. Then again, I do n't know how they are reviewing since I was not asked for my documentation. The NPV document did not have any information other than the value based on average sales of the property but no appraisal.
It appears that the bank is going through the motions since it has been a long time that I made a payment. This was not because I did not want to but because both my mother and I had experienced a real hardship in XX/XX/XXXX. As I mentioned I reached out to the bank but they kept denying a modification and sending me forebearance with huge payments as a workouts.
We purchased the home in XX/XX/XXXX, for $ XXXX, and the current principal balance is approx $ XXXX plus arrears. Had the bank allowed us an afforadable modification back when we started the request, we would not be owing so much in the arrears. Yes we had a major hardship, however, as time has gone by, our financial situation has changed, yet I can not refinance due to the negative impact on my credit.
The bank will not lose money by modifiying my loan. On the contrary, since the loan amount is now over $ XXXX, they will be making more. If I sell the home, we would lose our family home and all it entails.
We are requesting your assistance to ensure that our request for modification review is properly calculated and not have the bank continue to give us an unaffordable workout. We do n't want to lose our home and be displaced and end up homeless.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-23
Verona, NJ
Trouble during payment process
Mortgage: Home equity loan or line of credit (HELOC)
Complaint: I opened a HELOC with XXXX XXXX XXXX XXXX ( I 've banked at the same bank office since XXXX when it was XXXX XXXX XXXX ) in XXXX. Last XXXX XXXX sold their mortgage origination business to an organization, XXXX XXXX XXXX XXXX XXXX XXXX, as part of their attempt to not be a XXXX XXXX and engage in more growth.
From the first communication from SPServicing, I have had to call them many times, and send a couple of requests to their ombudsman, to correct the errors. One involved the interest rate on the HELOC which was .25 % below the posted XXXX rate. They misread the originating document and started my account with SPServicing at XXXX above prime. One response to me implied that my interest will increase each month!
In XX/XX/XXXX I started the process of applying for a new Home Equity Loan with another local bank, but stopped when my wife received an estate distribution which more than covered this SPS account.
On XX/XX/XXXX I called SPServicing to apply for a payoff quote. I followed their online instructions, and waited for the quote to arrive in the mail. It arrived yesterday, XX/XX/XXXX, but had an expiration date of XX/XX/XXXX. It was no longer valid. I spent a lot of time on the phone with them yesterday, and a CSR told me that I should receive an email notifying me of a message in their on line message center with a payoff quote that I could mail to them with my payoff cashier 's check.
No email or message has appeared in my email inbox or the SPServicing on line message center. My wife spent time on the phone with them again today, and their response was to submit a new request, with the same delay in getting it. Since SPServicing is moving my account to XXXX XXXX XXXX XXXX effective XX/XX/XXXX, that means the payoff quote will probably arrive on XX/XX/XXXX and expired. ON top of which it will be no longer valid with the transfer to XXXX XXXX XXXX XXXX.
That means we will have to start the whole process over with XXXX XXXX XXXX XXXX. This chain of events is totally unacceptable.
One thing making this payoff even more critical is that we came home on XX/XX/XXXX and found the cold water and waste line in the bathroom frozen. While trying to heat up the pipes, I had all working until I turned on the cold water to the shower/tub, resulting in a burst pipe and severe damage to the kitchen below. We called our insurance company and our plumbing and XXXX company in the morning. Both responded promptly, sending a plumber and a restoration company, who responded within a half hour and fixed the burst pipe and removed all the wet ceiling, walls and insulation. Fans and commercial dehumidifiers were employed to dry out the walls. Contractors have begun the process of rebuilding and the insurance company has issued us two checks, but the second check was issued to us with SPServicing included in the payee line. This has added more aggravation to our travail.
I have been convinced that SPServicing is not what they claim on their website, except for the fact that they identify themselves online and in their phone greeting message as a " Debt Collection Agency! ''
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-23
Austin, TX
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-23
New Cassel, NY
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-01-22
Fort Washington, MD
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-22
Odell, OR
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-22
Moapa, NV
Applying for a mortgage or refinancing an existing mortgage
Mortgage: Conventional home mortgage
Complaint: Hello, in 2008 I was XXXX XXXX from my job. I found another job, but was XXXX around 54 % of my previous income. During that time, my loan was with XXXX XXXX. I asked well before my lay off if they are able to help me until I am able to be at a fairly good standpoint. I also called all my credit cards and requested the same. I have never been late on any of my accounts at that time, and I had a FICO score of XXXX. I was told by XXXX XXXX there is nothing they can do, and to make sure I sell my stocks before I default ( while she laughed ). I ended up losing a good percentage of my stocks due to the crash, as well as cashing some money out to help with my XXXX, to the point all my money was gone. It was n't until I missed two payments that I received a call from XXXX XXXX stating they can help me.
Prior to the modification I had a principal balance of ( rough estimates ) around {$220000.00} with 22 or 23 years left on my mortgage. I then spoke with them about a loan modification. I also asked if I may pay what I can to apply to my mortgage loan. I was specifically told by making a payment, it does not show hardship and my modification may be denied. In short, when the modification was finally completed my new principal loan was now around {$310000.00} with a new 40 year term. My home was already undervalued, and with the modifications undervalued my home even further.
My loan is now with XXXX XXXX, and I am unable to do a refinance that will make my payments lower than what I pay now. My main questions are : Why would they increase my principal balance and term, rather than keeping my original principal the same with an extended term to lower my monthly payment?
I have spoke with multiple people who own multiple properties that all had principal reductions. I was just trying to save my one home.
Also, now my loan is no longer with XXXX XXXX or XXXX XXXX, with no equity am I still able to refinance without paying more than I am now?
I have a bigger family who are getting older, as prices and medical cost keep rising, while my salary has not increased. I am close to struggling again, but as before try to anticipate my options to prevent that struggle from happening.
With the increase in principal and increase term from XXXX XXXX a mistake? I noticed those who received a principal reduction, and actually got help from the loan modifications were those who had bad credit, with multiple late payments. Was I judged base on my credit history and willing to pay?
Thanks for your help.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-22
Discovery Bay, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: In XXXX, I was laid off from my employer, and after that I developed XXXX XXXX in XXXX. Unfortunately, I was only collecting unemployment, only {$1800.00}, which was a third of my original salary. I was not able to qua! ify for any XXXX assistance. So I got behind in my mortgage payments. So I worked with Select Portfolio directly, to process a mortgage modification with an attorney named XXXX XXXX, because after I tried to do myself, they kept stating that my package was incomplete, missing documents I sent, resent, faxed and emailed directly. Each time, they state that the modification was denied due to incomplete submittal. I went through this process 12 times, re submitting and getting the same excuse for denial. Finally, my attorney says he can not help me. So that 's when I hired another legal advisor, XXXX XXXX. I worked several years on a work out option, I even tried to pay the past due amount to re instate my mortgage. They refused me to make any payments, and will not accept any at this time. Even when I went back to work, they still denied a loan modification. All in all, it was a terrible experience, I was offered to try to modify, and 12 times, they lied, and misplaced my documents, and very rude people to deal with.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-22
Smyrna, SC
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I own a home I tried to sell XX/XX/XXXX. No offers as it is underwater since XX/XX/XXXX. Realtor, then said short sale. I agreed but had to not make any mortgage payments for 2-3 mo. done. 1st Offer came in XXXX. I, realtor, lawyer did everything & beyond what SPS required. They have stalled, lied claiming they do n't have this document or that, yet they did and do. They have continued this from XX/XX/XXXX to XX/XX/XXXX when they finally approved a short sale that expired XX/XX/XXXX. THEY DID NOT APPROVE THE 1st or 2nd ( which is still on table as of XX/XX/XXXX ) OFFERS YET. The 1ST buyer backed out a day before SPS sent out the previous referenced letter. I fired that realtor due to his not informing me of things, let alone new damage done to my home during the hurricanes that summer. ( I live 3HRS inland & can not drive there willy nilly to check on my home ) Hired a new realtor ( XX/XX/XXXX ) and within a few weeks a new offer on my home @ substantially less now due to the damage to my home, hole in roof/ceiling etc. Again, SPS had XX/XX/XXXX/XX/XX/XXXX/XX/XX/XXXX to approve the offer! Nothing, In XX/XX/XXXX I began getting duplicate letters from SPS as if I just began this short sale process all over from the beginning. I am going to lose this 2nd offer, my home is getting more and more damaged as SPS keeps fooling around with irresponsible requests for documents that they indeed do have. Please XXXX Select Portfolio Servicing Inc. You will see exactly what the problems I am having.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-21
Hinsdale, IL
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-20
San Antonio, TX
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-19
Coconut Creek, FL
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-17
Foothill Ranch, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: On XX/XX/XXXX I was approved for a loan modification with XXXX XXXX. I was sent the APPROVAL which stated I would begin my trial offer payments on XX/XX/XXXX ending in XX/XX/XXXX. I paid all 3 trial payments via phone payments to XXXX. On XX/XX/XXXX I call XXXX to make my XXXX payment and they tell me my file has been transferred to SP Servicing and that I would have to call them to make the XXXX payment. I call SP Servicing to make the payment they tell me they do n't have record of the modification. They also proceed to tell me that I would have to start a NEW modification ALL OVER AGAIN. After months of processing the paperwork for XXXX, the endless documents that were emailed and faxed and uploaded to their system, the hundreds of phone calls to follow up to ensure the proper documentation had been received, after almost a year ... ..I finally received my modification from XXXX. They completed my modification but after the transfer SP Servicing stated they could not find my paperwork. I was more than devastated!!! By XX/XX/XXXX a new modification was opened, and although I sent paperwork to stop the foreclosure, I still fought like XXXX to ask the customer service reps to find the modification that was approved. I called SP Servicing profusely to find out what happened to the modification that was transferred from XXXX to SP. These calls went on from XX/XX/XXXX to XX/XX/XXXX when finally a rep found the docs and mailed them to me. The date on the approval from SP was supposedly XX/XX/XXXX. Please note the address from SP is incorrect. I have attached a copy of the approval from XXXX ( with my correct address at the time ) and I attached a copy of the supposed approval from SP with the WRONG address. I NEVER received my modification from SP because they were irresponsible and sent my package to the wrong address and have not taken self-responsibility for it. The person who is investigating my case at SP must make sense of this case. So what they are doing is looking in their system and " GUESSING '' as to what happened. Instead of taking responsibility for sending my paperwork to the WRONG address they are trying to make a case that says this : " We sent you the modification approval XX/XX/XXXX and You did not respond to us and the docs are now expired ''. Now, SP must use common sense and should understand that if I NEVER received their docs, HOW CAN I SIGN THEM???? They finally sent me the docs in XX/XX/XXXX. I signed them and sent them back and SP states, " OOPS, SORRY, YOU ARE TOO LATE '' docs expired you 'll have to start the process over again!!!! For the record, I contacted XXXX Executive offices and they not only told me that my file was electronically sent to SP on XX/XX/XXXX, but researched the fact that XXXX sent my CORRECT address to SP. You will see attached, the approval from XXXX that CLEARLY states my correct address. In addition, I have spoke with over 50 people who verified and CONFIRMED that SP sent my modification to the WRONG address and now SP has a foreclosure sale date of XX/XX/XXXX because of their own wrongful doing. The person who will investigate this account ( from SP ) will need to look at the customer service reps notes. They have confirmed and noted in the SP system that they see the documents were sent to the WRONG address and there would have been no way for me to receive nor sign the modification. The person at SP who last investigated this situation is blaming me for not signing the documents on time. Does his realize if he had sent the documents to the correct address I WOULD HAVE SIGNED???????? A little common sense will be needed in order to figure out what just happened to me and why I am about to lose my home. During the years of fighting ... ..I did 2 major feats to show the public how wrong the servicing companies are. I went to work as a Manager for XXXX- Loan Modification Department . During this time, I felt defeated and knew the general public were losing homes left and right because of internal processing with the call centers. These internal errors of losing clients documents, over-worked underpaid hourly employee 's felt they were owed " more '', high-turn over within the organization, lack of or NO follow-up on the behalf of reps, etc. is the reason why MILLIONS of Americans were and are losing their homes. I was so devastated I even wrote a book on modifications and the destruction the so called " banks '' do n't reveal. ( Found on XXXX ) Servicing companies are who you are speaking to not the BANK! I am about to lose my home because of internal error. However, the folks on the call-center floor have confirmed that the documents were sent in error and here is the short list of names who have confirmed. ( I have asked so many more that confirmed, but there is not enough room for me to type : NAMES OF CALL-CENTER CSR 's that have made notations that SP Servicing company sent information to IN CORRECT address are as follows : XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX, XXXX, XXXX XXXX, XXXX, XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX on XX/XX/XXXX, XXXX XXXX, XXXX XXXX, and XXXX XXXX. These are only to name a few. I HAVE MORE!
The person who will be investigating this case for SP will need to review notes in your internal system. There you will find what really happened. Also, XXXX from XXXX Administrative Executive offices tried to contact SP and ask when does SP notate they received the file. She also reminded them that the file was sent XX/XX/XXXX ELECTRONICALLY that took less than one day to send to SP. When I called SP they could not tell me when the file transferred from XXXX to SP. XXXX stated she will make herself available to SP Investigator in the event this person has questions as to when the file transferred and the address XXXX had on file. XXXX had the correct address and sent it to SP. It was SP who made the mistake and did not send me the correct modification docs. ( on time ) Furthermore, you will find SP is trying to make up stories and say my income and lack of documentation is the reason why the mods were denied. Well guess what, after running a Loan Modification Department, I used to train employee 's how to run the NPV tool. I have attached the results from where a NPV was ran on me. The income was input incorrectly and I was denied because they stated I did not have enough income. They ran the NPV stating my income was XXXX I have attached paystubs to show just how wrong they were. In addition, how does SP say I did not turn my documents on time when NO LONGER THAN 1 MONTH WENT BY WHERE I WAS APPROVED by XXXX. Does SP have a leg to stand on? Do they realize I had just sent ALL PROPER documentation to XXXX and RECEIVED a modification??? could it be there lack of handling paperwork, internal error and high-employee turn over that creates unstable environments for approvals?
To the AMERICAN citizens who have lost their homes to foreclosure ... ..I am sorry. We have human beings working on our cases and they make mistakes. Mistakes that hurt us and mistakes that change the course of our lives. All we can do is stick together and FIGHT FOR WHAT IS RIGHT ... ..when we have been wronged ... ...
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-16
Carrollton, LA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-16
Oak View, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-16
Moreno Valley, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-01-16
Las Vegas, NV
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: We received ourmortgage from XXXX XXXX XXXX in XX/XX/XXXX.We have never fallen behind on my payments until I experienced two major medical issues, one of them is XXXX which I am receiving XXXX treatment for. I have applied 3 times to XXXX XXXX loss mitigation department to get help with my hardship because I do n't want us to lose our home. We are elderly and need help from our lender to get current and start making mortgage payments again. Each time we have been denied for assistance because the investor refuses to grant us a trial modification for no reason other than they would rather foreclose. We received this mortgage from a public lending institution during the period of time from XXXX - XXXX that mortgages were considered predatory and should receive mortgage assistance if experiencing hardship. We meet all criteria and guidelines that the federal government put forward to keep people like us from losing our home. I know HAMP is now expired, but it was n't expired when we first asked for help, and they still refused. Most recently we spoke with XXXX XXXX who told us clearly that the investor, XXXX XXXX XXXX, will not allow SPS to grant us a trial modification. Please help us.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation