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gmakerley · Posted: Thu Aug 06, 2009 8:26 am Post subject: Select Portfolio Servicing Inc.

i suppose it's too late in life to be shocked by something, but i can't help it. i picked up the newspaper this morning, and saw a picture of a man standing in his living room. that's not so odd, but the caption indicated that this man had made mortgage payments on this home for 6 years before he found out it had been foreclosed on and subsequently auctioned off.

curious, i googled the man's name. it showed up, with full name, address and phone number. one of the other results was a newspaper article that had appeared a couple of days ago (this all takes place in west virginia). i clicked on that and was brought to the wv newspaper's site where i read further about this situation.

Select Portfolio, the mortgage servicer, was supposedly working on a modification for this borrower. unbeknownst to the borrower (without any notification at all), Select Portfolio began a foreclosure action. not having been able to sell it to anyone else, Select Portfolio bought the home itself at the auction.

keep in mind here that our borrower still knows nothing about all of this.

Select Portfolio then continued to send invoices to the borrower and collect his payments on the mortgage that technically no longer existed. the borrower discovered all this when the home went to auction a second time. oh yeah...guess why that happened - Select Portfolio neglected to pay the taxes on the house, so the second auction was a tax auction!

our borrower has sued Select Portfolio (GO FIGURE!), and that case is still pending. the company's spokesman was quoted as saying that the company doesn't comment on inquiries "about our practices and so forth."

if this isn't troubling news to the people of this country, to our government officials, to all the servicing companies out there who are legitimate, to all the illegitimate companies, then i don't know what will ever get to them.

this country has a severe problem with fraudulent purveyors, liars, cheats and overall scoundrels. forget the drug problems in the inner cities - this will bring us down much faster than some addict in an alleyway.

oh wait...i don't mean "forget" the drug problems per se...we still need to work on that too (iraq, iran, gay marriage, liberal vs. conservative, republican vs. democrat, smoking, nuclear testing, nuclear waste, global warming, and on and on).

seriously, that last paragraph was a flippant moment, but we really need to do something with fraudulent purveyors. buyers, borrowers, et al...beware!

jameshogg · Posted: Fri Aug 07, 2009 12:25 am Post subject:

Hi George,

It is really very shocking to know that a person had been paying his dues for the past six years when his property was already foreclosed. The lender was not responsible enough to inform the borrower that his property has been already foreclosed. It is good that the borrower has filed a law suit against the lender. He should also report about the malpractices of the lender to the BBB.

It's true that presently we are going through a crisis and there are lots of issues which needs to be taken care of. I would like to remain optimistic and think that we would definitely come out of this crisis. What do you say?

Thanks

Jessica · Posted: Fri Aug 07, 2009 5:59 am Post subject:

This is indeed something that we need to worry about. As it is, several borrowers are struggling to keep their homes - some have applied for modification, others are looking to refinance their loans. And, there are many who don't even have an option to save their homes.

We have laws being enforced from time to time; but this doesn't put an end to frauds and scams which keep on affecting innocent borrowers even when they're at the verge of losing their homes and getting laid off from their jobs.

It is good to know that the borrower in this case filed a lawsuit against the company. There are many who can't even afford the attorney fees. I think the scammers tend to take advantage of the ongoing crisis in the mortgage and housing market. To avoid being scammed, one needs to check the disclosures thoroughly, make himself aware of how a loan program works, verify the fees and clarify the doubts he may have regarding his mortgage loan.

Regards,

Jessica.

gmakerley · Posted: Fri Aug 07, 2009 6:33 am Post subject:

i am not convinced that notifying the BBB will make much of a difference, james, but i suppose there's no harm, right? as to your question about us coming out of the crisis....i absolutely agree that we need to have some optimism. otherwise, we grovel in our own spit and debris and get nowhere. yeah i know that's graphic.

there's nothing done or said that hasn't been done or said before. history repeats. we have had crises in the past and made it through. we will have additional crises in the future and make it through.

all the world's woes will continue until Jesus comes, after all.

Guest

Indeed there is nothing said or done that hasnt been said or done before , iknow of afreind who since july 2008 been going through hard times , imeen real hard time , he called the above for help with his payment options which they promised to look into, until recently when they served him with anotice of loosing his home while is only25 days over due
Ithink someone some where shoul do something ASAP to help

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

Aggrey Guiterez,

Its really sorry to hear about your friend.

But what I feel is,if he is currently employed then he can get the modification done of his loan so that he can afford the loan and thus it will save lot more headache for him.
If he is currently not employed then I will suggest that he should write a hardship letter to the lender explaining each and every details of the situation he is going through,so that in a good faith he will atleast get some more time to repay the loan or even immediate modification of the loan will also solve his problem.
keep me updated about the situation.

Guest

Aggrey, your friend needs to speak with a good consumer protection atty familiar with debt collection and Mortgage Servicing Fraud. Granted, anything I say here is superseded by the terms of the mortgage, but if your friend truly is only 25 days late, SPS has absolutely zero grounds to be foreclosing. There is a process by which servicers need to effect foreclosure regardless of the state. If that process is not adhered to, there are grounds to have the foreclosure action dismissed.

Fred, you're apparently not familiar with the Fairbanks Capital Corp./ Select Portfolio Servicing Inc. business model. Fairbanks/SPS has pulled more than half a billion dollars out of the HAMP program as of June 2009 if I remember correctly. financialstability.gov/latest/reportsanddocs dot html . If they had any intention of actually helping homeowners then, assuming the facts are true and accurate, people like Aggrey's friend would not be facing a foreclosure action from them all of 25 DAYS out. Somewhere around this forum is a thread addressing Mortgage Servicing Fraud. It might be of benefit to your friend, Aggrey.

Aggrey, if you like, have your friend drop me a line directly and I'll see if I can give them any suggestions.

Mike Dillon
Manchester, NH
Getdshirtz dot com

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

thanks Mike

I was really unaware about the facts about the company but it really gave me insight what could have been happened!

It is more because of redemption pressure from the investors.I hope the customer is not facing the worst treatment in this scenario.

fozman68 · Joined: 14 Nov 2007 Posts: 29 12.29 Dollars($)

This company used to be called Fairbanks Mortgage Company. They were in the middle of a major lawsuit, and after a settlement with the FTC, they paid up, and changed their name to Select Portfolio Services, Inc.
Unfortunatly, This is the company I fought with, before I finally sold my home.

Guest

Actually, Foz, their previous name was Fairbanks Capital Corp. . Keep an eye on them. They've been getting a lot of press lately - along with the rest of the servicers....

Guest

we have had select portfolio serving aka fairbanks capital,equi credit for 11 years now they will always try to forclose on ,keeping your mortgage in defult they posted our payments 6 to 12 late for 11 years now its a fraud.

gmakerley · Posted: Fri Jul 16, 2010 10:04 am Post subject:

Lucinda, please look through this thread for the post by Mike Dillon. He's been battling on this issue for several years and I'm sure he can be helpful to you in trying to rectify your situation.

Guest

WE HAD OUR ACC LOCKED FOR A WEEK,I CALLES AND SELECT PORTFOLIO SERVING SAID THERE PUTTING OUR HOUSE IN FORCLOSURE AND OUR LOAN IS IN DEFULT I HAVE HEARD THIS FOR 11 YEARS NOW AND IM SICK OF IT,IT THE SAME LIES OVER AND OVER AGAIN,I HEARD THEY ARE A COLLECTION CO. NOT A MORTGAGE SERVSER.

gmakerley · Posted: Fri Oct 08, 2010 2:05 pm Post subject:

Lucinda, are you the same Lucinda from 3 months ago? Did you try to get in contact with Mike Dillon to see how he was able to scrap his way out of his situation, so that you might see some light too?

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