I have finally gotten away from this thieving mortgage servicing company. And not a moment too soon! Yes, it cost more that I had anticipated, even with the ironclad "no prepayment penalty" clause in my mortgage agreement, but it was worth every penny!
I bought my home 4 years ago for an unbeliveably low price (I bought it before it was offically listed). Due to youthful ignorance, my credit was not so hot despite the fact that I had paid off all creditors, even charge-offs, thanks to a great job that I still hold today. My original mortgage company was a local firm but, as is usually the case, it was quickly sold to Fairbanks.
From the get go I had problems with this company, starting with my first two payments. Each were sent a full week in advance of the 1st of the month and BOTH were not credited until AFTER the 15th, resulting in late charges. Afterwards I began paying, via check by phone, on or before the 1st of every month, despite the 15.00 charge. All went well until last July of last year.
In early June of last year I found a mortgage company that could lower my interest rate from 8.75 to 4.75 by refinacing my 30 year mortgage to a 15 year mortgage. We are not talking an equity loan here, just a straight up refinance. At this point my home had an appraised value of double what I had paid for it.
While awaiting approval, I made my July mortgage payment to SPS via check by phone on June 29th. On July 10th, much to my horror, I found that this check had NOT cleared. I called SPS immediately and was assured, numerous times, that the mistake was theirs (all names/times documented) and that my payment had been credited for the 1st of July. NOT!
On July 18th I received a letter from SPS stating: "Your payment has been returned to Select Portfolio Servicing marked INVALID ACCOUNT" and further stating that I was responsible for any return check fees, ect. Hello! I have used this same checking account to pay for EVERY payment since 2001!
I am telling you NOW... These folks will stop at NOTHING to steal your home/equity. My saving grace was the fact that I never let them get away with trying to portray me as a deadbeat... Despite their best efforts.
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