I found this website too late.
My mortgage was bought by Fairbanks Capital and then later I thought it was bought by Select Portfolio Services. I had no idea that Fairbanks had changed their name. I now understand why. It all started with SPS. I never had any problems with Fairbanks, but I only dealt with them for about 16 months before SPS became my mortgage company.
The statements I received from SPS wasn't showing our payments being credited to our account. I knew they had been made, had bank statements, checks, etc., but could never get anyone with SPS to verify my payments. Of course, fees were involved, and payments became very inflated without any schedule of fees being provided to me by SPS.
Everytime I would call, I would get the run around about my payments being posted. This was just the beginning. Next, my escrow account is in the negative. I am getting letters from SPS stating I had no homeowners insurance. I faxed dec pages, had my agent fax declaration pages, sent invoices of the insurance being paid without any acknowledgement from SPS. The taxes on my home were not paid, and the county sent me a letter to notify me of unpaid property tax and the foreclosure procedure. SPS can't find the escrow funds, said the county had made a mistake but they had a solution.
All I need to do is send in the disputed amount, they will settle it, and then they will refund or credit my account. I send in $7800 like clockwork, the county refuses to wait for SPS to settle this issue and they garnish my checking account for the outstanding taxes.
The next thing I get from SPS is a notice of foreclosure. It is the first thing I had received from them, other than monthly statements. No phone calls, no nothing. While SPS was working on my escrow, they discovered I am behind on my payments, which I am not, and they intended on foreclosing on my property. Now, understand, I am on the phone, talking to SPS and all of the representatives I speak with are now very rude, very condescending, and very blunt. They tell my now all my friends will know I don't pay my bills, etc. I even had one lady tell me, and I quote, "Sir, instead of wasting your time arguing with me, you need to be putting what little stuff you have in boxes and get out." I have never been so furious in my life.
It took me some time, (i didn't have much) but I contacted the firm in Charlotte who was handling my file, got the payoff, and paid off my home. I am fortunate. I have the resources to do this. I told the firm representing SPS what criminals they are, but they are just happy to collect their fees. My $181,000 note cost me $205,000 to retire. My home is worth $300,000. When I bought my home, the purchase price was $281k, and I put $125k down. You do the math. My mortgage balance should have been ball park $155k. I have lived in my home for 4 years.
SPS had my payoff, which included fees, at $181k, and to get my house out of SPS hell (forced foreclosure) $205k. The fees SPS added were addressed as late charges for missed payments, escrow shortages, forced insurance payments, etc, but I never received any documentation as to what amount was for what. I have never seen a schedule of fees.
These people are criminals. SPS ran foreclosure notices in my hometown paper, and put my foreclosure on every hot sheet that can be bought. One of the young ladies I dealt with from the law firm in Charlotte that is contracted by SPS told me when I gave her my payoff check that my home had already been sold, and one of SPS's shell companies had bought it. However, North Carolina allows a 10 day grace period after the sale and that time frame had not expired. I had no idea my home had been sold.
If you are doing business with SPS, you can not win. They are going to fee you until you exhaust what money you may have, then force foreclosure once they have ruined your credit. As for me, my credit, it is ruined. SPS made certain of that. My credit is plagued with 30,60, 90 day late pays or no payment from SPS. It is systematic. They try to convince you they are helping you save your house while they are breaking you with fees, penalties, etc. Then, when they think your credit has been ruined, your bank accounts have been purged, they foreclose. They did it to me and I never missed a payment.
I read this site and see people's stories and it saddens me. I know there are two sides to every story. SPS will tell you the same thing when you call them to complain. They may have decent people working for them, who think they are doing their jobs, and they may honestly think that accounts are in defualt. But you would think that after a while, after the name changes, etc, these people would notice the disturbing pattern in their workplace and realize that something is wrong here.
There are two sides to every story, but it seems that anyone who deals with SPS has the same story. I don't think it is a coincidence. If you are embattled with SPS, good luck and God bless. If you are SPS, I'll see you in court.
Darrell
Gastonia, North Carolina
U.S.A.
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