Greetings, i was 2 months behind in our mortgage, in february it was 3 months, i sent a bank check for the 3 months over the internet as i have done many times before, 1 week later it had not been cashed, so i called sps, and they said it was now in foreclosure, they offered me a forebearance agreement, 2800.00 down, 704.00 a month for 6 months, on september 30 when the agreement was to end, a balloon payment of 9211.36 was to be received, if not foreclosure would continue. It took these professionals almost 5 weeks to approve the forebearance plan, of course we had to retain an attorney. My wife was home when she was hand delivered foreclosure documents on 2 separate occasions. You see, reputable financial institutions would have offered the agreement first, then if that did not work out, they would have no recourse but to start forclosure proceedings, but this is the way sps/fairbanks makes extra money, and makes it very difficult to refinance. When you mention sps/fairbanks to a potential lender, they actually feel sorry for you. I asked for a payoff to be sent to me, no problem, first they charged me 20.00 for the payoff, not once but twice, in new york they can not charge you for a payoff, i got the first payoff on 5/15, the expiration was 5/13, great people huh? After 5 months of trying to refinance (i must have tried at least 30 lenders) i found a company that would refinance us. We closed on 10/05, and we just received a letter of congratulations from sps yesterday 10/28, stating, congratulations we have received the full amount due to payoff your loan with sps, this payoff is effective 10/17. I plan on framing this letter to remind me of how close we were to losing something so important to us. Please don't get me wrong i was the one that fell behind in the payments, but sps/fairbanks started proceedings first, then offered the forebearance agreement, all the lenders i talked to said the same thing sps/fairbanks are crooks and should be shut down for the way they treat their clients. Finally for all of you that are dealing with these crooks, persevere and you will find some company that will help you, i did, at a lower rate!!! What a relief to be rid of these bottom feeders
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