Select Portfolio Servicing
Does loan mods? Not a chance! Has anyone got one?

I was on here reading all of the complaints on SPS awhile back and was hoping it wouldn't happen to me and guess what it did... I submitted for a loan modification by doing a financial statement like they request that you do and i got a letter in the mail a week later saying right away i didn't qualify doe a loan mod due to lack of income so they say. I get one the phone with a rep from this company and they tell me that they take your net income and then they minus 20% and use that as your method to repay the loan (first thing that is crazy) but the rep tells me that knowing that lets do another one and we can make sure that i have 20% available so that the loan mod will go through. So we did, and you will never guess they call me in 30days and tell me that NOW it shows that i have enough income to support my elevated payment on the home because i have 20% in disposable money can u believe it??? Moral of this story is something needs to be done with this company and the way these mortgage companys are running things. We wonder why the housing market is the way it is and it is mostly becuase these companys wont even consider working with people who have never even been late on their payment at all. They would rather forclose on a home to lose $100,000 then to accept $200 less a month on a payment which is all interest anyway... Gee, what an awesome bail out plan huh??

Company: Select Portfolio Servicing
Country: USA
State: Nationwide
Site: www.spservicing.com

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