Select Portfolio Servicing (AKA Fairbanks Credit/Credit Suisse) is actually run by crooks who prey on unfortunate home owners by forcing foreclosure on them. This is how it works: When they foreclose on you they buy back these houses at $1.00 from the government and they get to write off the entire balance you owed as bad debt (therefore tax credits). Therefore to open everyone's eyes I must say it is a win-win for them when the house is foreclosed as there are no potential buyers they are guaranteed to keep the house at no cost plus whatever you have paid them made them millions already. This is exactly what the investors waited for all this time.
When the very same investors go through the legal process of buying back these houses from the govt. They can rent the houses by themselves and make tremendous money or not to mention when the economy turns around these guys will flip the houses left and right for million percent profits. Makes Sense? Banks are run by people & where there's so much future potentials are involved these crooks will do anything to get you out of your homes.
I am very sorry for all of you guys as Select portfolio is the perfect company to work with for the crook banks as there is a legal loophole which says the servicer cannot do a loan modification as they only have the right to service them and bring the investor bank what the homeowners have signed for. It's a win-win for the banks and loose-loose for us. Someone said it correctly: when there's blood on the street somebody must gain.
To make a complaint with the FTC please call this number: 1-202-326-2089 and we should all get together and file a class action lawsuit against both the lenders and Select Portfolio Servicing. Good luck to all.
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