Complaint / Review
Select Portfolio Servicing, Aka Fairbanks Capital Corp
Ripoff as to mortgage payoff for residentail closing

We are a real estate company trying to secure a mortgage payoff on a loan so that we can close a property.

Closing has been canceled twice now because company has not gotten me a payoff. We started this on August 5th. After three phone calls, different days, I was told they didn't have copies of mortgage or note, yet were sending payment slips every month.

In calling yesterday, I was told they still didn't have these papers and it would be at least ten more days. We have to close this property on Friday or the buyer's rate lock will expire... So the seller could in essence close on his property but never get his proceeds because the title company will not release them until it gets the PAYOFF.

I might add that under normal circumstances I either get the payoff before I even hang the phone up or within 24 hours.