Select Portfolio Servicing
Payments Doubled, Forbearance Failed and Sheriff's Sale Set

We, too, were sold out to Fairbanks, now SPS. We were involved in the first - class action lawsuit when they were formerly known as Fairbanks. (they ripped us off by adding on late fees when infact we were not late) What a joke! We got $50!!

We had been with SPS for 2 years and were paying roughly $800 monthly then over the course of a year our payments doubled!!! No joke! They told us according to the wallstreet journal "going rate" they were allowed to raise our rate by 1 point. Our interest rate hit nearly 15%. We checked the wallstreet journal rates each time they raised our interest rate and we did not see where the wallstreet journal rate was ever that high!

Like so many others, we are into foreclosure (again). The first time we tried to save our home was last Dec. 07. We signed up and were approved for their forbearance plan. Again, What a joke! We were told that if we paid $1400 for the first 3 months they would be able to modify our loan and in the 4th month add the late payments on (which by this time was about 20k) We were also told our payments would drop because they would lower our interest rate to 8 1/4%. Again, what a joke! After we make the 3 forbearance payments we were told that our payments would remain the same!!! LIERS!

Another fact: When our payments went up to 1100 it was difficult to make a full payment so we would make a partial payment. Our partial payment was set aside in an account until we were able to make a full payment. So, we have about $700 sitting in an account that has never went toward our payment. I can only imagaine where that money is now.

The sheriffs sale is Sep 5 2008. So, here I am having to deal with this all over again!

Company: Select Portfolio Servicing
Country: USA
State: Utah
City: Salt Lake City
Address: 3815 South West Temple

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