July 2021 Complaints Against SPS

Compiled from Public Data by FairShake

If you have an issue with SPS, you’re not alone.

The US government’s Consumer Financial Protection Bureau (CFPB) collects complaints against financial companies.

In 2021, the CFPB received 1302 complaints against SPS. SPS ranked Number 41 among all financial companies for the most complaints.


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Complaint Details:

Date of Complaint: July 1, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: CA

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

Full Complaint:
I was on forbearance till XXXX of XXXX it ended on XX/XX/2021 I ask for extension but they denied, my loan provider is select portfolio servicing. they assign it to foreclosure

Company response:

Response Type: Closed with explanation


Complaint Details:

Date of Complaint: July 1, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: WI

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

Company response:

Response Type: Closed with explanation

Public Response:
Company believes complaint is the result of an isolated error


Complaint Details:

Date of Complaint: July 3, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: NV

Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)

Issue: Trouble during payment process

Full Complaint:
You have closed the previous complaint for some reason. You did not comment on my final correspondence to yourself or from me to the company, ( select portfolio ).
The matter is not closed! They suggested that the matter was closed and you relied on their word? I sent them an additional certified letter and uploaded a copy to you on or around XXXX. It was received and signed for by XXXX XXXX on XXXX, XXXX, XXXX. Their recent response dated XXXX, XXXX, XXXX is a lie. My nresponse to that letter is dated today, XX/XX/XXXX and will hope to be able to upload it to you herein?

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 1, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: NY

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Incorrect information on your report

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 2, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: VA

Product: Mortgage
Sub-Product: Other type of mortgage

Issue: Struggling to pay mortgage

Full Complaint:
I am nearing the maturity date, and I am unable to re-modify the loan. I am facing three choices : 1. ) Short Sale, 2. ) Refinance, or 3. ) Foreclosure.

After the death of my husband in XXXX, I was faced with taking over the mortgage for our home. The original lender refused to work out a modification with me because of my lack of income, and as a result, my home landed into foreclosure status.

After looking for solutions for some time, I was finally able to obtain a loan modification. Of course, I was excited and relieved. My home was finally getting out of foreclosure status. I have been in this house for almost 50 years. My late husband and I created so many memories here along with the XXXX children that we raised.

I signed the documents for the loan modification agreement on XX/XX/XXXX. I was given the maturity date of XX/XX/XXXX. Five years. Five years seemed like a long time. Of course, Id be in a better situation than I was currently in financially. Or so I thought. So much has transpired in the past 5 years including a global pandemic. So here we are on the brink of the maturity date of XX/XX/XXXX.

I tried looking into the option of refinancing in XXXX of this year, but I was denied due to my income. So, I submitted a Request for Mortgage Assistance application to the same servicing company that had modified my home back in XXXX. After finally getting all the information to them that they required, it was XX/XX/XXXX. On XX/XX/XXXX, I received notification that I was denied re-modification due to Net Present Value ( NPV ). So here I am, facing the three options mentioned earlier.

Desperately searching for solutions other than selling or foreclosure ( because I would love to stay in my home ), I was informed by a reliable source that, typically, loan modifications are for the life of the loan. When I signed the loan modification in XXXX for a 5-year term, I did not fully understand that I could have had a modification for the life of the loan. I feel that I was not completely informed of all my options when signing the agreement.

Complaint Tags: Older American

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 2, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: WA

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 2, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: NY

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Closing on a mortgage

Complaint Tags: Older American

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 2, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: CA

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

Full Complaint:
Due to covid I was laid off from work : I live in California and we were completely closed down. I struggled and made payment for the 1st 5-6 after covid started but I depleted my savings. I applied for a covid forbearance plan from SPS and that went back and forth and eventually I was approved for a repayment plan ; which would increase my mortgage payment by about {00.00} This doesn’t help I asked if they could add the balance to the end of the loan and I have not heard back from SPS. Please help me make my payments again ; I was not late on my mortgage and struggled to make payment through all of 2020. Please help

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 1, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: IL

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


Complaint Details:

Date of Complaint: July 6, 2021

Company Official Name: SELECT PORTFOLIO SERVICING, INC.

State: TN

Product: Mortgage
Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

Full Complaint:
On or about XX/XX/XXXX, my aunt, XXXX XXXX XXXX ( deceased ), entered into a loan agreement with XXXX XXXX XXXX XXXX XXXXXXXX, for what she believed to be a 15 year mortgage in the amount of {000.00}. In fact it was a 15 year amortization with a massive balloon payment of {000.00}! I moved into the house with my aunt in XXXX of XXXX due to her declining health. I began to take over all of her affairs at this time, including the mortgage payments with a Special Durable POA. Aunt died on XX/XX/XXXX. I continued to make the payments to SPS until XX/XX/XXXX when XXXX took over and they began refusing my payments. I hired an attorney ( XXXX XXXX XXXX XXXX XXXX ) in XXXX of XXXX to handle this for me because XXXX threatened foreclosure. When the probate was opened no-one presented a claim on the property and I was informed that they needed to do this even if there was a note. XXXX XXXX XXXX XXXX XXXXXXXX has different attorneys handling cases and I spoke with several of them through out this time. I am not sure what happened exactly but the point is that the house was foreclosed upon and sold within their own company ( XXXX ) claiming that the loan was being serviced by XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX as a trustee for XXXXXXXX XXXX XXXXXXXX XXXX. This is how they continuously gave us all the run around about who to speak to. In XX/XX/XXXX I attempted to purchase the home outright before my aunt passed so that we wouldn’t have the need to go to probate, but I was unable to secure financing and close on such loans because we were never able to get any documentation from the lender in the form of payoffs etc. This went on until my last attempt in XXXX of XXXX. I have been going to court and have been trying to resolve this but have gotten nowhere. I am being evicted because the house was ” sold ” due to foreclosure and I don’t feel that I owe them the amounts that they say I do and I feel it is unfair since the opportunity to pay them happened on many occasions and they refused to cooperate to make the transfer happen and thus just took my home.

Company response:

Response Type: Closed with explanation

Public Response:
Company believes it acted appropriately as authorized by contract or law


FairShake accessed this complaint from the public archives of the Consumer Financial Protection Bureau (CFPB). You can file your own complaint with the CFPB here.

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