Select Portfolio Servicing Inc Increasing Payments that are not in the Contract1 Salt Lake City Utah
I had a 1st Mortgage with Bank Of America of $225k and a 2nd with another company of $67k. I was diagnosed with Multiple Sclerosis and could not work full time. As a result, my wife of 16 yrs divorced me and this all forced me into a Chapter 7. It was discharged Sept 2010. I included the house in the charter 7. Bank of America called me 12 months after my 7 was dimised and ask me if I would be interested in the "Obama"Home Modification Program. I had nothing to lose so I went for it. Keep in mind that I didnt make any House payments for almost 2 yr's and the didnt even start the Forclosure process! I gave them the info they ask for and they approved me for payment of $1168 per month that included taxes & Insurance. I paid B of a on time every month for 18 months ($1,168) and then they sold my loan to SPS. I paid the same payment with them for 3 month until I received a letter stating that I was behind on tax reserves and my payment was going to increase by $85 for 3 years! I understand that taxes go up but not by $3,060 more per year! When I called they said that when my Loan was transfered, my escrow account was short $3,060! but won't show me the paperwork explaining why. I have a ledger from B of A that show's my taxes were current but they don't care. They also stated that I called them back in Feb and ask them to spread the $3k out over 3 yr's (I never called) if I would have, I would have tried to get to the bottom of it then! Now I have to file complaints with all of these worthless Government Agency's so they can pretend that our Tax $'s are hard @ work! The Consumer Finacial Protection Bureau is a Joke! They don't find offenses and fine the Company that's stealing your money, they just pass your complaint to the company and post their answer! Huge waste of our tax $'s I'm going to file a complaint on SPS and BofA with evry Government Agency I can find and if I get no resolution, I'm going to let livestock live in this House for a years or so and then I'm going to stop making payments and let them Forclose. I already did a Chapter 7 and I'm on full Disability so they can't Garnish for any reason. I owe $240k and it's worth $200k now. I'm guesing after being a Barn for a year, it should need $50-$70 worth of work to get it back to a $200k value. This is for everyone that's getting Ripped of by these A-Hole's!
1 Updates & Rebuttals
Rajkuwa
Tucker,Georgia,
B of A or SPS
#2General Comment
Tue, December 10, 2013
I have a 15 years mortgage and remain for 7.5 years remaining.
I try to refinance my remaining 7.5 years to 30 years so I can be financialy secure due to my job loss. No one want to refinance me. I try to modification loan with B of A it too me almost 2+ years and still NO, they try to forcose, tree times, on third I put bankrupty file to protect my home and then they accepted my application for modification.
Finally, B of A accepted my loan modification, I went through 3 month then officially I got acepted for modification, but same interest rate at 6.9 and vertually nothing changed. I completed my first year of loan on time autodraft.
A month back I received letter stating that i have requested loan refinance. Which I did not request to fefinance... and my mortgage payment bumped 100 more then standard payment. I ask why they told me Property tax went up and home insurance went up. I know p. tax went up only 100 from last year to this year. Insureance is doubled. Which I could not understand.
Now I recived letter telling me that my loan has been sold to SPS Portfolia Servicing.
These financial institution are unable to forclose house now so they are selling to other financial institution to do collection or take home away.
I see it is unfairly treating to motgage holder and putting into difficulty situation and eventually loose hose for them.
I will have to find attorney, and gov to review their un ethical practice. why and what they are doing to make our mistake for nothing doing wrong. I am not sure if they start to do robo signing and selling loan to other instituion
if there is way to share my contact information with gentlemen whom I am responding to would help both of us. We had very similar situation with same institution. and want to find out more similar issue so we can fire with lawyer.