Why Won't The Government Help Against...

Since: Mar 11

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#90 Sep 23, 2013
oh jeeez sps now has --- they tryin to foreclose

unreal
Vance

Inwood, WV

#91 Sep 26, 2013
Vance

Inwood, WV

#92 Sep 26, 2013
SEO Reputation Management
at its best!

I have had sps for many years and have always had problems with ththey but recently I had to put a claim in with my insurance company for mold in my bathroom. When we got the check it had sps name on it and I was told that I had to notify them of the claim. When my wife called sps it took over 2 hrs to try and figure out what to do with the money and they wanted us to sign the check and send it to them and they would sent it back to us in monthly payments. It seems like they have no concern for our health with the mold and breathing it in all they wanted was to steal the money from us. They are a disgusting company and should be shut down.
just me

Inwood, WV

#93 Sep 26, 2013
These scams are designed and deliberately operated.

These situations are not errors, mistakes or situations where a servicer’s managers or employees failed to do their job. Their systems are well-designed and state-of-the-art in terms of analytical technology that helps them choose and process their victims. These scams generate enormous profits from a business that is difficult to run, people and litigation intensive and normally only marginally profitable. Many have failed and been acquired (Fairbanks bought several).
lucy

Inwood, WV

#94 Sep 26, 2013
Lucinda Stotelmyer We recived our mortgage statment and SPS says we are over 13,000 in late payments...NOW COME ON WHO ARE THEY KIDDING WITH THIS SCAM....IM NOT DUMB ANYONE CAN SEE THIS IS A POZIE SCAM MADEUP BY THE SERVICERS...THEY NEED TO BE IN PRISON NOW?????
lucy

Inwood, WV

#95 Sep 26, 2013
• They are experts with millions of successful cases behind them. The loan servicing industry, including those who founded and are running the servicing scam companies, helped craft the "standard" loan documents in widespread use. They are written entirely for the protection of the lending industry, not the consumer. That situation allows them to manipulate their processes and procedures to push you into a position where they can take funds from you or ultimately take your home, often within the terms and conditions of the loan. Some do go beyond the terms or even break the law and aren’t stopped because the borrower does not actually understand the agreement they signed or the laws and regulations.



The path toward losing your home to this scam is actually quite simple. The first phase is designed to fabricate the default, and typically begins with one, or a combination of ways to arm the servicer's records with false data:



When the servicer decides to manipulate the date the payment is received in order to artificially

create a late payment.



When the servicer applies part of the payment to something other than principal and interest and
creates a partial late payment or deficiency.



When the servicer decides to "force place" an insurance policy on the property by claiming the
homeowner has not provided proof of insurance.



When the servicer pays your property taxes late, then adds their late penalty to your account
without your knowledge.
lucy

Inwood, WV

#96 Sep 26, 2013
Escrow shortages - where each year your escrow account is short the money needed to pay your taxes and insurances. At the end of the year they will give you a choice of adding the shortage to your monthly loan payment if you don't pay the shortage in one lump sum.

Most people wind up having the shortage cut up and pay it monthly. But while you're making these larger payments, the servicer isn't collecting enough to pay your escrow items again. You wind up short again the next year and your payment goes up again. After a couple of years, you can't afford the payment any longer. Boom they foreclose and take your home.

Escrow padding - Adding charges to your escrow that were not agreed upon at the time of closing. This is where they charge you for insurances they claim you need, your taxes went up, your insurance went up or late fees where they held your payment until it was late. When the late fee kicks in, that's when they apply the payment and create a shortage in your escrow account.

Suspended payments - This is where you make your payment every month but they fail to apply the payment to your account. After 3 months they begin to foreclose on the house. They know you most likely can't afford an auditor or an attorney to go over your account and determine what the lender did with your payment.

You can even show them the canceled checks but they'll ignore and foreclose on your home. This will add thousands of dollars in costs to your loan. Then once they've sold your home they find those payments but use them to pay the costs of the foreclosure.
Without the aid of an attorney, you're screwed. Most people can't afford the $2,500.00+ retainers.

You can even file a complaint with your State's Attorney General, but the chances of them coming to your rescue, even though you have all the proof in the world the lender set you up to fail, are very slim.

Force placed insurance - This is where a lender will buy an insurance you either already have or they claim you need. A perfect example of an insurance that most servicers try to tack on to your monthly payment is "Flood Insurance." You'll get a letter that says the National Flood Insurance Act of 1994 says you have to carry flood insurance. They expect that you'll take their word for it an pay the extra amount. Most times they know the insurance is not available for your property because you're not in a flood zone and it's purchase is voluntary or your town/city is not a participant in the National Flood Insurance Program.

Since they can't buy the insurance, they are really just pocketing the money. If you ask them for a copy of the insurance policy they will tell you they don't have to show it to you. They will refuse to supply you with any information regarding the policy. Why? Because the chances are they didn't buy anything.

Another scam servicers use is the force placing of hazard insurance. The premium for hazard insurance is usually included in your monthly escrow payment. Once a year your lender sends your insurance company a payment for a hazard policy and you get a receipt from the insurance carrier along with a policy number and a copy of the new policy. Even though you've received that from the insurance company the lender claims you're not covered and, like the flood insurance, force place the hazard insurance on your account. After a couple of months, they notify you that you failed to carry the policy and are now charging you for an additional policy.

Even if you're luck enough to get them to acknowledge the fact you already had the insurance, good luc
karin

Hollywood, FL

#97 Sep 30, 2013
I just got the same letter today. I have been on a modification since may. we paid them the three month modification. then they told us it was approved and that they will add an extra 63,000 in fees to our mortgage in fees. I keep paying the monthly payment on time. Today I got a letter telling me that I have two options. either short sale or a deed in lieu. and in return I get 3000 dollars to cover my moving cost. are they kidding I invested over 250,000 in this house which I will never get back. no way am I leaving my house. my children were born in this house. plus my credit is destroyed so I have no where to rent. these people are pure evil.
Ben - Freehold New Jersey

Englishtown, NJ

#98 Oct 2, 2013
My mortgage was with Chase and after Super Storm Sandy here on the east Coast Chase put my mortgage in a 90 moratorium for Disaster Relief so I could have time to recover my fianances. The terms after 90 dyas were 6 additional payments tacked to the back of the mortgage to make the loan once again current. In my last month I received a letter from Chase that my mortgage had been sold to SPS. Chase said not to worry as all lenders have the same program and they will honor the same terms. This was not the case at all. As soon as my mortgage hit their system I was in default. I immediately received a forclosure notice. They said I would have to apply for a loan mod to bing the loan current. I told them I would NOT qualify because Chase already gave me one at a 2 percent interest rate. Then they said they would give me an in house modification adding 900 dollars more a month for one year to bring it current. This was un-acceptable and affordable. Meanwhile I am still getting foreclosure notices and was contacted by SPS's attourneys. I was at my wits end. This had now been going on for 4 months. I contacted Chase and they were very nice. They contacted SPS and explained that I was in a moratorium and that the loan should be deferred as 6 additional back end payments. Today SPS called me and told me that the investor behind the mortgage, Deutche Bank approved my deferment and the loan is now current. What a relief. Remember that SPS is nothing more than a collection agency. All loan mods have to get final approval from the actual investor behind the mortgage. They have some authority for approvals but ONLY the in-house modifications to collect more from you each month to bring loans current. Good Luck to every one here as I know your pain. I was just about to stop all payments and bank them all so I would not be on a park bench. New Jersey is one of the slowest states for Foreclosures so I felt I had some time to save money.
Ben - Freehold New Jersey

Englishtown, NJ

#99 Oct 2, 2013
karin wrote:
I just got the same letter today. I have been on a modification since may. we paid them the three month modification. then they told us it was approved and that they will add an extra 63,000 in fees to our mortgage in fees. I keep paying the monthly payment on time. Today I got a letter telling me that I have two options. either short sale or a deed in lieu. and in return I get 3000 dollars to cover my moving cost. are they kidding I invested over 250,000 in this house which I will never get back. no way am I leaving my house. my children were born in this house. plus my credit is destroyed so I have no where to rent. these people are pure evil.
Immediately get a copy of your credit report and dispute dispute dispute. Creditors have 30 days to confirm the debt and if not it has to be removed. You may be successful with some and at least raise your credit score somewhat which will allow you to rent if you have to. I have actually heard of Foreclosures being removed because they got no reply back from the lender.
Willy Nilly

Puyallup, WA

#100 Oct 8, 2013
We first heard of SPS about a year ago when they started calling my house three or four times a day, seven days a week! They just called again a few minutes ago but we have always refused to answer when they call. We bought our house brand new in 1998 and have never missed one single $1,700 payment so I always figured they are a scam outfit.
I have been making recordings of their calls and have amassed several hundred of them and am about to file a complaint for telephone harassment to the FCC and every damn organization that will listen.
I have no earthly idea how we were so unfortunate as to have had them assigned to service our mortgage but I have never found a way to get rid of the bastards.
Realtor from California

Pittsburg, CA

#101 Oct 15, 2013
I agree. SPS has too much authority and no accountability. I have been in conflict with them and the 2nd since March 2013 with no resolution. They keep increasing the price of the house each month. I have never heard of the 1st not approving a short sale in writing when a 2nd has agreed to terms. The did not want to give the 2nd #2,000 for the max HAFA amount of $8,500. so the buyer agreed to pay the difference. They will still not put their terms in writing until the 2nd does it... Who does that???? They need to be fired and brought up on extortion charges.# of their sale force told me directly. That we'll have to let it go into foreclouse then,,,Who does that!!!!
Tammy

Riverside, CA

#102 Oct 16, 2013
My father died. His mortgage company Chase, had me fax the death certificate to them. Then I got a letter from SPS saying they are now the mortgage holder. The house is in probate, I am executor, I have faxed over court documents ten times to SPS they still won't talk to me about the property. I have confirmation of faxes and who I have spoken to each time. The house has more owed than its worth with back taxes and so worth. Today we found a sticker on our door from a company saying they are from our mortgage holders and they believe the house has been abandoned. Seriously, these people are crooks. I did call and asked them to come over and see us in the house. They won't. Told them if they attempt to change our locks or "weatherize" house I will find someone to help me sue. Don't know if this thread is still active or not. For all I know it's SPS logging people's names. I had to tell someone. I have had it.
Lucy

Hedgesville, WV

#103 Oct 17, 2013
Ben - Freehold New Jersey wrote:
<quoted text>
Immediately get a copy of your credit report and dispute dispute dispute. Creditors have 30 days to confirm the debt and if not it has to be removed. You may be successful with some and at least raise your credit score somewhat which will allow you to rent if you have to. I have actually heard of Foreclosures being removed because they got no reply back from the lender.
We had SPS removed off our credit report for putting forclosures in the report where sps never forclosed,SPS only kept making threats of forclosure,these crimnals are bad and should be in prison NOW?
Lucy

Hedgesville, WV

#104 Oct 17, 2013
Tammy wrote:
My father died. His mortgage company Chase, had me fax the death certificate to them. Then I got a letter from SPS saying they are now the mortgage holder. The house is in probate, I am executor, I have faxed over court documents ten times to SPS they still won't talk to me about the property. I have confirmation of faxes and who I have spoken to each time. The house has more owed than its worth with back taxes and so worth. Today we found a sticker on our door from a company saying they are from our mortgage holders and they believe the house has been abandoned. Seriously, these people are crooks. I did call and asked them to come over and see us in the house. They won't. Told them if they attempt to change our locks or "weatherize" house I will find someone to help me sue. Don't know if this thread is still active or not. For all I know it's SPS logging people's names. I had to tell someone. I have had it.
DO NOT TRUST SPS THEY ARE CRIMNALS WE HAVE HAD THEM FOR OVER 13 YEARS AND THEY DON'T HAVE REAL DOCS TO FORCLOSE,CHECK YOUR COURT HOUSE HOUSE IN YOUR STATE AND AND GET COPYS OF YOUR MOERGAGE ASSIGNMENTS,THEY WILL USE THESE TO FORCLOSE,OURS WAS FORGED AND THERE ALL FAKE,AND GET A GOOD CONSUMER OR SERVICNG FRAUD LYAWER?
Join this Lawsuit Against

Tampa, FL

#105 Oct 18, 2013
LITIGATION AGAINST YOUR LENDER

The Berger Law Group, P. A

4100 W. Kennedy Blvd., Suite 300, Tampa, FL, 33609

www.TheBergerLawGroup.com

ian.berger.@thebergerlawgroup. com

ADVERTISING MATERIAL

To Call For Assistance: Ask for Corey Lassiter 866-781-0725

Monday – Friday, 9am – 8pm EST

Saturday, 10am – 5pm EST

1 Why are you getting this notice?

If you have already retained a lawyer for this matter, please disregard this letter. Is your principle loan balance more than what your home is worth? Have you exhausted your requests for help from your lender in getting your loan modified?

Our office is in the process of filing a Complex Tort Action (lawsuit) against lenders on behalf of homeowners throughout the country for potentially fraudulent lender/servicer actions. We are not in the business of seeking loan modifications as statistics have shown that loan modifications are not a long term solution to homeowners' problems.

The goal of this litigation is to reduce the interest rate, monthly payment, and

principal balance for qualified borrowers through litigation. Additionally, we will seek monetary compensation for damages.

If you are experiencing foreclosure or sale date problems, our team can help guide you in the proper direction.

To determine whether your loan or mortgage matches the criteria being considered for a potential lawsuit, please contact this office to learn more, CALL Corey Lassiter 1-866-781-0725

The Berger Law Group, P.A., is a collective of attorneys investigating the methods and practices used by banks, originators, servicers and other participants to induce borrowers into financing or refinancing high cost or high interest rate mortgages.

Factors that we consider and investigate to determine your eligibility as it relates to Alleged Deceptive Practices and Investigation of Alleged Misrepresentation:

(i) The Defendants' deception in inducing Plaintiffs to enter into loans and mortgages from approximately 2001 through 2010 and which were acquired or are serviced by Defendants;

(ii) The illegal use of MERS (The Mortgage Electronic Registration System) in connection with those loans and mortgages, and Mortgage Note Origination;

(iii) The Defendants’ failure to perform their obligations required pursuant to accepting modification TARP funds;

(iv) The Defendant’s breach of Plaintiffs’ statutorily protected rights;

(v) The Defendants’ breach and willful violation of numerous consumer and homeowner

protection statutes, and the willful violations of unfair business practices statutes;

(vi) Accepting money, transferring alleged assets, and foreclosing upon alleged assets in instances where the alleged assets do not exist, and which these Defendants have no right, title, or interest upon which they can act, Patriot Act Violations/Unlawful Funding of Note;

(vii) Defendant’s continuing tortuous conduct.

Please be advised: Statutes of limitations have begun to toll, and this is a factor which may bar your claims in the

future.

We are not sponsored by or affiliated with your current lender. Before making your choice of attorney, you should give this matter careful thought. The selection of an attorney is an important decision. Pre-selection criteria and audit of home loan consists of loan amount, loan to value percentages, date of loan, and residential jurisdiction. Eligibility status for representation is based on numerous criteria. Results will vary on a case by case basis. We do not guarantee a successful outcome. The Berger Law Group can help you determine whether the available legal alternatives are appropriate for your personal circumstances. This advertisement does not constitute legal advice. Our team of lawyers coordinated by The Berger Law Group, P.A., have substantial experience in lender fraud and related claims
lucy

Hedgesville, WV

#106 Oct 18, 2013
lucy

Hedgesville, WV

#107 Oct 18, 2013
ting Action - Servicer:
Moody's downgrades Select Portfolio Servicing's SQ assessments
Global Credit Research - 28 Jun 2013
U.S. Residential Mortgage Servicer Assessment Actions

New York, June 28, 2013 -- Moody's Investors Service has downgraded Select Portfolio Servicing, Inc.'s ("SPS") Servicer Quality ("SQ") Assessments as a primary servicer of subprime residential mortgage loans and as a special servicer to SQ2 from SQ2+. Moody's has also affirmed SPS's SQ Assessments as a primary servicer of second lien residential mortgage loans at SQ2. Moody's subprime and special servicer assessments are based on above average collection abilities, above average loss mitigation results, above average timeline management and above average servicing ability. Moody's second lien servicer assessment is based on above average collection abilities, above average loss mitigation results, and above average servicing ability.

ASSESSMENT RATIONALE

The SQ assessments downgrade reflects deterioration in the company's subprime loan performance ranking compared to peers as well as a three-notch downgrade of the fundamental rating of SPS's parent company, Credit Suisse (USA), to A1 from Aa1.

Moody's views the collections assessment to be above average. SPS showed consistent and solid average speeds of answer and abandonment rates in their call center metrics even as the company grew its servicing portfolio, reflecting the company's ability to accurately forecast call volumes and proactively staff its call center. Collectors are trained to offer modifications, short sales, and deeds in lieu in addition to repayment plans to borrowers, prior to transitioning workouts onto the loan resolution team for underwriting and processing.

Moody's has downgraded the loss mitigation assessment to above average from strong, largely due to deterioration in their total cure and cash flowing metric ranking compared to peers because of improvement in peer performance. SPS showed solid modification performance and an increase in short sale volumes. Since the last review, the company has improved their short sale processes by offering cash for keys to borrowers and tenants and by providing borrowers access to SPS' own real estate broker network.

Moody's views the timeline assessment to be above average. SPS' foreclosure referral timelines lengthened since the prior review. SPS established a dedicated team to manage aged foreclosures. The company continues to bring its management and asset managers to major REO markets throughout the country to increase local market knowledge and broker interactions.

SPS's stability assessment is above average. SPS is a subsidiary of Credit Suisse (USA), Inc. Credit Suisse is rated A1 for senior unsecured debt. The company continues to provide servicing for third parties as well as servicing for mortgage collateral underwritten by Credit Suisse. The servicing portfolio totaled $55.1 billion (300,312 loans) as of May 31, 2013. SPS is headquartered in Salt Lake City with facilities in Jacksonville, Florida.

The previous assessment action for SPS's SQ assessments occurred on November 1, 2011. At that time, Moody's affirmed SPS's SQ assessments as a primary servicer of subprime residential mortgage loans and as a special servicer of SQ2+ and as a primary servicer of second lien residential mortgage loans of SQ2.

The principal methodology used in this assessment was "Moody's Methodology For Assessing RMBS Servicer Quality (SQ)" published in January 2013. Please see the Credit Policy page on www.moodys.com for a copy o
lucy

Hedgesville, WV

#108 Oct 18, 2013
Emily

Huntley, IL

#109 Oct 22, 2013
Hi Christie
Can you tell me what happened with your situation? I'm going through this right now and I am terrified.
Christie Smith wrote:
I was denied a modification also. I called and talked to three people last week and nothing was said about it. I get a letter today stating I was denied on April 22, 2013 but was not informed of that when
lled last week, my house is going to he sold April 30, 2013 and there is nothing I can do about it. The letter also states I can reinstate by paying the balance due but it needed to be paid by April 25, 2013 the post mark on the envelope was the 25, how could it have been paid. I am so upset about losing my home, my family is falling apart. Wish there was something I could do to keep my house.

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