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My mortgage was sold to Select Portfolio Servicing about 4 years ago. In may of 2009 I contacted SPS in order to apply for a refinance with the Federal Government HAMP Program. this company has been giving me the run around ever since. They insist I do not qualify for the program. Yet, If I go on the HAMP website, I meet every qualification. When pressed, SPS has informed me they did not submit my paperwork because it took over 30 days for me to send them the paperwork they requested. The 30 day period is their self-imposed window to review a mortgage holders' documents. Over the course of the 30 days, they kept saying they need additional paperwork, I send the document in, a few days later they need another document, etc, even though I submitted all documentation at the onset. Then, lo and behold, 35 days after I initiated the process, they call to inform me the 30 day window has elapsed and I do not qualify for them to submit the paperwork to HAMP. That was the first time any mention of a 30 day period was disclosed. Ever since then, they say they have in-house programs I may qualify for. I have lost count with the number of document requests they ask for, and re-ask for the same info I sent them a few weeks prior. In December I qualified for their 3 month trial Forebearance Program. If all 3 payments were made on time (which they were) and the submittal of, yes, you guessed it, additional documents at the end of the 3 month period, then the payment would be permanent. Well, wouldn't you know, they never asked for additional documents and turned me down for the permanent payment. So now, I get to go throught the whole process all over again. This circus show has been going on for just about TWO YEARS! What a quack outfit to deal with! I have contacted the OCC, Office of the Comptroller of the Currency, which suggested I contact the Federal Reserve Board. So, at present, the Federal Reserve has my complaint and hopefully they can render assistance with this problem.
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I wonder how many other of the loans that are chronically stalled have a good loan to value ratio. We have about 40% equity in our house and it would be a good deal for BOA to foreclose as they would make $$ on the deal.
What kind of equity do you other HAMP applicants have?
As a follow up to my dilemma with Select Portfolio Services(SPS): I did send a letter to the Federal Reserve and cc'd SPS. The Fed responded to my letter and sent a notice of grievance letter to SPS. SPS responded that it was my fault, mentioning the "30" day period and that they have been trying, in vain, to work with me. BUT, low-and-behold, within thirty days SPS had readjusted my interest rate by cutting it almost in half. So if anyone is having similar problems I would suggest sending a letter to the Federal Reserve Bank in New York City. Wish you all the best! JMR PS: (to TWDJ) thanks to the devaluation of just about all homes countrywide, my current loan to value ratio is approximately 15%.
JMR,
Can you please indicate who to address when sending a letter to the Federal Reserve? SPS has been giving us the run around for the past 4 months. I can't tell you how many times we've had to resubmit our financial information. They "close" our account due to non-submission of financials and they we have to start the process all over again.
Any insight/advice you can provide would be much appreciated. I'm so happy to learn that your ordeal is finally over!
SPS has been doing the same thing to us! They finally say I am approved after over a year but they're still wanting to take over 50% of my income. I am disable and cannot afford that. But I personally think that thats what they are counting on, that I will not be able to make my trial period payments and they can foreclose. By the way, I've not received any paperwork officially saying I am approved thru the mail. I had to call them and have them fax me something. But it doesn't even have any details as to what my trial period is all about. Also, for some reason they cannot get my address correct. When I asked them why they have to type it into the PC everytime I call, they don't know. I would think a company that big would have all the computers connected on one big server. What I really think is a shame is that they are playing with the Presidents Affordable Home Act like its a game instead of a real problem.
This is now 2017. I see lots of complaints here and other places. Does anyone know of any class action suits in process or how we can start one if there is not one already? My runaround was in 2011 but I still feel they should pay for their crimes. I see that some Bank of America employees revealed what went on there. Maybe a former SPS employee has come forward?