Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure California

Select Portfolio Servicing negligently misrepresented a short payoff transaction that resulted negatively on my credit and caused damages to me. In 2016, I contacted SPS as they sent me a letter informing me that my mortgage would significantly increase due to a rate increase. Therefore, I asked them what are my options to avoid a rate increase as I had just completed the HAMP program and was on a good track which I wanted to maintain. The rep stated that I had the option to submit an offer to the investor and if accepted would be accepted as payment in full. I had asked the representative if this option would negatively affect my credit and the agent stated no, it would reported as paid in full as this is not a short sale. Also, the representative stated that they would send me a letter stating that my loan would be paid in full, which they did and I have a copy of the letter. I was concerned about my credit as I spent the last 5 years working hard to repair it due to late payments from the mortgage crisis, which I had explained to the representative. Again, the representative


loan was paid in full. Thereafter, I applied for credit and was denied due to a short sale. I had advise the creditor that I have never sold my property and I only paid off the loan. They stated that the creditor is not showing the loan was paid in full but settled and it is negative on my credit. My score had dropped significantly as a result, and I am having a hard time sourcing the approvals needed to take care of my family and lifestyle. In conclusion, had SPS been transparent, informal, and truthful about the transaction, I would not have accepted to move forward in order to protect my credit that I just spent the last 5 years rebuilding.