Select Portfolio Servicing Foreclosure Defense

If you have fallen behind on your mortgage payments with Select Portfolio Servicing, Inc., the company may have already threatened you with foreclosure. While this is very stressful, it is important that you do not panic. You may have many legal options and they could potentially even save your home. Before taking any action, it is critical that you speak to our Fort Lauderdale foreclosure defense lawyer. Our Florida foreclosure defense lawyer can review the facts of your case, advise on the possible defenses available, and help you through the process to make sure your rights are upheld.

Who is Select Portfolio Servicing, Inc?

Select Portfolio Servicing, Inc. is one of the largest mortgage servicers in the country. They specialize in servicing residential mortgages for single family homes. The company was founded in 1989 and has headquarters in Salt Lake City, Utah. However, they do business throughout the country and have an office in Jacksonville, Florida.

As their name suggests, Select Portfolio Servicing, Inc. is a mortgage servicing company. As a mortgage servicer, Select Portfolio Servicing may not be the owner of your mortgage loan. Instead, they may simply handle the mortgage and administer it, including accepting payments and posting them to your account.

The owner of your loan is the financial institution that originally provided you with the loan that made it possible to buy your home. While some financial institutions provide original loans and service them, others hire third party companies to service their mortgages. If you have received notice from Select Portfolio Servicing, Inc. that they are going to foreclose on your home, it is important to take action right away. Even if Select Portfolio Servicing does not own your loan, they can still proceed and foreclose on the property if you do not take immediate action.

Select Portfolio Servicing Home Retention Options

Select Portfolio Servicing outlines many options for homeowners who want to keep their home but have fallen behind on their mortgage payments. These options are as follows:

• Loan modifications: If Select Portfolio Servicing approves an application for a loan modification, you can change many different terms of the original mortgage. Through a loan modification you may be able to reduce your interest rate, extend the life of the loan so monthly payments are more affordable, and even lower the principal amount. The company will have to approve your application and they may come up with illegitimate reasons why you are not eligible. For this reason, you should always work with a Fort Lauderdale foreclosure defense lawyer who can help you through the process and give you the best chance of having your application approved.
• Payment deferral: A payment deferral can bring you current with your home loan. The total amount that is past due is added to the end of the loan. While this can free up some cash it is important to remember that the past due amount is not forgiven. It is simply delayed until the end of the loan, giving you more time to save or develop another plan to pay the larger amount at the end of the loan.
• Repayment plan: A repayment plan does not bring you current on your mortgage right away, but it does allow you to make the payments you are behind on over a certain period of time. Again, Select Portfolio Servicing will work with you when creating this repayment plan, so it is important to have legal representation who can ensure the plan is fair and manageable.

Complaints Filed Against Select Portfolio Servicing, Inc.

Of course, on their website Select Portfolio Servicing, Inc. states that they want to work with homeowners and are happy to try many different options to keep them in their homes. Unfortunately, that is not always the case. There are many formal and informal complaints against the company online and they have also been targeted in a number of different lawsuits. Some of the most common complaints filed against the company include:

• Failing to accept loan modifications or negotiate a modification in good faith,
• Requests for forbearance were granted but large, unreasonable balloon payments were added to the end of the life of the loan,
• Applications for deeds-in-lieu of foreclosure were submitted with borrowers having to complete lengthy paperwork, including credit checks and submission of financial records for people who were not even the borrowers on the account,
• Increase of monthly payments without proper explanation or notice, and
• Multiple customer service complaints, with the majority stating that they can never reach an actual person or they are assigned to a representative only to never hear from them.

Many of these complaints are listed on the Better Business Bureau website, where the company has a customer rating of 1.1 out of 5. The website states that Select Portfolio Servicing, Inc. has had 501 complaints closed in the last three years, with 157 complaints closed within the last year. The company is also not BBB accredited.

Your Rights When Dealing with Select Portfolio Servicing

The situation may seem bleak if you have received notice of foreclosure from Select Portfolio Servicing, but there is hope. You have many rights during the process and they are as follows:

• The right to loss mitigation,
• The right to challenge the foreclosure,
• The right to foreclosure mediation, and
• The right to bring your mortgage payments current.

Sadly, Select Portfolio Servicing has been known to violate these rights. They may proceed with foreclosure while your loan modification application is pending, which is against the law. They may also refuse to review or honor your loan modification or refuse to accept your mortgage payment. Perhaps the most egregious way the company violates borrowers’ rights is to declare a default even when homeowners are current with their payments.

Our Foreclosure Defense Attorneys in Fort Lauderdale Can Protect Your Rights

You do have many rights when working with Select Portfolio Servicing, but it is important to work with a Fort Lauderdale foreclosure defense attorney. At Loan Lawyers, our seasoned attorneys will always make sure your rights are upheld so you have the best chance of avoiding foreclosure. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation and to get more information.