My home mortgage was modified with Bank of America in 2006. In 2010 BofA charged off my second mortgage and sent it to Select Portfolio Services unbeknown to me.Mind you, this was in 2010. Select Portfolio Servicing has now had my second mortgage in the amount of 31,941 dollars for more than seven years. Never once has SPS reached out to me for payment. The fact SPS had this second mortgage was discovered after numerous calls to BofA to find out what exactly happened to this "charged off, zero balance" second mortgage and how I go about getting the lien released. I am in the process of selling my North Carolina home which brought this issue to light. SPS is telling me that they sometimes never contact the customer and simply wait for the property to sell or get refinanced.
SPS is now holding my mortgage ransom and will not release the attached lien until i pay the full amount of $31,941. SPS is unwilling to settle for anything less knowing i am selling the property and must clear the deed/title. I understand this amount is my responsibility but all along was told the second mortgage was charged off and showed a zero balance with BofA. if only i was made aware there was still an active second mortgage with an attached lien I could have been paying on it and now owe much less than 31,941 dollars. The most disheartening thing is the fact SPS knows they have me in a corner now that the property is selling soon and the closing is scheduled. I should have kept that to myself i guess...Lucy is my contact at SPS and they will not let me talk about this second mortgage with anyone else. Lucy is offering no options but full payment or no lien release. She makes that very clear. Lucy even once told me i should have been more responsible of my responsibilities and I wouldnt be in this perdiciment. thanks for the sound advice Lucy but things happen...
Obtained original loan as a result of a refinancing. The loan broker set up a second loan because the value and amount owed were below lending percentages. SLS became a real problem in fall and spring of a2011-2012 when we tried to obtain a refinance. The primary loan is through Chase – the third holder of record – after considerable effort lasting until 2013 we finally got Chase to complete a HAMP or HARP loan – not sure which but issue was during this entire process we were also dealing with SLS.
Finally in early 2013, after having “lost” our paperwork, denied receipt of our paperwork (in spite of signed delivery receipts provided by the USPO), lack of knowledge of any information in our “file” concerning all of our documents, and previous correspondence, finally we got copies of our original documents and a proposed refinance amortization. We noted that in spite of the refinance and a reduction interest rate to 6% our payment only changed less than one dollar – when we explored this we found out we have a balloon payment due in May 2020 of some $15000.00. We had not record of this.
Yes, we did sign the mortgage documents, but we would never have agreed to this if it had been disclosed to us at the time of the refinancing. Of course the broker is no longer in business, the lending broker is closed like many others, and we are stuck with SLS and a balloon note. All contact with SLS has been under a color of deceit, rudeness, incompetence, possible intentional deception and misdirection, and we feel the objective had to include a resistance of the disclosure of the actual loan schedule, i.e., the balloon note due in May 2020.
Specialized Loan Servicing Reviews
My home mortgage was modified with Bank of America in 2006. In 2010 BofA charged off my second mortgage and sent it to Select Portfolio Services unbeknown to me.Mind you, this was in 2010. Select Portfolio Servicing has now had my second mortgage in the amount of 31,941 dollars for more than seven years. Never once has SPS reached out to me for payment. The fact SPS had this second mortgage was discovered after numerous calls to BofA to find out what exactly happened to this "charged off, zero balance" second mortgage and how I go about getting the lien released. I am in the process of selling my North Carolina home which brought this issue to light. SPS is telling me that they sometimes never contact the customer and simply wait for the property to sell or get refinanced.
SPS is now holding my mortgage ransom and will not release the attached lien until i pay the full amount of $31,941. SPS is unwilling to settle for anything less knowing i am selling the property and must clear the deed/title. I understand this amount is my responsibility but all along was told the second mortgage was charged off and showed a zero balance with BofA. if only i was made aware there was still an active second mortgage with an attached lien I could have been paying on it and now owe much less than 31,941 dollars. The most disheartening thing is the fact SPS knows they have me in a corner now that the property is selling soon and the closing is scheduled. I should have kept that to myself i guess...Lucy is my contact at SPS and they will not let me talk about this second mortgage with anyone else. Lucy is offering no options but full payment or no lien release. She makes that very clear. Lucy even once told me i should have been more responsible of my responsibilities and I wouldnt be in this perdiciment. thanks for the sound advice Lucy but things happen...
Obtained original loan as a result of a refinancing. The loan broker set up a second loan because the value and amount owed were below lending percentages. SLS became a real problem in fall and spring of a2011-2012 when we tried to obtain a refinance. The primary loan is through Chase – the third holder of record – after considerable effort lasting until 2013 we finally got Chase to complete a HAMP or HARP loan – not sure which but issue was during this entire process we were also dealing with SLS.
Finally in early 2013, after having “lost” our paperwork, denied receipt of our paperwork (in spite of signed delivery receipts provided by the USPO), lack of knowledge of any information in our “file” concerning all of our documents, and previous correspondence, finally we got copies of our original documents and a proposed refinance amortization. We noted that in spite of the refinance and a reduction interest rate to 6% our payment only changed less than one dollar – when we explored this we found out we have a balloon payment due in May 2020 of some $15000.00. We had not record of this.
Yes, we did sign the mortgage documents, but we would never have agreed to this if it had been disclosed to us at the time of the refinancing. Of course the broker is no longer in business, the lending broker is closed like many others, and we are stuck with SLS and a balloon note. All contact with SLS has been under a color of deceit, rudeness, incompetence, possible intentional deception and misdirection, and we feel the objective had to include a resistance of the disclosure of the actual loan schedule, i.e., the balloon note due in May 2020.