Foreclosure vs Short Sale, which is better with Select Portfolio?

I currently Pay Select Portfolio Servicing my mortgage payments. I was wondering why they told me they are just the servicer of my loan. A realtor told me to be careful they might not be my lender. I just doubled check and my paper work says resmae was my mortgage company and they went bankrupt. I need to now find out who is my mortgage company. SPS gave me verbal permission to short sale they said they do not give anything in writing. They refused to lower my payments. I plan to have a for sale sign on my house by the end of this week. I now need to find out who my lender really is. SPS wouldnt tell me. Can anyone give me adivice... on what is best shortsale or forclosure and also, how do I find who my lender is?

In 2007 I refinanced my home to a 30 year fixed (interest only) to get out of an ARM. The loan did not originate with SPS, but it was transferred to them almost immediately. Later in 2007 I got divorced and neither party could afford the home alone. I tried to sell it but we were upside down.

I contacted SPS and they stated that they were willing to do a shortsale. I put the home on the market, got 8 offers and they accepted one. I moved out of the house only to have them tell me that the mortgage insurance would not approve the short sale. They stated that the only way that I could Short Sale would be to agree to pay the balance on the mortgage as a personal loan ($100k). I refused.

Next I tried to do a loan Modification, but they said that that was not possible since they weren’t the owners, only “services.” I asked (many times) who the owners were so that I could do something about it (like try to negotiate a solution), and they would not tell me.

Finally, I tried to give them a “Deed in Lieu” of foreclosure but they stated that the only way that I could do a deed in lieu would be to agree to pay the balance on the mortgage as a personal loan (now about $150k).

On January 13, 2009 they finally foreclosed after a year of my not making mortgage payments. I feel that I tried everything to work out a solution and they were uncooperative. Is there anything I could have done differently?

On Dec. 4, 2008 I went to Sacramento through Hope now homeowner event. I met with our lender face to face which is SPS. They have rewritten our loan from 378,000 to 185,000. I am right now in forbearance for 3 months. I am in the second month. So I am still holding my breath praying what they said is true. It was SPS who agreed to re-write the loan. They hold the title to the loan they can do what they want with the loan. I kept getting different storys all the time about my loan. If this works for us.. I hope everyone looks for the How Now homeowner events and meet with their lenders.

Foreclosure vs Short Sale, which is better with Select Portfolio? I am interested in information on a "short sale" and also on foreclosure in regards to Select Portfolio Servicing - Fairbanks Capital Making short sale of ... better than what SPS would receive on the foreclosure auction block.In the current economic crisis, which is better for the homeowner? Short sales vs. foreclosure will discuss the latest news and opinions.
======================
mercy
<a href="http://www.drug-intervention.com/virginia-drug-intervention.html">Drug Intervention Virginia</a>

Foreclosure vs Short Sale, which is better with Select Portfolio? I am interested in information on a "short sale" and also on foreclosure in regards to Select Portfolio Servicing - Fairbanks Capital Making short sale of ... better than what SPS would receive on the foreclosure auction block.In the current economic crisis, which is better for the homeowner? Short sales vs. foreclosure will discuss the latest news and opinions.
======================
mercy
[url=http://www.drug-intervention.com/virginia-drug-intervention.html]Drug Intervention Virginia[/url]

In any case Forclosure is better for
home owners than short sale or walk away.Why? Very simple,if you forclose your property, we the investors run to get it,is in a very
short price,and you will be responsible for taxes of that sale
and taxes on the debt you have to your lender.The Real State Agent will
make comission,and your lender will
recover part of that money.You are the big looser,include your credit.

I just saw on Good Morning America that when they start the foreclose process, ask them to "produce the note". This will delay the process for months because the original lender either went bankrupt or taken over. If your original lender filed for bankruptcy, who owns your loan? SPS is just a collection agency, they're not the lender.

my loan is serviced by sps i have been trying for 1 1/2 years to negotiate a better rate with them i have 2 jobs a boarder and 2 kids from a divorce that has just recently happened im doing all i can and sps is doing nothing i am upside down on the loan not looking for a free ride but 5% interest would be nice instead of the adjustable 8.75 these blood suckers are getting out of me i built this house 17 years ago and now have 6&8 year old girls there is no more time in the day for me to work i have no more space to rent but it seems that sps would rather foreclose than reduce my rate my credit is shot so i can,t refi or i would they are rude to me on the phone and very fague about what little info the give what do i do

I have posted here before. I was so excited back in Dec-08 when SPS said they will modify my loan. They put me on a forbearance plan for 3 months with affordable payments. By the 4th month I got a letter saying I owed them an outrageous amount of money. I called and they told me the computer shoots that letter out and go ahead and make my normal forbearance payment. Then I got a letter saying I was turned down for the modification. It does not make sense they said I was for sure going to get the modification. I called asked why and they told me I am 1300 negative each month. I said how is that possible when the modification payments would be my monthly payments and I have almost a 1,000 left after paying all my bills. They gave me a bs story saying they go by debt to ratio. They said I can redo my financials with them. I called back and redid my financial and they said I need to pay them $4,000.00 a month. I told them I can afford that. even if I stopped paying my credit cards I would not be able to afford to give them that much money.
Then they said they I can see if I qualify for Obama's plan they told me to go to a IRS website download form 4506-T, they said send them the form with paycheck stubs and then they will see if I qualify. I looked at the from and it only has to do with releasing your tax information which I already gave to them.
I put up with a lot of crap from SPS the way they talked to me telling me my family should only be eating peanut butter and jelly sandwiches, telling me I should be selling my wedding rings. Well my next conversation to SPS is Take this house and shove it and go to hell... I have done everything they asked as they strung me along playing a game.. I know darn well I qualify for the MOD.. they are just trying to make themselves look good but not giving out no Mods...

I am finally pissed off enough to say I don't give a heck anymore.. I make plenty of money to afford another home one day.. I just cant afford 4,000 dollars a month and I am not stupid enough to pay it.

I hope everyone reads this and know that they will string you along too... I am sorry for you.. But SPS what comes around goes around.. so, I wish you what ever befalls on your company...

We were two month behind on our adjustable rate payment when I tried to get them to modify our loan and all they did was give me the run-around! I couldn’t believe it when the guy on the phone actually said that my family shouldn’t eat so much because then we would spend less on groceries and would have more money to make our mortgage payment! What a jerk! He also said we should get a cheaper car and a bunch of other stuff that was really rude. Come to find out the loan modification they were going to give us was a just Forbearance Agreement and all it was going to do was add the payments we were behind on to the back of my loan. Since our interest rate was going to stay the same, this would actually make my payment go up! THAT’S what got me into this mess in the first place! My payments are too high! This whole thing was keeping me up at night worrying about what was going to happen to us. I told my friend at work about this and she said I should call the loan modification company that got her loan modified down to 3.75% fixed interest rate! I decided to call them, and in about 45 days they got my interest rate down to 4.35% and it’s a fixed rate too! The company is First American Financial Group and we are really happy with what they did for us. The website is, w. w. w. TheLoanModFacts . com. We went with them because they have attorneys on staff to make sure the banks do the best they can and they have a 100% money back guarantee. I hope this helps some other people fighting with their loan company! Don’t give up and don’t be intimidated by your mortgage company!

I have posted here a couple of times. SPS put us in a forbearance and then turned us down wanting us to pay $4000.00 a month. Now I just want you to know. I paid 4 months worth of forbearance to them. When they call me they tell me I am 8 months behind on my payments. They do not mention the forbearance payments we made to them. They do not its as if they pocketed the money and said I didn't pay it. ARE THEY CRAZY?. I told them if they are not going to calculate that money they should just give it back. I just want everyone to know that they will not count your forebearance payments as a payment. I have heard that no ones loan mods are going through.

Avoid SPS at all costs! If you are in a loan with them....GET OUT!!! As fast as you can! Our loan was given to them. They will not work with anyone. This company is about as corrupt as they get. And here is the real heart breaker people: The Obama administration is in on it! It's all about the rich getting richer. SPS, which used to be Fairbanks, was sued by the US government in 2003. Not very long ago right? Now guess what? Your beloved US government has given SPS 372 million dollars! Make sense? Of course not! It's American corruption at its' best! Now, they are taking our home away because we have refused to pay their ridiculous payments on a loan that should have never been done to my wife in the first place, and then SPS will be getting less for the home than if they fixed it with us! Have you figure this out yet? WHY? So that they can get it back themselves, get more money quicker at auction, because of corporate greed of course, and then continue on the American way of making the rich richer! Get it now? And some people actually thought we were going to have this wonderful and great president!!! Silly people. What will I always remember Obama for? Losing our house and putting my wife and I with our 3 kids out on the street! Thanks Obama for allowing this to continue.