Free Foreclosure Help can be hard to come by, in a financial world filled with scam artist, and fly by night companies good help is hard to come by, free help is even harder to find. Specifically finding SPS free foreclosure help is even harder to come by.
Who is SPS ? What does SPS Stand for ?
SPS stands for Select Portfolio Servicing , SPS is one of the biggest servicers in the Nation that services distressed loans , many believe that foreclosures, loan modifications, short sales, and distressed loans are a thing of the past but that is far from true. Home values haven risen nationwide but many are still affected by the burst of the bubble and some are becoming affected by fading temporary solutions. SPS Free Foreclosure Helps is very sought after , specially with SPS seeming to increase the amount of distressed loans in their portfolio with no signs of slowing down.
What can I do to Avoid foreclosure ?
If you are facing foreclosure, early in foreclosure or just days away from foreclosure auction there may still be some options that could help you avoid foreclosure. You would pursue options to either keep the home or “walk away” from the home by working with SPS. Some Mortgage servicers have rules that restrict the options that a borrower can be reviewed for depending on the amount of time that is left before the foreclosure auction so its important to seek assistance as early as possible.
What Programs can I obtain Free SPS Foreclosure Help thru ?
Its important to understand that when working directly with the mortgage servicer no programs will cost you a dime but when working with the mortgage servicers they will only have their interest in mind and will prioritize that over the borrowers best interest. When working with a third party be careful with third parties that will charge you upfront for any type of mortgage assistance. Some programs will allow a third party to be paid by the mortgage servicer directly.
Below are the programs offered to avoid foreclosure
- Select Portfolio Loan Modification : A loan modification is the process of working with your lender to modify the terms of your loan. When obtaining foreclosure assistance through a loan modification you are restructuring the terms of your current loan. You are not creating a new loan. Through a loan Modification you can cut the rate and years of your loan down as well as in some cases defer some of the principal or have an amount of it forgiven. Depending on how far behind you are on your payment you may also be considered for a repayment plan without restructuring the terms of the loan and providing any financial documents as long as the repayment plan is not longer than 6 months.
- Select Portfolio Deed In Lieu : When obtaining Help through a Deed in Lieu Select Portfolio will forgive the debt and waive the deficiency in exchange for transferring the deed to the property back to Select Portfolio. This is only available when there is only 1 Mortgage lien on the property. A Deed in Lieu in most cases is not available when there are additional liens on the property , not just additional mortgage liens but any other type of liens because you cannot give the property back to multiple lien holders. If allowed in these situations Select Portfolio would offer a settlement to the other lien holders and the Deed in Lieu would only be possible if the other lien holders accepted the settlement.
- Select Portfolio Short Sale : A short sale is a sale of real-estate when the proceeds of the sale do not cover the full amount of the debt owed on the property, the lien holders agree to accept less of the amount owed on the debt and release their lien on the real-estate. Obtaining Help through a Short Sale is only an option if the property is underwater , in many cases the deficiency would be waived and funds to assist in relocating can be obtained. For Select Portfolio Borrowers who cannot afford to stay in their homes, or want to move on from the property before its too late Select Portfolio offers options that enable the borrower to exit ownership without facing the stigma of foreclosure.
How Could I Avoid Select Portfolio Servicing Foreclosure and get SPS Foreclosure Help ?
- Apply for Mortgage Assistance with SPS
- call us for a free consultation at (888) 558-5856 , We Assist Borrowers and Real Estate Professionals.
- Fill out the contact form at the bottom of this page.