Select Portfolio , also know as SPS which is short for Select Portfolio Servicing is an up an coming servicer who recently has acquired a large number of loans from transferred from all kinds of different servicers like Bank of America, Bayview Loan Servicing, Chase , and many others.
Who is Select Portfolio ?
Select Portfolio , known as Select Portfolio Servicing, Inc. or SPS is a loan servicing company that was founded in 1989 as Fairbanks Capital Corp. , eventually adopting the name Select Portfolio Servicing Inc. in June 2004 after having to pay roughly $40 million to settle with the FTC and HUD. SPS is not the first servicer who has adopted a new name or shut down shop and opened up with a new name after tainting their reputation due to unfair, deceptive, and illegal practices.
What do you do when you are in foreclosure or facing foreclosure with Select Portfolio ( Select Portfolio Servicing )
If you are in foreclosure, or facing foreclosure Select Portfolio does offer options and programs that you can be reviewed for in order to avoid foreclosure but obtaining assistance through them can be very difficult and a frustrating process if you are not getting anywhere fast.
- 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 Short Sale : 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. 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.
- 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.
Things to look out for with Select Portfolio
When unaware of the servicers inner workings, systems, and procedures any type of work out review to avoid foreclosure can take far too long to receive assistance before its too late and the property is foreclosed. Select Portfolio has a special department where you can deal directly with the collateral team reviewing the account and not just the floor levels that relay information from borrower to the actual team handling your request. Its hard to make it to this department and many are not aware it exists. Its important to obtain assistance from professionals that will not charge you at all or up front when dealing with Select Portfolio as a lot of times the review inst as top priority as you would like when Select Portfolio is dealing directly with the borrower. These types of reviews can make you feel like a pinball being bounced around through the system. Don’t let that be you.
For assistance or questions about Select Portfolio Servicing, Select Portfolio Loan Modifications, Select Portfolio Short Sales, Select Portfolio Foreclosure Help, HUD and any other Mortgage Assistance Relief programs please contact us at 888-572-8020 and or fill out the form below.