Select Portfolio servicing , also know as SPS and Select Portfolio. Select Portfolio Servicing was founded in 1989 at that time they were known as Fairbanks Capital Corp. , eventually adopting the name Select Portfolio Servicing Inc. in June 2004 after having to pay $40 million to settle with the FTC and HUD and catching a bad rep in the public eye.
Select Portfolio Servicing Assistance to Struggling Borrowers
Select Portfolio Servicing offers programs to struggling homeowners for all different hardships and stages of delinquency and foreclosure.
Select Portfolio Servicing 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 through a cash for cooperation program. 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.
Select Portfolio Servicing Loan Modification
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 Servicing 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.