Many think that Foreclosures are a thing of the past but they could not be anymore incorrect. Select Portfolio Servicing is a big mortgage servicer that services many distressed loans and seemingly continuing to acquire the servicing rights to distressed loans. Making SPS Foreclosure Help a big need that no many are aware is an option both through working with SPS directly or through a 3rd party. When working with a 3rd party company be cautious of firms that will try to charge you up front for any type of assistance.
Who is SPS ? What does SPS Stand for ?
SPS which stands for Select Portfolio Servicing 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.
What Programs Does SPS/Select Portfolio Offer for SPS Foreclosure Help ?
- 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.
SPS Foreclosure Help by firstname.lastname@example.org