SPS , short for Select Portfolio Servicing is an up an coming servicer who recently has acquired a large number of loans transferred from all kinds of different servicers like Bank of America, Bayview Loan Servicing, Chase , and many others. SPS was founded in 1989 at that time know 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.
What is a Short Sale ( SPS 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.
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.