Select Portfolio Servicing provides mortgage services for single-family residential mortgages and helps homeowners resolve delinquency and avoid foreclosure, according to the company website. It manages the administration of mortgage accounts and accepts mortgage payments.Continue Reading
To help homeowners stay in their current home, SPS offers two options: modification and repayment plans. Modification involves restructuring a current mortgage to make the monthly payment more manageable, explains SPS. This can be accomplished by lowering the interest rate or extending the maturity date of the mortgage. A repayment plan allows mortgage holders to progress toward bringing their account current while selling assets or seeking higher income.
Homeowners for whom staying in the current home is no longer a viable option can use SPS services to facilitate a short sale of the home, notes SPS. With this option, homeowners can sell their home for less than the amount owed on the mortgage, and the bank agrees to accept this sale as payment in full. SPS works with the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives Program to make this process as smooth and easy as possible for homeowners.
SPS representatives take the time to get to know individual clients and their current financial situation so that they can determine the best possible course of action, states SPS.Learn more about Credit & Lending