Q:

What is SPS loan modification?

A:

Quick Answer

SPS loan modification is a modification or change to a loan that is serviced by Select Portfolio Services, Inc., according to the SPS website. A popular loan modification choice with this lender is a modification of a home mortgage, which allows homeowners to keep their homes.

Continue Reading

Full Answer

This loan modification program is called the "home retention program" by SPS and has several requirements, including proof of income, a request for mortgage assistance document, a signed IRS 4506T transcript and a 4506-T form, explains Select Portfolio Services. Loan modification programs can involve lowering monthly payments, extending payment deadlines, or lowering interest rates in an attempt to help the loan recipient get into a more comfortable financial situation.

Learn more about Personal Loans

Related Questions

Explore