What Is SPS Loan Modification?

What Is SPS Loan Modification?

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.

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.