SPS Select Portfolio Servicing, inc

Information

SPS Select Portfolio Servicing, inc

For Short Sale - Overview

Homeowners interested in pursuing a short sale, can call 888-818-6032 to speak with a Loan Servicing Representatives

To speak to a Loan Servicing Representative to Help you with answers to your questions regarding the status or history of your account call please call 888-818-6032

Representatives are available 

Monday through Thursday from 8:00 AM to 11:00 PM, Eastern Time.

Friday from 8:00 AM to 9:00 PM, and Saturday from 8:00 AM to 2:00 PM,Eastern Time.

Website: https://www.spservicing.com
Location: Pasadena, California
Members: 227
Latest Activity: Dec 4

Short Sale information for Select Portfolio Servicing

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Select Portfolio Servicing Short Sale Requirements

Short Sale - Overview Link to the website

Government Counseling / Resources for homeowners link to website

Have the borrower call Short Sale Department 1-888-818-6032. After SPS determines eligibility submit;

  • Letter documenting your current financial hardship.
  • A copy of the current listing agreement.
  • If there is an offer pending on the home, a copy of the purchase contract
  • The HUD-1 Settlement Statement signed by all parties.

fax, or email your documentation to:

  • Fax:
  • 801-270-7833
  • Mail:
  • Select Portfolio Servicing, Inc.
  • P.O. Box 65250
  • Salt Lake City, UT 84165-0250

ESCALATION INFORMATION FOR SELECT PORTFOLIO SERVICING

You may contact the Select Portfolio Servicing Consumer Ombudsman through the following channels:

By email at [email protected]
By phone at 866-662-0035
By fax at 801-293-3943

Discussion Forum

Short Sale -> Short Pay

Started by Greg Kristy. Last reply by Brett Goldsmith Dec 4. 7 Replies

Has anyone been offered this option via SPS?  This little known, sister to the Short Sale, is claimed to be like a short sale except without the arms-length restrictions.  However no closing costs,…Continue

Select Portfolio is Stalling

Started by Kay VanKampen. Last reply by Greg Kristy Nov 20. 1 Reply

I have worked a short sale for over a year with Select Portfolio Servicing.  I'm now on the 3rd offer.  This offer was presented in May, when I sent all the paperwork to the bank.  In July, I was…Continue

Tags: Short, Sales, Bank, Chase, Portfolio

SPS 2nd mortgage

Started by ash lomont. Last reply by Tony Morales Oct 24. 7 Replies

Hello,I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac…Continue

Tags: SPS, Mr., Cooper, mac, freddie

Will Select Portfolio Servicing contribute to the 2nd lien

Started by Juan Reyes. Last reply by Tony Morales Jun 1. 2 Replies

I just initiated a SS with SPS and when I was on the phone with the rep I asked how much does SPS normally contribute to the 2nd lien holder in order for them to approve the short sale... She then…Continue

Comment Wall

Comment

You need to be a member of SPS Select Portfolio Servicing, inc to add comments!

Comment by Claudia Carignan on June 15, 2010 at 6:01pm
I certainly agree they are the best to work with. They have offered Real Time Resolutions $3000 on a short sale and they are demanding $6500 - Select Portfolio told me to tell them no and that they will foreclose on the property if they have to. Planning to escalate as soon a I find numbers for those in charge.
Comment by Paola Martinsen on June 15, 2010 at 12:09pm
Does anyone have management contacts at SLS?
Comment by Joshua Bragg on May 18, 2010 at 2:07pm
Hi everyone, just wanted to add a bit more evidence to what everyone else is saying about SPS ..... they have been terrific. Started working a file 2/26 had three successive buyers walk ... fourth buyer made offer that was submitted on 4/6. The file was elevated 4/9 and approved 4/14 ... set to close 5/25. I to wish all my deals were with them!
Comment by CJ Wright on April 22, 2010 at 9:39am
Unbelieveable! Short sale approval in just days. SPS required 48 hours to review and approval the HUD for closing: they just approved it in 10 minutes and we are closing at 4pm today! All I had to do was email the final HUD to [email protected], call back in 5 minutes to confirm receipt and that they netted at least what they expected. They faxed me a written approval in 2 minutes AND I was paid the normal 6.5%!

I love SPS!!
Comment by Cathy Nielsen on March 26, 2010 at 1:31pm
Have the second with SLS give you an approval for the $5000 with a promissory note for the balance of $1000. Then outside of escrow if allowable in your state, have the buyer pay the promissory note.

Cathy
Homesaver LLC
Homesaver Real Estate LLC
Short Sale Negotiators
Comment by Leonard Williams on March 26, 2010 at 12:26pm
I have an urgent situation. Here's the scenario:

1st Lien Holder SPS - $138,750
2nd Lien Holder SLS $48,305

I received a short sale approval from the 1st lien holder to complete a transaction at $44,500. I received an approval from the 2nd lien holder saying they wanted $6000 (minimum) to complete the short sale transaction. The 1st lien holder is only allowing for the 2nd lien holder to receive only $5000. The original buyer (@$44,500) walked. I immediately found a new buyer within the time frame to close before both approvals expired. The new offer came in at $46,000. The buyer came to title with the funds, both seller and buyer signed docs, my escrow officer only needed HUD approval from the 1st lien holder to push the disperse button.

My deal has been funded and cannot disperse for the following reasons.

The problem is the 1st lien holder is only allowing the 2nd lien holder $5000 and even if the buyer came in with the difference the first lien holder won't allow it. The 1st lien holder only wants the 2nd lien holder to receive $5000. Saying, the industry standard is to only allow the second lien holder 10% of their loan balance.

Mean while the homeowner who is trying to do the right thing, (instead of walking away from the property) comes out the looser if the property goes to foreclosure.

The 1st lien holder is creating a situation that cannot work, no matter how much money the buyer brings in they won't approve the HUD. Mean while everything else in the transaction is complete and the "funds to close" sit in title until this buyer decides to walk from this seemly insane situation.

I don't know where to go from here, you guys all know the amount of work it took to even get to this stage. Please help! :-)
Comment by CJ Wright on March 24, 2010 at 12:25pm
short sale approval in less than a week! by far the best to work with!
Comment by Kris Lindahl on January 25, 2010 at 6:30pm
Approval in 28 Days. They are very easy to work with.
Comment by Melanie Hollis on January 25, 2010 at 5:25pm
Select Portfolio Servicing is the best so far! Approval in 24 days!!!!! from package submission to approval letter!!
I wish all my deals were with them!!
Comment by Jeffrey Smith on January 21, 2010 at 3:08pm
Out of all the lenders I've worked with SPS has been one of the easiest(least hard) fastest, and most logical.
 

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