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: 233
Latest Activity: May 31, 2023

Short Sale information for Select Portfolio Servicing

 Click The Button Now To Hire A Short Sale       Superstar To Support You. 

 

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, 2018. 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, 2018. 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, 2018. 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, 2018. 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 Barbara Thomas on April 13, 2011 at 6:25am
I thought I would share information regarding my experience with SPS as the 2nd lienholder.  We had a Buyer last September who ultimately walked. At that time, SPS requied 10% of the outstanding balance to release their lien. Their approval letter provided for full satisfaction of the mortgage debt as well as waiver of rights to pursue a deficiency judgment.  In March we obtained a new offer.  This time SPS accepted 6% of the outstanding balance to release the lien. The approval letter did not include the language regarding full satisfaction of the mortgage debt and waiver of deficiency.  I contacted the Negotiator,, and she explained that the file had moved from "Loss Mitigation" to "Collections" sometime in December 2010.  Their approval letters are completely different.  She said she would not be able to provide a comparable letter; however, she said that if I sent her an email message, she would confirm that the debt would be satisfied and deficiency waived.  I did send her an email message and she did confirm those terms to me in a return email message.
Comment by Kynse L. Agles CDPE on March 31, 2011 at 3:54am
Ok I just closed a file with SPS this morning. We had a few bumps in the road but in the end my seller was very happy with the outcome. He had a loan on a duplex in Lehigh Acres, Fl for over $240,000.00. Our contract price was $48,000. We submitted the short sale on 11/16/2010, after 1 BPO/Appraisal dispute (the 1st value cam back at $59,000) and the MI Company (Gemico) demanding a $15,000 promissory note we finally closed. My seller did not have to pay any cash at closing or sign a promissory note to the MI Company, and SPS stated in the approval letter that they will NOT pursue a deficiency balance! It may have taken an extra month to get the kinks worked out but in the end SPS was excellent to work with! Total net to lender$42,121,41, Total loss to SPS $200,878.59. And to top it off the paid a 6% Commission. Good work by SPS, thanks for a very smooth short sale!
Comment by Aldo M Figueroa on March 14, 2011 at 6:20am

Hello all,

 

I wonder if any of you have had any experience dealing with an SPS short sale where they had to have Mortgage Insurance approval.  I have been waiting 2 months for it and calling twice a week.  According to the short sale deparment people, they have sent numerous emails to the mortgage insurance department but "unfortunately" they haven't heard anything from them yet.

 

Does anyone know an email of somebody en Specialized Portfolio Servicing that I can contact to escalate this file to?

 

Thanks!

 

Aldo

Comment by Amaryllis Rodriguez on March 3, 2011 at 11:12am
I just got my approval...SPS was looking to close March 13 and asked for extention until March 31...it was granted!!!!!!!!
Comment by Smitty on February 8, 2011 at 3:21pm
How is SPS with extensions?  Got approval today.  We asked in our contract to close on or before 3/31 - Approval but closing for on or before 3/4, the buyer's agent informed me they are going on vacation then.  :(   -So far they have been pretty good to deal with but I hope two more weeks won't kill the closing
Comment by Smitty on January 24, 2011 at 12:16pm
If you were a buyer's and seller's agent, do you  mind if I ask what SPS paid?  I'm being told 4% is the max to a single agent.
Comment by Kynse L. Agles CDPE on January 20, 2011 at 2:08pm
Still no approval but I am finding SPS very easy to work with. My short sale is a tenant occupied duplex and we have had scheduling issues with the BPO agent and the tenants, she was an hour and a half late to the first appointment so the tenants were not there, not even a phone call. They ordered another BPO and it went to the same agent, When I spoke with them yesterday they put in a new request for an interior BPO, I received a phone call today, BPO will be done tomorrow. Hopefully approved soon. They tell me the only thing they are waiting on to approve this file is the BPO! I will keep you all posted!
Comment by Maya Thomas on January 19, 2011 at 8:24am
Yep, and once less than 4% when I was LA and SA.
Comment by Smitty on January 19, 2011 at 7:46am
I'm on my second buyer for a SPS property.  I SWEAR on the first property I was told 5% commission.  Now on 2nd buyer I'm told 4% as I'm the only agent.  Anyone ever run into this?  Should I ask for it in writing?
Comment by Smitty on December 1, 2010 at 10:57am
888-349-8960 short sale department number for sps
 

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