Has anyone had an experience with SPS as second mortgage holder? Central Mtg only wants to give them $3000 to satisfy their lien (5% of the loan balance), SPS said must have 6k (10% of the balance)...  ("they have to follow guidelines") Central must have answer in 10 days or "will close the file"...  Thanks

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Hi Mesare,

Sorry, this is a late response.  Have you had any luck with this yet?

I recently closed a transaction with SPS as the second, and they agreed to $1,000, full release, which was just under 2.5% of the remaining balance.  They seemed eager to close for however much they could get, and had originally approved a principle reduction on the remaining balance, reducing it by nearly 50%.  The $1,000 payoff request was also approved without hesitation. 

This was in CA however, and happened just before the passing of SB 458 so perhaps they had some inkling that they'd better take what they could get and run before they had to deal with whatever effects this new bill might have had on their ability to collect.  That said, 2.5% is much less than 10%....perhaps it is the investors 'guidelines' they are looking at?  I'd ask for clarification here - Whos guidelines are they following, and if it's the investors', then who is the investor?

If they claim it's the investor, perhaps look into contacting the investor directly to appeal the decision.  Also, one of the more helpful reps I spoke with at SPS let me know that if you call in before 2pm (Pacific Standard Time) you'll likely be patched through to the right department.  If calling later, they will likely connect you to the general short sale department, where they seem to have less ability to make decisions, and at times don't seem to have correct information about SPS policies or time frames.  I'd try calling earlier if you happen to have been calling in the afternoon. After that I asked them to clarify to which department I was speaking, and if it was just the Short Sale Dept., I'd ask to be transferred, or I'd politely hang up and call back, this made a big difference (for some reason both departments are reached via the same phone number). 

Hi, Sean... Thanks so much for your reply... Actually, it got resolved...  I escalated the file, and after sending them what they requested (letter from the first, copy of court sale date, etc.) they sent me the approval letter.  Once escalated, they were extremely fast and efficient...  So it looks like we should be closing on it soon...  Great to know about calling before 2 pm- will keep it in mind for my nect SPS file! 

Mesare or Sean, do you have any contacts for escalation at SPS Select Portfolio Servicing? Lately they have been very difficult. Always saying they want 10% of their balance as a 2nd loan. Appreciate it. [email protected] 818-903-2040

Hi Sara,

I did not run into a need to escalate that file with SPS so I did not look for any escalation contacts.  Have you looked on Jigsaw.com? 

Hi, Sara...  In my case, I only had to talk to the negotiator's manager... I explained that  the first was in the final stage of foreclosure; sent them proof of the court order to extend the sale for 45 days to allow the short sale to close, plus the SS approval letter from the first, showing what they were willing to offer SPS...  That made it work...  Best wishes to you  ; }

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