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, 2018

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

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Comment by Dawn Welch on May 30, 2014 at 4:12pm

Ahmad, the cleaner the offer the better.  Do you know what the appraise value came in at.  If your current offer is much less than the appraise value I would keep as close to the appraise value as possible, no lower than 10% of the appraise.  Good luck

Comment by Ahmad Benyamin on May 30, 2014 at 12:53pm

Greetings to all, I have a short sale in process with SPS...I recieve a counter offer letter that simply states SPS.

This is not a denial of your short sale offer, but rather an attempt to counter the gross to a higher amount and/or reduce amount of closing cost.

For any who has work with these guys before, please comment. My intent is to increase the gross amount to them, and pay all clost cost. And I intent to such on a one page short sale addendum counter-offer.

Any comments or suggestions.

Thx

Ahmad T. Benyamin

Comment by Bryant Tutas on March 19, 2014 at 2:38am
Comment by Maureen Gillespie on March 18, 2014 at 4:42pm

Hi Has any one had SPS say that the mortgage insurance company wants $13,000 cash at closing, or a note for 15000 for 60 months at 250 per month to get the approval to close?  This is the first time I have had this happen with any of my short sales.  How do I verify it is the mortgage insurance co requesting this and not SPS themselves?  

 

Thanks for your help in advance   Maureen

 

Comment by Dawn Welch on December 18, 2013 at 4:34pm

Wow!! My 3rd deal with SPS and they certainly haven't improve.  Communication is unbelievable. I started with Chase which gave an approval 1 day before transfer to SPS on 11/1.  Started communication with SPS a few days after the transfer, I made sure I sent over a copy of the Approval letter, 3rd pty Authorization and Hud1.  Buyer cancelled couple weeks after.  I submitted a new buyer and all required documents, which they informed and confirmed nothing else is needed or missing and we are still in the same position.  Now they are just about to start the denial process which they claim will take 3-5 days, and then will start a new review.  Let's see how this goes. smdh.

Comment by Jessica Griffith on December 9, 2013 at 1:39pm

OCC%20Complaint%20Form.pdf

1. File a complaint with the OCC, providing detail about the file. (form attached)

2. Call SPS and ask for the office of the president fax no, then fax a copy of the complaint to them so you're not waiting for the OCC to send it to them (incl all supporting documentation for the file)

3. Prepare your own BPO and/or provide buyer's appraisal with a copy of the complaint and loan approval, indicating buyers house must appraise in order to get financed. 

Or try this first:  Send an email to [email protected]   (maybe he can help? I think he works in the REO dept, so good luck!)

Comment by Garey Keathley on December 7, 2013 at 12:20pm

I have a short sale with SPS that began in July.  Everyone is polite and nothing gets done.  Especially aggravating is that it is an FHA loan and since the change in FHA short sale policy on Oct. 1, a BPO was ordered and completed by an agent from another part of town.  Appraised value was 92K.  The BPO value - 121K - so SPS wants a counter (really just a demand for a higher offer) closer to the BPO value and ignores the appraised value.  To contest the BPO requires another appraisal or BPO be performed at the buyer's expense.  Be careful about a BPO when an appraisal has already been completed.

Comment by Tracey Semelsberger on October 15, 2013 at 2:20pm

can anyone share a copy of an Approval letter from SPS? I am debating whether to work with them or not on a  clients sale.

Thank You

Comment by Isaac Ramirez on April 30, 2013 at 2:39pm

I recently had a Bank Of America approval $100,000 agreed purchase price, $3,000 seller concessions and $6,500 in seller relocation assistance  Right before we would close Bank of America sells the loan to SPS. After weeks of awaiting a "transfer" SPS states they will not honor our original approval with BOA due to the letter expiring...After a few more months have passed SPS tells us that they will not accept our offer and it needs to be increased and we had to reduce the compensation to the 2nd also remove seller concessions and sellers relocation assistance. After doing so buyer then walks, we get a new buyer in offering CASH and now we are being told that we have to increase our offer to $115,000.00... The house is only worth $100,000 tops!!! Plus has flood damage... I need a supervisor, the customer service reps only read the notes from the system. I need to talk to the person who is writing the notes, please help!!

Comment by Freddie Castaneda on April 8, 2013 at 9:25am

When I was dealing with SPS i had emailed the ombudsman and that didnt really get me anywhere.  We also had a three way with a manager and the homeowner and I didnt have any success with moving the file.  SPS is tough company to work with.

 

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