We know that home ownership can be one of the most valuable and rewarding investments an individual or family can make. We also understand that the ongoing costs of monthly mortgage payments, home maintenance, property taxes, and homeowner's insurance may become an overwhelming financial burden.
At SPS, we seek to provide solutions to our customers to assist them in resolving delinquency and avoiding foreclosure. Based upon your current situation, SPS may be able to provide you with a solution to help you stay in your home or, if appropriate, guide you through the sale or transfer of your property, allowing you to relocate to more affordable housing and avoid foreclosure. In some circumstances, we may even be able to offer financial assistance for relocation.
Our assistance programs include:A modification is designed to bring your account current and provide you with an affordable monthly payment by modifying the terms of your mortgage. Changes may include a lower monthly payment, a lower interest rate, a partial deferral, or reduction of principal owed, or an extension of your maturity date.
A payment deferral is designed to bring your account current by adding the past due payments to the end of your loan as a non-interest bearing balloon that is due at maturity or payoff of the loan.
A repayment plan will either help you bring your mortgage current over a period of time, or allow you to resume regular monthly payments while you seek to sell the property, liquidate other assets, or improve your financial condition. While you are current in making the scheduled payments on a repayment plan, we will not proceed with foreclosure.
A short sale enables you to sell your home for less than the total amount owed on the mortgage. If eligible, we would accept the short payoff in full satisfaction of the total amount due on the mortgage loan. Upon completion of the sale, the occupant (homeowner or tenant) is eligible for payment of relocation assistance, which may be up to $10,000. If you are interested in pursuing a short sale, please call (888) 818-6032 to speak with one of our experienced Loan Servicing Representatives.
Deed-in-lieu of foreclosure is a voluntary transfer of ownership in full satisfaction of the total amount due, even if the property is worth less than the balance owed. Any agreement to accept a deed in lieu of foreclosure would require your cooperation in providing access to the property interior, providing clear title to the property, and documenting your hardship and financial condition. We will help you work with other lien holders to pay off and / or release any other liens that may be on the property. Upon the successful completion of a deed in lieu, you may also be eligible to receive financial relocation assistance. Call (888) 818-6032 to speak with one of our experienced Loan Servicing Representatives about a deed-in-lieu of foreclosure. If you have a second mortgage on your property, please be prepared to provide information about the loan during the call. Information we may ask for includes loan amount and contact information for the lien holder.
Contact us at (888) 818-6032 to discuss assistance programs. Every call to SPS is answered by an experienced representative who is prepared to review your individual circumstances. Based on your intentions with the property and your financial circumstances, we will seek to find a solution to assist you.
For Accounts with Active Assistance Options at the Time of Service Transfer: If you were working with your prior servicer on account resolution options at the time of the transfer, SPS will continue working with you to reach a resolution. SPS will work with your prior servicer to honor approved assistance options. If you previously submitted documents to your prior servicer for consideration, SPS will work with your prior servicer to review your documents and process your assistance request. Please contact SPS if you have any questions on how the service transfer impacts your account, including pending resolution options.