SPS Short Sale Application, Forms And Packages

Short Sale Package PDF

Take the first step to getting started on your short sale. Download Forms Here.

Next Steps

Find out what’s next. Make sure you cross every ‘T’ and dot every ‘I’.  No Mistakes!

Other Mortgage Programs

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Get SPS Mortgage Froms

Take the first step to getting started on your short sale. Download Forms Here.

Next Steps

Find out what’s next. Make sure you cross every ‘T’ and dot every ‘I’.  No Mistakes!

Other Mortgage Programs

It may not be too late to try other options. We can review what’s out there.

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Step 1: SPS Short Sale Experts

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Finding The Right Short Sale Agent

Finding The Right Agent

The process of Short Sale is very complicated. The short sale is common but there are very few professionals that know how to deal with it properly. This is the reason it is imprtant to fing the right professionals. There should be a very few surprises, if any. If you can’t figure out where to turn to, we have got a great team of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Short Sale Listing On The Market

Get The Property Listed!

Getting the property listed is included in the first steps of the short sale process. It is expected by the lender that you work with an agent so that it gets a fair review. The lender will not allow that you just bring up an offer. Documents such as the MLS Listing and MLS History as a proof that a property has been properly listed.

There is no going forward untill this process has been completed and the First of the documents that you will need for the process to go forward will be the listing agreement.

Pro Tip: Many lenders will require you to list for a minimum of 5 days and a weekend before accepting an offer.
NOTE: There are situations where SPS may prequalify you to do a short sale. In some cases they may even go as far as telling you what to list the home as. Know that all of this is misleading because when you get an offer they will still need to do a full and standard short sale review.

Step 2: The Short Sale Offer

Making an offer on an SPS Short Sale is more than just a number!
Real Estate Short Sale Definition

What is a short sale?

A sale will be called a short sale only when that offer is not enogh to pay off all the debts in the name of the property. It is not possible for SPS to review your home for short sale without an offer. Moreover, they will see that what is the net amount that you are making them from the offer after all the costs have been deducted from it. Past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply are all included in it.

Best Short Sale Buyer

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

The interested buyers of a short sale should be ready to wait; Patience is important. A buyer that is patient is more important than the all cash buyer or even the buyer whose offer is higher than the others. Your broker will need to interview the potential buyers to make sure that they are solid. Only the buyer is not importnat but the broker representing is also very important.

Previously Approved Short Sales

Previously Approved SPS Short Sale

It will be often advertised by the brokers that their short sale process was previously approved to make it seem like that the short sale process with SPS will be fast. Even if the short sale was previously approved by SPS in most cases a full review will still be required.

Pro Tip: Lenders can only review one offer at a time. The process can be hard and have a lot of hoops to jump through. Make sure you choose the one most likely to close. The highest offer is not always the best offer.

Step 3: Submit SPS Mortgage Short Sale Package

Thoroughly review your documents. The wrong information can hurt you!
SPS Short Sale Submittal

Submiting Your Short Sale Package to SPS To Get The Process Going.

What is in the SPS Mortgage Short Sale Package?

Generally same documents are required by all lenders, including SPS. The documents required are: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning.

It will be required as a short sale seller that you provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.

Pro Tip: In most cases working with a skilled team such as ours should be able to pick out the items that will most likely be asked of by your lender. If your lender has to request items it’s likely they passed over your short sale when it could have been reviewed.

Step 4: SPS Mortgage Short Sale Broker's Price Opinion (BPO) or Appraisal

SPS Short Sale Value

Getting The Right Value Goes A Long Way.

A lender like Select Portfolio Servicing can only know if you are eligible for a short sale when they complete a value. In most of the cases the value is completed by an agent who reviews the comparables in the area. The properties that are listed in the area are reviewed but more importantly the properties that were sold in the area in the last 3 to 6 months are reviewed by the agent. They consider many conditions like home’s perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.

Market conditions and how fast homes are selling in the area are taken into consideration. There are many factors that are taken into consideration.

SPS Short Sale Appraisal

Short Sale Appraisal Values

A loss is already being taken by the investor that SPS is representing so in most cases they will require to complete a Broker’s Price Opinion (BPO). Although in some cases the investor may require to consider a deeper review by an appraiser. Appraisers have specific licenses that are for valuing properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.

SPS Value Disputes and Variances

Filing Value Disputes and Variances

If value returns too high the what? This often happen to the rookies and experts alike. You may try your best in meeting the broker and appraiser regularly and give the valuable information that they will use in their report but it often happens that they are not from the area and often compare properties that have nothing in common

Pro Tip: Short Sale Variance is an opportunity to apply for a short sale servicer such as SPS to vary from their typical practices. Often values are good from the day they are completed for 90 days; Sometimes longer.

Step 5: Finalize Short Sale Terms

How Long Does A SPS Short Sale Take

Select Portfolio Servicing’s Short Sale Time Line Coming To An End.

Once they have got the complete value and the complete package that is when the negotiatior or undersigned will decide that you meet the criteria and that your file is to be presented to the investor or not. Usually an auditting process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

SPS Short Sale Counters

SPS Counters Short Sale

This is also the time when it is possible that SPS may issue a counter to your short sale or decline your request. To compete with either of this one needs a special set of skills that comes only with experience. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the experts and rookies.

Step 6: Closing A Short Sale

Short Sale Escrow

Short Sale Escrow.

Closing a short sale is very similar to the closing of typical escrow transactions. You can move forward with the typical escrow process once all debt holders have given their approval. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Short Sale Extensions

SPS Issues Short Sale Extension

What happens if the approval letter expires and we are not able to complete the short sale process? This is a question we get all the time and there isn’t a simple answer to it. It depends on delinquency of the mortgage, whether the value they have expired, and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with SPS’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are generally paid from the real estate comissions awarded to the agents involved and paid out of SPS’s net).

Pro Tip: Week one. Strike that. Within a few days of having all the approvals in line you should be able to tell whether or not this buyer is going to really perform. The right professionals apply pressure to all the parties involved to ensure the transaction gets done!

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How Does ACG Get Paid?

Absolute consultant Group is a company that works with your local agent to get your property sold. We are paid directly by Select Portfolio Servicing from the escrow closing account. We do not get paid if the transaction doesn’t closes. Generally we are compensated from the commision that is awaded to the brokers involved in the deal. Usually this service will cost nothing out of the pocket of the seller. Call for details 888-934-3444.

Understanding The SPS Short Sale Status

As you may have already noticed by seeing the short sale package of SPS is a lengthy document. Select Portfolio Servicing (SPS) Have not made the process simpler for the consumer but that’s why ACG is here to assist you with your application for the short sale process to get mortgage assistance from your servicer.

Assistance For SPS In America

ACG will become your single point of contact for all the SPS related challenges. When you will work with us, ACG will become your one stop shop for all your mortgage assistance relief services. We will work with you through all the process from start to finish to complete your short sale with SPS

Call Us 888-934-3444 Today.

SPS Short Sale Package Breakdown

What is the SPS Short Sale Package?
SPS will require you to submit a SPS short sale package known as the SPS Request for Mortgage Assistance (SPS RMA). It’s important to always use the most up to date paperwork when applying; Always check with a professional. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their SPS Loan Modification process.

There are 9 Sections to the standard SPS Short Sale Package.

Need Assistance With A SPS Morgage?

Need Assistance With A SPS Morgage?

Short Sale RMA Package PDF Breakdown:

Hardship Affidavit Application Check List

  1. Section 1 RMA – Borrower Information – This section basically requires the Select Portfolio Servicing (SPS) customer to put the borrower contact information, how many people living in the home, if the client has filed bankruptcy,  and some basic information about themselves. Additionally they like to know if any other mortgage has received government assistance (HAMP).
  2. Section 2 SPS Request For Mortgage Assistance (RMA) Form – Hardship Affidavit – This is the section where you give the bank information about what caused you to fall behind and if your hardship has been resolved.
  3. Section 3 Additional Property Information – In this section the bank asks to know if this is your primary residence, if you are planning to keep it or if it is up for sale, and more information about the property itself.
  4. Section 4 Mortgage Borrower Financial Information Breakdown – In this section SPS asks for your monthly budget. This includes knowing your gross/net income. In this section include if there are any non-borrower contributors to be considered as part of the budget. Document assets here as well. Bank checking accounts and anything else you have of value. This is the section where you list your monthly expenses covering everything from food to utilities to child costs. SPS lists the required documentation for all income types.
  5. Section 5 SPS Package –  Other Properties Owned – This is where you need to list the other properties you own and the details corresponding to each including the costs, homeowners association dues, taxes, and insurance. It also asks if it is a vacant, second or seasonal home, or if it’s rented.
  6. Section 6 Other Property Type Requiring Assistance – This section is only filled out if you are looking for assistance on a property that is not your primary residence. They get the same basic information they requested in section 3 but they want it more spelled out here outlining the costs associated with the property. HAMP Rental Property Certification is also required though the HAMP program is no longer around.
  7. Section 7 Dodd-Frank Certification – This is a certification that states you were not previously convicted of any financial fraud along with other disclaimers. Make sure you read it thoroughly before acknowledging it.
  8. Section 8  Government Monitoring – This section basically wants to know your herritage (Race) though they cannot use this information to discriminate you.
  9. Section 9 Borrower Acknowledgment and Agreement – read through these statements as Select Portfolio Servicing and their investor will require you to agree to them. Make sure you sign and date the document.

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Disclaimer: Using The Wrong Form May Lead To A Denial

We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.