Select Portfolio Servicing (SPS) Deed In Lieu Of Foreclosure

Select Portfolio Servicing Deed In Lieu of Foreclosure Process

If your loan is serviced by Select Portfolio Servicing(SPS) and you are thinking of applying or a Deed In Lieu of Foreclosure on this loan then we at ACG will try to make sure that you go through a standard process as compared to other companies:

1. To initiate the process a team member of our team of professionals will have to place a call to Select Portfolio Servicing(SPS) to talk to your loan counselor and sometimes we have to follow up with an appointment but once we have spoken the process is initiated.
2. You are required to submit a paperwork called Request for Mortgage Assistance(RMA) application.
3. Before they start the DIL Process you may first have to go through a review for Loan Modification.
4. Sometimes Select Portfolio Servicing may pressurize you to first sell your home to someone else to prevent themselves from the liability of owning a property.
5. The title of your property will be checked.
6. The investor will ask Select Portfolio Servicing to do a valuation on the property on its behalf.
7.  For the next step, our team will negotiate relocation and time frame terms with Select Portfolio Servicing.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

If you had an experience of dealing with Select Portfolio Servicing in the past you will have noticed that the above steps only sound easy but are not in reality. But ACG is here to help our customers with any difficulties with a mortgage relief. Having experience for more than a decade we know we will have to run around from department to department to do the work for you. Maybe it is so that they want to pressurize you to sell your home so the short sale department has your file. We are here to do everything for you and most importantly you should be able to figure out when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their deed in lieu application, getting denied, and not being able to figure out what happened. We can help you through the process of doing a deed in lieu of foreclosure even if that means reviewing a decline made by Select Portfolio Servicing.

Select Portfolio Servicing Loan Deed In Lieu Timeline

The timeline of the Deed In Lieu Process of Select Portfolio Servicing is very variable. These are just a few of the hoops we jump through when dealing with a deed in lieu with Select Portfolio Servicing.

• To begin with,  As SPS is only a mortgage servicer and usually representing the interests of an investor Select Portfolio Servicing has to follow a set of rules called “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages they service. PSA is like a  contract between servicer and beneficiary of the mortgage note. The investor usually grants Select Portfolio Servicing the authority to make only some of the decisions themselves. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers and take care of many of the decisions themselves.
• Additionally, If your loan has a sale date then this will have a huge effect on the timeline of the Deed In Lieu of Foreclosure process. Select Portfolio Servicing Loan becomes very difficult to deal with if a sale has to be stopped to complete the DIL Process. There are sale dates for every day of the week for a company like Select Portfolio Servicing so the dates are not worked on as quickly as you want. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, All negotiators were not created equally. What makes the process tricky is that this goes for both sides. It has been seen that miscommunication can lead to certain failure while dealing with this kind of large level. Representing a homeowner during the process of Deed in Lieu Of Foreclosure is a very specialized skill that can be learned through experience only. Often you will be put through the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are for the banking institution who owns the interest in the loan.

Select Portfolio Servicing Deed In Lieu Timeline Conclusion: There are many factors on which the DIL process of Select Portfolio Servicing depends. Select Portfolio Servicing will be able to make a decision lot quicker if they can make it themselves. If you have other debts then your ability to get DIL will get limited. How fast Select Portfolio Servicing’s Loss Mitigation department receives the Select Portfolio Servicing Deed In Lieu Forms to apply for mortgage assistance are received (readable) and other factors will come together to affect how long it will take for your Select Portfolio Servicing Deed In Lieu application will take to be Approved.

How To Fix A Select Portfolio Servicing Deed In Lieu Decline?

Most of the time, we have seen the most reason for the decline of the application is miscommunication but it can often become very confusing as to why it was rejected. Often they will not be clear not only as to why but if there is anything that can be done to fix it. Here at ACG we review dozens of points in order to understand why your Select Portfolio Servicing deed in lieu offer was rejected. Have us review your declined deed in lieu for free by calling us at 888-934-3444.

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