Select Portfolio Servicing (SPS) Short Sale

Select Portfolio Servicing Short Sale Process

Depending on who your investor is you may have to apply for a SPS Home Loan Modification first but once you have gotten declined then the Select Portfolio Servicing Inc.  Short Sale Process is pretty standard:

1. Our Team Will Make An Outbound Call To Select Portfolio Servicing To Speak To A Mortgage Counseler Over The Phone Which Triggers The Short Sale Application Process.
2. SPS’s Request for Mortgage Assistance Loan Paperwork Will Be Required.
3. Scheude and Complete A Broker’s Price Opinion (BPO) or Appraisal (Certain Investors Require Two Interior Inspections)
4. Negotiate Numbers For Purchase Price And Closing Costs With Select Portfolio Servicing Mortgage About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender SPS Provides A Response To Short Sale Offer Made.

Going through the process is never easy with Select Portfolio Servicing. When applying for mortgage asisstance if feels like there is always something that comes up. Repeating the same steps over and over again is typical while dealing with short sale negotiators. It’s part of the process to know that we will have to run around from department to department at SPS Mortgage. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to SPS Mortgage Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can hekp you review any declines.

Select Portfolio Servicing (SPS) Short Sale Timeline

Dealing with what effects a SPS Short Sale timeline’s and knowing that they vary on some very basic and other not so basic elements can really help with the process. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Select Portfolio Servicing (SPS) is a servicer of mortgage notes. SPS Short Sale Application is generally only a piece of what governs SPS’s mortgage servicing as they have to bide by the PSA or Pooling and Servicing Agreement that sets the rules for each and every loan; This contract is directly between servicer and investor. Making decisions for SPS (Select Portfolio Servicing) is not always an option. The investor they are servicing the loan for, in cases they are not delegated (non-delegated) which means Select Portfolio Servicing has to request permission, calls the shots. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. The more layers of burueacracy you’re going to deal with the longer it’s going to take.
• Additionally, what affects the timeline of the short sale is  whether or not your SPS Loan has a sale date.  SPS is tough when it comes to homes in foreclosure and stopping the sale date for a Select Portfolio Servicing Short Sale to be completed. If you can get a value completed often your chances improve your getting bumped up in the process. As a loan servicer they have homes being sold at auction every day. Sale dates even for the coming week are not worked with ugency you would expect. As a first come first serve business model it can also be influenced by foreclosure status and proximity to the upcoming sale date (if applicable).
• Finally, not all negotiators were created equat; This goes for both sides. Often miscomunication is the number one reason while a short sale fails. People become very specialized in this niche of representing homeowners (borrowers) infront of Select Portfolio Servicing in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

Select Portfolio Servicing Short Sale Timeline Conclusion: Your SPS Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by SPS’s Short Sale Department compared to what the offer is that is being made to them, how fast SPS Loss Mitigation department received the SPS’s Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your Select Portfolio Servicing Short Sale to be Approved.

How To Fix An Select Portfolio Servicing Short Sale Decline?

Often dealing with SPS Mortgage and how they deal with short sale buyers offers being declined may be confusing. 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 SPS short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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