Qualify for a SPS Loan Modification
If you are struggling to make your mortgage loan payments with Salt Lake City-based Select Portfolio Servicing (SPS), it might be time to call the company to ask for a loan modification. On its website, the company promises that you'll work directly with a mortgage loan servicing representative to find a way to make your payments affordable. By asking for a loan modification to a lower monthly payment, you might be able to prevent defaulting on your loan and losing your home to foreclosure.
Instructions
1. Collect the paperwork that you'll send to an SPS loan representative to prove that your gross monthly income has fallen far enough to prevent you from making your once-affordable loan payments. Make copies of your credit card bills, other loan statements, savings and checking account statements, current federal income tax return and paychecks from the last two months.
2. Call SPS at the number included on your most recent mortgage loan statement. Explain that you've suffered a financial hardship such as a job loss, serious illness or reduction in hours that has made it impossible for you to pay your monthly mortgage loan. Ask for a loan modification to a more affordable payment level.
3. Write a financial hardship letter. This letter will provide additional support for your cause. Write down your financial hardship and how it has impacted your ability to make your loan payments. State that you'd like your loan modified so that your monthly payment is lower.
4. Send the copies you made in Step 1 and your financial hardship letter to SPS. Company officials will study this paperwork to determine the severity of your financial hardship. If they find that it is significant enough to warrant a loan modification, they will start the process.
5. Agree to a specific loan modification from SPS. The company might reduce your monthly interest rate, lengthen the term of your loan, provide you with a six-month penalty-free break from making your payments or reduce the principal balance of your loan. Make sure that you'll be able to afford your new payments following the modification.
Tips Warnings
Only deal directly with SPS if the company is your lender. Don't work with outside loan modification companies. Most of these companies will charge you money for actions that you can do easily enough on your own.
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