Select Portfolio Servicing Loan M odification

Select Portfolio Servicing, Inc. specializes in subcontracting single-family mortgages and servicing impaired and non-performing credit loans. In recent years, it has also entered mortgage assistance projects to help borrowers avoid foreclosure and work out delinquencies with their lenders.

The company’s Loan Resolution program includes loss mitigation measures such as loan modification, repayment plans, short sales, and deed-in-lieu. Loan modification is so far the most attractive option to borrowers, as it stops the foreclosure process while allowing them to negotiate for better rates. Select Portfolio loan modification also brings the account current, giving homeowners a fresh start on their mortgages.

To qualify for a Select Portfolio mortgage modification, a borrower must submit a hardship letter stating the reason he or she fell behind. The hardship must be temporary, such as illness, job loss, or military service. The bank also requires proof of income (pay stubs, tax forms, etc) to prove that the borrower can stay on track when the loan modification is granted.

Select Portfolio handles a large volume of requests, and the Select Portfolio Servicing loan modification process can take several months. That’s why it’s best to hire a loan modification attorney, a specialist who can deal directly with the bank’s Loss Mitigation office. A lawyer can also use legal leverage to get better offers from the bank, and discuss other alternatives in case the mortgage modification doesn’t work out.