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Overview

SPS’s home retention programs aim to preserve homeownership and prevent foreclosure. We offer three types of home retention options: modification, payment deferral, and repayment plan. Please contact one of our experienced Loan Servicing Representatives at (888) 818-6032 to discuss either of these home retention options.

For Accounts with Active Assistance Options at the Time of Service Transfer: If you were working with your prior servicer on account resolution options at the time of the transfer, SPS will continue working with you to reach a resolution. SPS will work with your prior servicer to honor approved assistance options. If you previously submitted documents to your prior servicer for consideration, SPS will work with your prior servicer to review your documents and process your assistance request. Please contact SPS if you have any questions on how the service transfer impacts your account, including pending resolution options.

What is a Modification?
  • A modification is designed to bring your account current and provide you with an affordable monthly payment by modifying the terms of your mortgage. Changes may include a lower monthly payment, a lower interest rate, a partial deferral, or reduction of principal owed, or an extension of your maturity date.
What is a Payment Deferral?
  • A payment deferral is designed to bring your account current by adding the past due payments to the end of your loan as a non-interest bearing balloon that is due at maturity or payoff of the loan.
What is a Repayment Plan?
  • A repayment plan will either help you bring your mortgage current over a period of time, or allow you to resume regular monthly payments while you seek to sell the property, liquidate other assets, or improve your financial condition. While you are current in making the scheduled payments on a repayment plan, we will not proceed with foreclosure.