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Short Sale Process
Step 1: Submit required documents
In order to be considered for a short sale, the documents listed below may be required to determine your eligibility for this program. It is important that you submit the documents to us as soon as possible because we cannot determine eligibility until we receive all required documents. These forms must be completed and signed by all borrowers on the loan.
What documents to submit
Submit the following documents to be considered for a short sale review. SPS requires a complete application to begin this review.
Please note: SPS may also pull a credit report on all customers obligated on the Note as part of the evaluation process.
How to submit documents
For your convenience, we provide multiple methods for you to submit documents. Regardless of the method you choose, please include your account number on all documents.
You can submit documents online, through fax or mail. Click for additional information.
You may follow the Upload Documents link to upload files directly to our website.
You may fax the documents to (801) 293-3936 or toll free (866) 867-3019
  • Mail your documents to:
  • Select Portfolio Servicing, Inc.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
  • Overnight mailing address:
  • Select Portfolio Servicing, Inc.
  • 3217 S. Decker Lake Dr.
  • Salt Lake City, UT 84119
Step 2: Establishing Property Value
The current value of the property will be determined by obtaining an appraisal or broker price opinion (BPO), this may include an interior review of the home. If an interior review is required, you or your designated contact will be contacted to schedule a time for the review to be conducted.
Step 3: Speak to a Loan Servicing Representative
The Loan Servicing Representative will be able to answer any questions you have about our short sale program and the required documents. They will also be able to discuss with you any missing or incomplete documents that are required before we can determine your eligibility. You may contact one of our experienced Loan Servicing Representatives at (888)818-6032.
Step 4: List and market the house
If you decide that a short sale is the right option for you, we recommend that you work with a licensed real estate agent who has experience with short sales.
  • If you already have an agent, please submit a Third Party Authorization form granting us permission to speak to your Agent regarding the short sale.
  • If you do not currently have an agent, you can contact one of our Loan Servicing Representatives and they can provide information on agents in your area who specialize in the SPS short sale program.
While the property is being marketed, we may be able to suspend any current or pending legal action against the property. Contact us at (888) 818-6032 for more information.
Step 5: Purchase Offer
Once you have received an offer to purchase the property, you or your real estate agent will need to submit the offer for our review and approval.
Offer documents include but are not limited to:
  • HUD-1/Closing Disclosure

    This statement should reflect the gross offer, the anticipated closing date, the buyer’s name, the names of both the listing and selling agents, and all costs associated with the closing.

  • Real Estate Purchase Contract

    The Sales Contract must be signed by all parties and include all applicable addendums and must be valid at time of closing.

    Applicable addendums include but are not limited to;
    Short Sale addendum: “Short Sale is contingent upon approval from all lien holders prior to closing”
    Counter-Offer addendum
    Extension addendum
    Buyer name change addendum

  • Listing Agreement

    The listing agreement should be signed by the listing agent and the seller and contain a cancellation clause and a contingency clause that states the sale terms are contingent on approval by the mortgage holder and mortgage insurer (if applicable).

  • Authorization for Listing Agent

    Written Authorization must authorize the listing agent or broker listed on the Listing Agreement.

  • Negotiated payoff approval from additional lien holders

    Junior liens approval letter- The approval letter(s) from the junior mortgage holder/servicer must include the amount approved to settle the debt, the date their approval will expire, and it must confirm that the lien will be released as soon as settlement funds are received.

How to submit documents
You can submit documents online, through fax or mail. Click for additional information.
For your convenience, we provide multiple methods for you to submit documents. Regardless of the method you choose, please include your account number on all documents.
You may follow the Upload Documents link to upload files directly to our website.
You may fax the documents to (801) 293-3936 or toll free (866) 867-3019
  • Mail your documents to:
  • Select Portfolio Servicing, Inc.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
  • Overnight mailing address:
  • Select Portfolio Servicing, Inc.
  • 3217 S. Decker Lake Dr.
  • Salt Lake City, UT 84119
Additional Liens and/or Judgments
It may be necessary during this time for you or your agent to contact any additional lien holders and negotiate short sales on those liens. We will review the offer, including any additional lien holder approvals, and provide a decision within 30 days once all documentation has been received. SPS may counter the offer submitted for approval.
Step 6: Determine Eligibility
Once we have received a complete application and all offer documents, we will review your account to determine eligibility for the submitted short sale offer. It may take up to 30 days to reach a decision. Once a decision has been reached, SPS will send you a notice of the decision.
Step 7: Complete the Process
If you are approved for a short sale, we will issue an approval letter, any terms and/or conditions, and the amount that will be required to consider your loan settled. A short sale will be reported on your credit and may have a negative effect on your credit score. It is not uncommon for offers to be withdrawn up until closing, so we encourage you to continue marketing the property. Upon the successful completion of a short sale, you may also be eligible to receive financial relocation assistance.