DisasterManagement

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Toll Free: 1-800-258-8602

SPS

COVID-19 Assistance

What type of assistance is available?| How do I apply?| Is there an impact to my credit score?
What happens at the end of my plan?| Can I cancel a plan before it ends?| Should I keep making my payment if I’m financially able?
My Account is in bankruptcy – what should I do?| Is my account a “Federally Backed Mortgage” under the recently passed CARES Act?| What is the best way to contact SPS?

We are here to help

At Select Portfolio Servicing, we understand the strain that the pandemic is putting on people for various reasons, including; uncertainty about the future, fears about your health and well-being and that of your family and loved ones, the added responsibility of home schooling, the stress of isolation, and, of course, the unemployment and financial impact that has been felt by so many. We want you to know that we are here to support you. We will work with you to find solutions if you have been financially impacted by COVID-19 and have concerns about being able to pay your mortgage. We are also taking steps to ensure there is no interruption in the servicing of your mortgage. We are here, ready to assist you.

If you are able to continue making payments, it is in your best interest to do so. However, you may qualify for assistance if your ability to make your mortgage payment has been directly or indirectly impacted by COVID-19. Read the What type of assistance is available? section to learn more.

We want to make sure you are aware of and protected from scams and potential COVID related fraud. Please know that we won’t ask for confidential information during our phone calls or other correspondence. Additional information is available on numerous Federal and State government websites including the HUD website, https://www.hudoig.gov/sites/default/files/2020-04/Fraud%20Bulletin_Borrowers_Print.pdf.

What type of assistance is available?

If you’re experiencing a financial hardship due to the COVID-19 pandemic, you may qualify for temporary payment relief. We have a plan known as a forbearance that can help homeowners who have been impacted by the pandemic. LOGIN to your online account to see if you qualify. Here are some things you need to know about a forbearance:

If you qualify for a forbearance, you can pause your mortgage payment for a 3 month period.
You won’t be charged late fees during the forbearance period.
We will not report the paused payments to the credit bureaus as being past due during the forbearance period.
You are not required to make a payment during the forbearance period, but, if you are able to, you can make a full or partial payment.
We will contact you before the end of the 3-month forbearance period to help you evaluate your individual situation and determine the best available option for repaying your paused payments. For more information about available options, read What happens at the end of my plan.

How do I apply?

Click here to Apply for COVID-19 Assistance , then follow the prompts to login and tell us more about your situation and get details about assistance options you may be eligible to receive.

You may also contact our Customer Care Experts who are available Monday through Thursday between the hours of 8 a.m. and 11 p.m., Friday from 8 a.m. to 9 p.m., and Saturday from 8 a.m. to 2 p.m., Eastern Time. You can reach us at (800)258-8602.

Is there an impact to my credit score?

If your account remains current, we will continue reporting the current status of the account to the credit reporting agencies. If your account is delinquent or becomes delinquent during the plan term, we will discontinue credit reporting for the duration of the plan.

What happens at the end of my plan?

We will reach out to you approximately 30 days prior to the end of the short term forbearance plan to discuss your situation and the options available to you to resolve the paused payments. Depending on your specific financial situation, those options may include:

Forbearance Extension –We may be able to extend the forbearance period, allowing you to continue to pause payments if you are still experiencing a hardship.
Reinstatement –With a reinstatement, you would repay all of the paused payments at the end of the forbearance plan and you would resume making your regular monthly mortgage payments as scheduled.
Repayment Plan –This plan would allow you to pay back the paused payments over an extended period of time by paying your regular monthly mortgage payment plus an extra amount.
Payment Deferral –This would allow you to add the paused payments to the end of your mortgage loan as a non-interest bearing balance that will be due on the maturity date of the mortgage or when you pay off the loan.
Term Extension –With this option, your mortgage would be extended by the length of time that your payments were paused.
Modification –We may be able to provide you with a more affordable monthly payment by making changes to the terms of your mortgage loan. These changes may include a reduction of your interest rate, a partial payment deferral or an extension to the maturity date of your mortgage loan.
Short Sale –If you decide that you can no longer afford to keep your home, this may be a good option for you. With a short sale, you would list the property for sale at a fair market price. If the property is sold, the proceeds from the sale are applied to pay off your mortgage, even if the proceeds are less than the account balance. This option requires approval from the lienholder.
Deed in Lieu of Foreclosure -With this option, you, as the homeowner, would voluntarily transfer the ownership of the property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. This is often a good choice if you no longer want to stay in the home or you can no longer afford to stay in the home, but you want to avoid foreclosure.

Can I cancel the plan before it ends?

Yes. You can cancel your forbearance at any time. If your circumstances change and you are able to resume making your monthly mortgage payments, you can contact us to cancel your plan. Of course, you can still make payments even while you are on a forbearance plan, if you are able. Remember that any payments you make during the forbearance period will be applied to your account and will reduce the amount of paused payments you owe at the end of the period.

Should I keep making my payments if I am financially able?

Yes. If you are able to continue making payments it is in your best interest to do so. Remember, payments that are paused will become due at a later time, so any payments you make during the plan will reduce the amount due at the end of the plan.

My account is in bankruptcy – What should I do?

Because your account is in bankruptcy, we cannot offer an agreement that would change the payment terms without bankruptcy court approval. You will need to work with your bankruptcy attorney and the bankruptcy court to change the terms of your bankruptcy plan. We will work with your bankruptcy attorney to adjust the terms of the plan, which would then be submitted to the bankruptcy court for approval.

Is my account a “Federally Backed Mortgage” under the recently passed CARES Act?

The CARES Act provides additional protections and forbearance plan requirements for customers with federally-backed mortgages. Federally-backed mortgages are mortgage loans purchased or securitized by Fannie Mae or Freddie Mac and loans made, insured, or guaranteed by the Department of Housing and Urban Development, Department of Veterans Affairs, or Department of Agriculture. SPS knows whether an account is a federally-backed mortgage and will be following the CARES Act forbearance requirements as required for those accounts.

What is the best way to contact SPS?

This website provides you with detailed information about your account and helpful How-To videos. You can make your payment multiple ways, submit documents to us, review letters we have sent, and access our interactive Customer Information HUB to get quick answers to your most commonly asked account questions.

If you are unable to find an answer to your question on this website, please call to speak with one of our Customer Care Experts at (800)258-8602. They are available Monday through Thursday between the hours of 8 a.m. and 11 p.m., Friday from 8 a.m. to 9 p.m., and Saturday from 8 a.m. to 2 p.m, Eastern Time.