Taking on a mortgage, whether it’s your first or next of many, is an intimidating process. When going into an agreement like that, you don’t want to just go with any lender.
The ideal lender is not just going to approve you for the amount you need to but that property you have your eye on. They’re also going to be able to provide excellent customer service, showing you they genuinely care about your situation, and also offer should times get tough.
Getting to Know SPS
Their company, founded in 1989, headquartered in Salt Lake City, Utah, is a dedicated and reliable lender. Their core mission is to work closely with their clients, providing the right solutions for your situation. They enjoy being defined by the type of trustworthy relationship they have with their customers, providing quality service for mortgages, as well as giving proper assistance when it’s needed.
Foreclosure Assistance
Are you already a customer of SPS? Are you currently struggling to pay your mortgage through SPS and are concerned your home will get foreclosed on? Are you a prospective customer that wants to know SPS cares about more than just the check clearing?
At SPS Servicing, they know that sometimes financial hardship arises that are simply out of your control. Therefore, they are happy to provide financial services that help you stay in your home or avoid foreclosure if you’re unable to afford your current residence anymore.
If your struggles are more short-term and, therefore, you’re able to stay in your home with a little assistance, here are some options they offer:
- Loan Modification – The terms of your mortgage are changed, either on a temporary or permanent basis.
- Payment Deferral – The overdue balance for your mortgage is added into your amount due and owed by the end of the mortgage.
- Repayment Plan – An overdue balance is factored into your current payments until you catch up.
If your situation is long-term, and you just simply can’t afford to pay for the property you own any longer, they have a couple of options to avoid foreclosure:
- Short Sale – The property is sold for less than is due to the lender, and your mortgage is satisfactorily paid off. They can also provide relocation funds up to 10,000 dollars.
- Deed-in-Lieu of Foreclosure – You can transfer ownership of the home to avoid debt and to be released of the responsibilities of the mortgage.
COVID-19 Hardships
If your financial struggles are directly caused by the current pandemic, COVID-19, SPS has a forbearance plan available for current borrowers.
Decision Time
If you’re on the fence about SPS Servicing and aren’t sure if you trust them enough to take out a mortgage through their company, take a look at their services yourself. Conveniently laid out on their website is every aspect of their services listed above and more information to help you decide for yourself if choosing them is your next move.