Select Portfolio Servicing Mod Success

Welcome to the LoanSafe Forums!
Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
Register for FREE

Comfort45

LoanSafe Member
Jul 15, 2014
10
2
3
60
I wanted to report our success in obtaining a loan modification working with SPS. Our interest rate and monthly payment was reduced approx. 28%. Honestly we would not be able to stay in our home without this modification. It is such a relief to be current and no more endless letters and phone calls from the lender.

I must give due credit to SPS. They may have had a few drops here and there, but they came through and surprised me with this modification. After reading the SPS reviews and comments, I was bracing for the worst. It took a lot of work and preparation on my part to push things along, don't get me wrong, but they were actually helpful and pretty straight up with me . I hope my story can help others trying to do the same. If you are reading this you are in the right place.

The lenders will not tell you everything you need to know. That is the reality.

Honestly this forum gave me a lot of insight into the process and answered many key questions, helping me anticipate what the next hurdle would be and how to overcome. I thank everyone for their contributions and the founders and countless others who make such a valuable resource available to those trying to save their homes. Good luck to all.
 
Last edited by a moderator:

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,854
467
1,000
49
Southern California
www.loansafe.org
Congratulations comfort! That is great news and thanks for sharing it with the community.

I'm glad that our forum could be of assistance to you during this process. It is people like you who share their experiences and knowledge that make LoanSafe a great resource for everyone.

I wish you the best in the next part of your journey in life :)
 

dales0513

LoanSafe Member
Jul 15, 2010
17
0
1
I wanted to report our success in obtaining a loan modification working with SPS. Our interest rate and monthly payment was reduced approx. 28%. Honestly we would not be able to stay in our home without this modification. It is such a relief to be current and no more endless letters and phone calls from the lender.

I must give due credit to SPS. They may have had a few drops here and there, but they came through and surprised me with this modification. After reading the SPS reviews and comments, I was bracing for the worst. It took a lot of work and preparation on my part to push things along, don't get me wrong, but they were actually helpful and pretty straight up with me . I hope my story can help others trying to do the same. If you are reading this you are in the right place.

The lenders will not tell you everything you need to know. That is the reality.

Honestly this forum gave me a lot of insight into the process and answered many key questions, helping me anticipate what the next hurdle would be and how to overcome. I thank everyone for their contributions and the founders and countless others who make such a valuable resource available to those trying to save their homes. Good luck to all.
I was just wondering what your tips are to try to get a successful mod. We have a higher rate and I am looking to try to reduce the payment. Even 300-400 is a huge savings for us. I have all of the paperwork but wasn't sure if there was any other advice you may have. Thanks!!
 

dales0513

LoanSafe Member
Jul 15, 2010
17
0
1
I was just wondering what your tips are to try to get a successful mod. We have a higher rate and I am looking to try to reduce the payment. Even 300-400 is a huge savings for us. I have all of the paperwork but wasn't sure if there was any other advice you may have. Thanks!!
 

Comfort45

LoanSafe Member
Jul 15, 2014
10
2
3
60
Sounds like you are on the right track. Use this forum to educate yourself about the process. Look at it from the point of view of the person who will be looking at your application. Know the things that will get you denied and what they will require to approve you. Know the HARP rules and requirements and your lender has their own procedures that you want to know as well. There are some online tools where you can submit the application data for a quick test to see if the numbers will pencil out before you actually submit the application . This is very useful and strongly recommended. The more you know about what they are looking for the better your chances of success. Approach with a large degree of honesty and sincerity for the best outcome. Some lenders have workshops in major cities where you can show up and talk directly to a representative. If you find one near you, it is well worth your time to attend and meet face to face.

I hope you find success in the end and wish you the best of luck.