SPS Servicing Coronavirus Mortgage Forbearance Information

Servicer Contact Options

Phone: (800) 258-8602
Monday through Thursday between the hours of 8 a.m. and 11 p.m.
Friday from 8 a.m. to 9 p.m.
Saturday from 8 a.m. to 2 p.m., Eastern Time

Online Portal: Apply for Forbearance
Website: spsservicing.com | COVID-19 Assistance


From Servicer Website

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.

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.

If you have forbearance questions and would like to speak to a certified housing counselor, please call the Hope Hotline at 995Hope.org

CLICK HERE for 995Hope.org

Please ask questions or report your experience with this servicer below. Your feedback will help other homeowners navigate homeownership preservation options. REMEMBER: Ask for everything in writing to protect yourself against surprises.

47 Comments

  1. Mario Rivera on April 24, 2020 at 7:20 pm

    How does sps service expected me to pay
    A balloon payment if I can’t make the monthly payment?

    • Forbearance Report on April 24, 2020 at 9:29 pm

      Mario, a balloon payment is option #1. Most servicers are going to have other options if you’re unable to make the lump sum payment. If you can document a loss of income from COVID-19, the servicers should work with you to find a solution.

    • YG on June 3, 2020 at 1:24 pm

      I have a Freddie Mac loan, my service SPS mortgage is telling me I have to pay a balloon payment after three months !!! What’s my next step ?

      • Forbearance Report on June 3, 2020 at 4:06 pm

        It is not unusual for SPS to offer other workout options before Payment Deferral, however, you cannot be required to make a lump-sum payment. We have spoken to other SPS customers that were granted payment deferral, which just means that the missed payments are added to the end of the loan and you continue making your normal monthly mortgage payment.

        Here is a detailed article that explains the COVID-19 Payment Deferral option that was released by Fannie Mae and Freddie Mac on May 13th.

        Read: New COVID-19 Payment Deferral Option – Are You Eligible?

        Servicers are required to begin evaluating customers for this program starting on July 1st, 2020. I hope this helps?

        If you are still being told something different, please let us know?

      • Frustrated on June 21, 2020 at 8:41 pm

        I’ve been trying to do a work out program for 2 years now. They kept saying they didn’t get documents or they couldn’t read them.
        I even offered a lump sum. But, they still have been jacking me around.
        Then I’ve been scammed by 2 companys . One that says they were going to MAKE them work with me.
        One that said they can off me a deal. Just pay my taxes and start making payments. Well I’ve been told threw SPS… both are scams.
        I dont know what to now…
        I just want to keep my home.

    • Denise Adam on June 16, 2020 at 4:10 am

      I have hard time,to make my monthly payment.doing covid19 I have lost my job.i have ask to just add that months I onwe on the back of the loan.they say a big no 2 me.this so sad they don’t care what people going true.

      • Forbearance Report on June 16, 2020 at 2:48 pm

        Denise, we have recently partnered up with the HOPE Hotline – If you have forbearance questions and would like to speak to a certified housing counselor, please call the Hope Hotline at 888-995-HOPE (4763)

  2. Pat on May 3, 2020 at 11:57 pm

    SPS won’t defer your monthly mortgage, however, they will approve a forbearance but that doesn’t help because at the end of the third month your expected to pay it all in one shoot. They won’t help during the pandemic, they should be sued again . So many millions of Americans out of work and their just making the situation worse. They are totally useless in every sense of the word. Shame on you SPS

    • Colleen Philyaw on May 11, 2020 at 10:07 pm

      I’m scared i’m going to lose my house because i’m only working half time and its been 5 weeks and no unemployment help as of yet. If i’m not getting paid, how am I going to pay a ballon payment.

      • Forbearance Report on May 12, 2020 at 12:13 am

        Hi Colleen, the very first step is to determine if your loan is Federally backed or not. Any mortgage that is backed or insured by Fannie Mae, Freddie Mac, FHA, VA or USDA cannot require you to pay all of the skipped payments at once.

        The program you want to talk to your servicer about is called Deferment. This option lets you put your “skipped” payments on the end of the loan, to be paid off if you refinance, sell or change the title of the property (add or remove someone).

        First thing, first. Under the CARES Act, you could stay in forbearance for up to 360 days. Take care of yourself and your family now, and when you’re able to make payments again, you can explore your options with your servicer.

        Even if your servicer will not cooperate, a Chapter 13 bankruptcy may allow you to restructure the loan so that you can afford the payments.

        This isn’t your fault. There are over 4 million homeowners in forbearance right now and everyone is trying to figure this out. The Government is not going to let 4 million people lose their homes.

    • Susan Jones on May 29, 2020 at 10:48 pm

      I couldn’t agree more. It’s the proverbial distinction without a difference. It helps zero! Not at all! It’s like saying that they know we are not receiving any income because of the virus and so they are going to help, but, not really. When the 3 months is up we want all of the money. Even though we absolutely know that you do not have it. Yet another instance where we have to have the government now make up a new law to stop the mortgage companies. Such a waste. I have been hearing a very old expression for as long as I can remember……You can’t get blood from a turnip! You cannot get money from people that just don’t have it. The government put a hold on the government backed mortgages. The largest banks have followed suit and suspended mortgage payments. It’s only a few mortgage companies that will move forward with their collections in spite of a national crisis. It’s very sad that we have now have to ask to the government to enact yet another protection from the ruthless mortgage companies who truly don’t give a care about a global crisis. They just want their money. They will pretend to be helping when expecting a 3 month mortgage payment from people who have been ordered not to work is just insane. Thanks for nothing! Seriously. Really. Just nothing.

    • Amber on June 21, 2020 at 8:46 pm

      That’s been my experience. Completely useless! No help.
      Honestly I think they just want your home.

  3. Shari on May 14, 2020 at 2:42 am

    I have a Conventional loan with 9.125 interest rate. Iv owned this house since i was 21…im 36 now and haven’t made a dent in the principal. I asked for assistance due to Cover 19 and they offered 3 months forbearance. My business isn’t included in the states phase 1 and wont be considered to reopen until at least June 1st. I need more assistance from them but was told by a rep that 3 months was it, nothing more to offer. Iv tried to refi but with the loan i have no one can/will help me. What are my options?

    • Forbearance Report on May 15, 2020 at 4:46 pm

      Hi Shari, the first step is to determine if your loan is Federally backed. In the “Lookup Tools” section on the bottom of the home page of the site, you’ll find Fannie Mae, Freddie Mac, and a MERS ServicerID lookup links.

      The CARES Act requires that any servicer of a Federally backed mortgage be granted up to 180 days forbearance simply by asking, and an additional 180 days will be granted if you are still not back to work. Also, any Federally backed mortgage is NOT required to be paid back all at once, with deferment being the best option available to most homeowners.

      Deferment simply puts the skipped payments on the end of the loan to be paid off at the end of the loan, when you sell, or if you refinance in the future.

      If your loan is not Federally backed, just be patient. Servicers of non-federally backed mortgage have the right to establish their own payment relief options and are not currently required to follow the CARE Act.

      The Government is “encouraging” non-federally backed mortgage servicers to follow the CARES Act, but cannot enforce it. I say be patient because these servicers are not yet thinking about reinstatement, they are focused on helping current homeowners with forbearance.

      The fact that they offered a 3-month forbearance is encouraging. At least they are offering some relief, even if temporary.

      Hope this helps?

  4. Rigoberto Perez on May 18, 2020 at 4:19 am

    Thank you for this wonderful site. I got the usual 3 month forbereance, and the usual letter that says to pay a lump sum at the 4th month, I immediately filed a complaint to the FCBP, and the responded with the same answer, I told them that I can not pay a lump sum at the 4th month, ..I got an important qustion, I found in the MERS website the two loans that I got when I bought my house, that means that my loan IS federally backed? because I looked up at fanny and freddy with no luck.

    another thing is that I am planning to send a payment (maybe a partial payment), with the following verbiage:”acceptance of this check is agreeing the servicer of not requesting payment a lump sum at the end of forbereance period…or something like that…I even talk to a lawyer about this And I like the bankrupcy (non legal) suggestion…..I will suggest them to pay a little more than my regular payment at the end of the forbereance in exchange of deferrment

    • Forbearance Report on May 18, 2020 at 3:56 pm

      Thank you for your feedback, it’s valuable to know how these servicers are treating their customers. Unfortunately, finding your loan on MERS does not mean that it is Federally backed.

      If your loan is not federally backed, the servicer is not required to follow FHFA guidance regarding payment deferment, and adding a memo to your check will not modify your loan note.

      Even Fannie Mae and Freddie Mac do not have their payment deferral plan figured out. The way it’s written now, many people will not qualify.

      I know it’s painful not knowing how this is going to play out. Their policy NOW is that all payments need to be paid at once. That might not be the answer in 60 or 90 days from now.

      Do your best to save as much as you can until you’re back to work and on your feet again. I suspect that SPS will come out with additional guidance soon.

  5. rigoberto perez on May 19, 2020 at 12:15 am

    My loan is serviced by SPS, and I am already in foreberance, but I discovered that my loan is not registered by freddy neither fannie, instead it is owned by one of these soup letter alphabet pool of investor, I did a lookup in freddy and fannie and my loan is not there, BUT it appeared in the MERS WEBSITE.

    QUESTION: what all this does means? I am not required to pay a lump sum at the end of the 4th month??? can I request an extension of the forbereance?????

    • Forbearance Report on May 19, 2020 at 12:28 am

      If your mortgage is not Federally backed, your SPS should work with you to create a workout option that works for you. There is no guarantee that they will not require all payments up front, but I would be really surprises if that is the way they are going to treat their customers.

      Again, it’s too soon to know what SPS is going to do. They are not focused on getting people out of forbearance right now, they are only concerned about handling requests from impacted homeowners.

      I know it doesn’t help now, but only time is going to tell what options SPS offers its clients that were impacted by COVID.

      • Kathy on June 7, 2020 at 1:34 pm

        Is it okay or normal for Fannie Mae to sell my loan to a private holder? My home was purchased under a Federally back loan but when I looked it up it wasn’t listed on the Fannie Mae website, so I called them. I was told my loan was sold. I didn’t know that could even happen. I looked up my information on my local county register of deeds and found my loan was sold to a DLJ Mortgage Capital in February 2019. I never received any notification. Do I have any legal ground to question this? Now I don’t have any of the protections under the CARES Act because my mortgage is held by a private lender. My current servicer is SPS and they have not been helpful.

        • Forbearance Report on June 9, 2020 at 1:37 am

          I would like to help you figure this out. If you don’t mind, can you send me your mortgage statement to scott@findmywayhome.com – let me do some homework and see if we can figure this out.

          I hope this helps?

    • MD on June 7, 2020 at 2:11 am

      Yes you are expected to pay. I do not have a federally backed loan. SPS is the worst.

  6. Jake Christopher on May 23, 2020 at 6:35 am

    I “bought” my home in 2006. Today, I owe $30k more than I paid for it 14 years ago. Somehow, I’ve been able to keep it. I’ve developed a mental-health disability in recent years, and I’ve attempted to deal with SPS/Deutsche Bank on that basis to no avail. The pandemic has exacerbated my condition, resulting in reduced hours and reduced pay. My mortgage is conventional. I had hoped I might qualify for a partial reduction to my mortgage, given the settlement a few years ago between the U.S. Department of Justice and Deutsche Bank, but no such luck. My son grew up here, and it’s his childhood home. He’s graduating high school this year. Should I just walk away? I did go onto the SPS website tonight, and clicked on the 3rd option under the COVID-19 Assistance Application (i.e., I cannot make my monthly payment this month due to loss of income from a COVID-19 related issue…”). I received an immediate “pop up” message indicating that I’m approved for a “temporary hardship forbearance plan,” and I’ll receive confirmation and details within the next 7-10 days. Any guidance? Should I hang tight, or throw in the towel? The latter would be rough, given I’ve invested 14 years of my life in this home, and I’m certainly not getting any younger. Thank you.

    • Forbearance Report on May 23, 2020 at 4:46 pm

      Hi Jake, it sounds like you’ve been affected by COVID-19 and are therefore eligible for payment assistance during this crisis.

      I’m not sure I understand your question about walking away? I recommend you just hang in there, ride this out.

      Have you used the Fannie & Freddie lookup tools to see if your loan is owned by FHFA? If so, your options for surviving this and catching back up on your mortgage are much more established.

      Per FHFA guidance (Fannie Mae & Freddie Mac) If you’re in forbearance, that will give you a minimum of 90 days of payment relief, up to 180 days. If you’re still not working full time and your income is insufficient to cover your regular monthly payment, up to an additional 180 of forbearance may be granted.

      Once you are back to work full time, and if you are unable to catch all payments up at once, you may be offered a COVID-19 deferment. This moves all skipped payments to the end of the loan term, to be paid off at the end of the term, refinance, or change of title.

      If your loan is not Federally backed, your servicer is encouraged to follow these guidelines, but are not required to.

      Either way, ride this out for as long as you can. This pandemic and the subsequent shut down is not your fault, or anyone’s fault specifically – We are in the midst of a global crisis and everyone is doing the best they can to figure this out.

      There is a tremendous about of stimulus money behind our recovery, and in my personal opinion, MOST people are going to be ok. For the rest of those, we are here, doing our best to keep you up to date and informed.

      We hope this helps?

  7. Vavouna on May 27, 2020 at 11:52 am

    My loan is in forbearance now until August when I’m expected to make a 24 thousand dollar lump sum payment which I won’t have. I’m so scared right now. My son had covid and thankfully is doing better…my husband lost his job as a school bus driver because of school closing…I am praying they will modify my loan to lower the oayments permanently because thankfully I’m still working but now have to hold the house down…I’m thankful for the forbearance which eases my mind for three months….what should I do in August when my lump sum is due? I pray that we all get through these hard times and don’t lose our homes.

    • Forbearance Report on May 27, 2020 at 9:09 pm

      I’m really happy to hear that your Son is ok. What is supposed to happen at the end of your 90-day forbearance is an evaluation to determine whether or not your financial hardship has been resolved. If your loan is Federally backed (Fannie Mae/Freddie Mac, FHA, VA or USDA) the servicer is not allowed to require you to pay all of your skipped payments back at once.

      If your loan is not federally backed, unfortunately, these servicers are going to have their own methods for dealing with the reinstatement of your mortgage.

      What I can tell you is that servicers are not real estate companies. They do not like foreclosures, they like cashflow, people making payments. Most servicers are going to make every effort to get you back to making regular monthly payments.

      If you are able to begin making your full monthly mortgage payment, payment deferral is one option that allows you to just pick up where you left off making regular monthly mortgage payments and moves the skipped payments to the end of the loan, which will be paid back if you refinance, sell or transfer title in the future.

      I can tell you that very few servicers have this figured out. Patience is going to be necessary, and all we can really do is hope for the best. This is my opinion, but again, I am cautiously optimistic that most homeowners are going to be ok.

      Have you looked up your loan to see if it is Federally backed? If it is, your options are much more defined than if your loan is not Federally backed.

    • Robert Smith on August 9, 2020 at 5:22 pm

      Get the for sale sign out !!! APA is a collection agency, they want you to fail so they can grab your property…They are not a bank..Try to find out who really owns your mortgage and try to work directly with them, will be hard to impossible but worth a try. Our congress is not helping us seem they also want us out of homes and into the projects

  8. Susan Jones on May 29, 2020 at 11:15 pm

    With all due respect, “all we can really do is hope for the best” does NOT help any of us sleep at night. Some, if not many of us have children and/or grandchildren to raise. Hoping for the best is just not an option. The amount of stress involved in worrying about your home does nothing at all to help. Those of us who have been ordered to stay at home for over two months are worried about so many different things! How do we get food to feed our families without risking our lives by going into stores? Is it safe if we wear masks or not? Our schools have closed. What is going to happen to our kids regarding their education? Our jobs have been lost. Many businesses are already closed for good. People who even qualify for unemployment can’t get through the overloaded systems. I know several different people that have not gotten any unemployment because they cannot get through. Some of them are single parents who have gone over two months with no income. If they try to apply for public assistance, they can’t get through to them either. Utility companies are removing their holds but if you want to call them and tell them that you have no income, you cannot get through. A 58 minute hold, and then when you finally get connected, your call gets cut off. If we can go back to work, what about child care? Most of them are closed or only serving emergency personnel. Our very lives are in jeopardy! Who will care for our kids if we don’t survive? Some of our parents and/or grandparents are in nursing homes because they need the medical care.
    That we should have to worry about losing our very homes on top of everything else is just unconscionable!

  9. Wayne Pearson on June 1, 2020 at 5:38 am

    I had a 3 month forebearance with SPS and wanted to do a refinance but companies need to have a document stating that the foreberance has ended but SPS says they do not have a document stating that, what can I do get get something stating my forebearance has ended.

    • Forbearance Report on June 1, 2020 at 2:53 pm

      Hi Wayne, there are potentially 2 things going on here. The loan being in forbearance is one challenge but easily fixed. The other might be whether or not you skipped any payments during the forbearance. If you made all of your payments or were able to bring your loan current before you applied for the refinance, then there is very specific guidance out that will allow you to use a conventional loan that follows Fannie Mae or Freddie Mac guidelines to refinance after forbearance. Before this guidance, skipping 3 payments would result in a waiting period of up to 12 months before being eligible to use traditional financing.

      These refinance guidelines are new and go into effect on June 2nd, 2020. If you would like to discuss this further, I may be able to introduce you to someone that can follow these guidelines and offer you another option. If you would like to discuss this further, shoot me an email to scott@findmywayhome.com and we’ll get this figured out!

      Hope this helps?

      • Wayne Pearson on June 1, 2020 at 3:44 pm

        Thanks, I will email to discuss other options.

  10. Will on June 2, 2020 at 5:34 pm

    Hello. First of all, Mr. Forbearance Report, thank you for all the information that you have been providing! I am feeling a lot more relieved. 🙂

    I am looking for assistance as I am unable to find “Lookup Tools” in the Home page of SPS. I did a search for it in SPS’s website and it’s not finding it. My mortgage used to be with Chase then Chase sold my mortgage off to SPS.

    Quick story, I was also given a 3-month Forbearance (prior to COVID-19, I haven’t been late on any of my payments); I then started panicking when I got a letter explaining that I will have to pay off a balloon payment. I have been communicating with them every week or so, and recently (about 4 days ago) I was told that they were investigating my account and will reach out to me soon. The way he described it, it sounded as if that they’re investigating everyone’s accounts who were in forbearance.

    • Forbearance Report on June 2, 2020 at 5:59 pm

      Hi Will, thank you for the kind words, we’re trying our best to get the most accurate and up to date information out there.

      You said you are trying to find “Lookup Tools”, are you talking about determining if your loan is backed by Fannie Mae or Freddie Mac? If your loan is Federally backed, you do not have to make a balloon payment and your reinstatement options are covered under the Federal CARES Act.

      Here are the links to see if your mortgage is Federally backed – Fannie Mae Lookup Tool / Freddie Mac Lookup Tool

      If your loan is NOT Federally backed, your servicer can determine what options are available to you. Non-Federally backed servicers are “encouraged” to follow the guidance in the CARES Act, but they are not required to.

      Hope this helps?

  11. Will on June 2, 2020 at 9:59 pm

    Thank you very much sir for the links. Unfortunately, my mortgage is not Federally backed.

    And yes, this has helped tremendously. It’s good to know that SPS is “encouraged” to follow the guidance in the CARES Act. That is good to know. But it’s still nice to know that they can determine other options as well.

    Again, thank you so much for all the information and assistance, sir! 🙂

    • Forbearance Report on June 2, 2020 at 10:16 pm

      Will, I just got off the phone with another SPS customer and they were granted payment deferment after a 90-day forbearance period. Basically, they just put his payments on the end of his loan and he is continuing to make is regular monthly payments. This is very encouraging, and it makes me hopeful that you will receive the same treatment.

  12. CJ on June 4, 2020 at 10:37 pm

    No one seems to be addressing the fact that when you go into forbearance the mortgage companies are putting a “COMMENT/NOTATION” on your credit report that is DROPPING YOUR CREDIT SCORE SUBSTANTIALLY. In addition this will remain on the credit report until the FORBEARANCE IS REMEDIED…THEREFORE IF THE PAYMENTS ARE ADDED TO THE BACK END IT WILL REMAIN THERE TILL THE END OF THE LOAN!! This also LIMITS YOUR ABILITY TO REFI/OBTAIN EQUITY LOAN. This is totally ridiculous and the banks are not working with customers outside of the Fannie Mae Freddie Mac! I as a small landlord am even more screwed as tenants are being told they dont have to pay their rents and will even have a year AFTER THE ORDERS ARE LIFTED TO PAY but the banks expect full mortgage payments! This isnt even possible!

    • Forbearance Report on June 4, 2020 at 11:00 pm

      Thank you for sharing your experience here, CJ. We recently did an interview with a credit restoration specialist that clarified why your credit score has dropped. The notation on your credit report is not impacting our credit score necessarily, what’s happening is that the notation removes the mortgage history from the credit scoring model. It is our understanding that a payment deferment option at the end of your forbearance period is considered a remedy, and the notation will be removed, returning your credit scores to where they were.

      You are not at all wrong about the tremendous amount of confusion, misinformation, and uncertainty around all of this. Quite frankly, that’s why we created this resource to give consumers the ability to share their experiences, which we are in turn using to communicate with servicers to help them understand that there these issues exist, and need to be addressed.

      Small landlords like yourself are absolutely getting the worst of this. Politicians do not understand the plight of those of us that have to actually deal with the reality of the decisions that they make.

      In regards to refinancing, there are new guidelines that will allow you to refinance into a Fannie/Freddie conventional loan, but it requires you to either be current on your payments, or you must have made 3 consecutive on-time payments to be eligible.

      Here are a couple of articles that contain more details on the credit comment/notation and the refinance guidelines that have recently been released:

      Are There Credit Consequences of Mortgage Forbearance?
      Conventional Refinance After Forbearance Guidelines Released

  13. Rose on June 18, 2020 at 1:28 am

    Hello Sir, I looked up my mortgage with Fannie Mae, Freddie Mac, and MERS lookup tools, and found that my mortgage only shows up under the MERS site.

    So, I called SPS and asked them if they could tell me who owns my mortgage, and they said that it is owned by “Structured Finance Trust Services, J.P. Morgan Mortgage Trust 2007-S1”. So, if it is JP Morgan that owns my mortgage, why isn’t it backed by Freddie Mac or Fannie Mae? And what are my options under this circumstance? Is it covered under the CARES Act?

    I also called SPS again today, inquiring what was going to happen after the forbearance period, since I had not heard anything back from them as far as what the plan is after the 3-month forebearance period is over (which for me completes in July), and they said I would need to fill out a questionnaire to determine what outcome they will be taking. So, I’m wondering if anyone has already filled out the questionnaire, and what exactly determines a deferment approval outcome. I would like to get a deferment if possible.

    Appreciate your input & response…Thank you!

    • Forbearance Report on June 18, 2020 at 2:10 am

      Hello Rose, we have not heard any reports about that questionnaire yet. It does not seem that your loan is federally backed. This means that SPS is not required to follow the guidance in the CARES Act, but they are encouraged to do so. I have read a couple of articles about some States that are creating legislation to require non-federally backed mortgage servicers to follow the CARES Act.

      Normally, your servicer is going to explore whether or not you have the ability make up all of those payments at once. Most homeowners cannot make that lump sum payment. The next option would probably be to pay those 3 skipped payments over the next 6 to 12 months.

      If you cannot afford to increase your payments for the next few months, the best-case scenario is they will offer a payment deferment option. This option puts the skipped payments on the end of the loan and will be paid back when you refinance or sell the home in the future.

      If payment deferment is not an option that is offered to you, you may be offered the option of applying for a loan modification.

      In all cases, I encourage you to claim a secure digital locker and connect your bank accounts and income information. This way you’ll have everything you need at your fingertips, secure, and up to date when you need it. You can also monitor your credit in your FinLocker to protect yourself against late payments being inaccurately reported. We’ve had several reports of late payments being “accidentally” reported.

      You can claim your FinLocker HERE

    • Kathy on June 18, 2020 at 12:58 pm

      Rose I ended my 3-month forbearance, I called to see what my options are, they told me to begin a Request for Mortgage Assistance (RMA). I began their RMA process to ask for a deferment for 2 more months since my employers are not hiring me back until July. So far the process is a nightmare. I have uploaded the same paperwork they have asked for daily now for 7 days! They keep saying something is missing. The next day something else is missing. I now start my day logging into the SPS website and looking on my account to see what they say is the new thing that is missing. I fear this is going nowhere and they are just wasting my time. I also fear that US housing market is going to tank again because these mortgage companies are not being held accountable to help people that have been forced to not go to work. I’m not stupid, I can follow directions. Apparently those working at SPS can’t read or decipher the information they are receiving – or as I said – they are just playing a game and wasting my time.

    • Rose on June 23, 2020 at 12:30 am

      Thank you both for your responses… Appreciate it!

      I took the questionnaire, I’m going to list the questions here, in case it helps any one else.

      Please note that, the questions are not word for word as to what was asked, because I didn’t get a chance to capture a screenshot of the questions.

      1. Are you able to Resume making your payments (Y/N)?
      2. Are you able to bring your account up to date by paying the amount past due (Y/N)?
      3. How much can you pay today to bring your account up to date? ($Amount)/ None

      After replying and clicking submit, it indicates you will get a response from them within 5-7 business days.

    • Bev on June 30, 2020 at 9:01 pm

      i have called every month asking for a deferment plan. they told me they could do nothing till the forebearance plan ended. they ask some questions about me receiving unemployment ect.. my forbearance ended today and they told me last week somebody would call me about a new plan or receive something in the mail.. i have heard nothing. from anybody.. never heard about a questionare. where do you find that to fill out. so not sure the plan as of now.. do not want to be in default of my loan. looks like we are all in the same boat………. screwed… good luck to all with this loan servicing portfolio we have ..sad

  14. Kathy on July 1, 2020 at 3:16 pm

    I was granted a 3-month forbearance when Covid first started and I lost 2 of my 3 jobs in March. I called in May to ask for an additional 2-months because I was told I will not be fully back to work until mid to late July. The only option they gave me was to go through the entire loan modification process (RMA) which I am still in. Other loan companies have granted people a forbearance because of Covid without jumping through hoops for 6-12 months. I log onto my account every single morning to see what is new. The same information I sent in in May is the same information I continued to send in multiple times over May and June when they claim information was missing. Keep in mind this is for an additional 2 months of forbearance which would total 5 months of forbearance. They say they have 30 days from the Complete Assistance Package Notice to respond with options – in other words nothing is guaranteed.
    Here is an example of all the nonsense:

    Property Valuation Notice 6/30/2020
    Complete Assistance Package Notice 6/29/2020
    Assistance Review Missing Information Notice 6/26/2020
    Assistance Review Missing Information Notice 6/25/2020
    Complete Assistance Package Notice 6/24/2020
    Assistance Review Missing Information Notice 6/23/2020
    Acknowledgement Letter 6/22/2020
    General Acknowledgement Letter 6/22/2020
    Assistance Review Missing Information Notice 6/19/2020
    Assistance Review Missing Information Notice 6/17/2020
    General Acknowledgement Letter 6/17/2020
    General Acknowledgement Letter 6/16/2020
    General Acknowledgement Letter 6/15/2020
    Incomplete Assistance Package Notice 6/12/2020
    Relationship Manager Assignment Notice 6/12/2020
    General Acknowledgement Letter 5/28/2020
    General Acknowledgement Letter 5/22/2020

  15. vavouna on July 6, 2020 at 4:56 pm

    I am sorry you are going through all of this on top of all stress that covid19 has brought to us and all of us who are currently struggling to pay our mortgages and bills. I will follow your post closely because I am about to enter my 3rd month of forbearance and will need an extension. I pray that you and your family are well and safe during these tragic times.

    • Kathy on July 11, 2020 at 4:04 pm

      As expected I am completely disappointed in SPS “help.” They are requiring a balloon payment to bring my account current because somehow they think in 6 months I will have “extra” money to do that. Check out the 3rd sentence in. Take note that what they are setting as a “reduced payment” for the next 6 months is the exact amount of my normal monthly payment. I’m pretty much going to get pushed out of my home. I’m up for suggestions if anyone has any?
      Here is the letter so you all know what you could be in for:

      Congratulations! You have been approved for the Unemployment Program (UP). Under UP, you will be provided a
      temporary forbearance plan (Plan), which allows you to make reduced payments during the term of the Plan.
      Your unemployment plan payment was calculated as a percentage of your monthly income, including your
      unemployment benefits. As you are paying less than your monthly contractual payment, you will have a balloon
      payment due at the end of the plan to reinstate your account. The terms of this unemployment plan include the
      amounts necessary to bring your account contractually current plus any payments due during the duration of your
      plan. The total amount to reinstate your account is:
      Amount of Payments Past Due $3,066.30
      Payments to Accrue $1,533.15
      Outstanding Fees $48.94
      Total to Reinstate $4,648.39
      Regular Payments Due During Plan $9,198.90
      Total Repayment Plan Amount $13,847.29
      What you need to do…
      To accept this offer, you must make new monthly Plan payments in place of your normal monthly mortgage payment.
      Your new Plan payments are as follows:
      Payment Due Date Amount
      Payment 1 08/03/2020 $1,533.15
      Payment 2 09/03/2020 $1,533.15
      Payment 3 10/03/2020 $1,533.15
      Payment 4 11/03/2020 $1,533.15
      Payment 5 12/03/2020 $1,533.15
      Payment 6 01/03/2021 $1,533.15

  16. Alfredo on August 6, 2020 at 9:23 pm

    Hi
    I would like to thank you for this information, it really helps.
    My situation is that my home is in Puerto Rico , but my bank in Puerto Rico notified me months ago before the pandemic that my account is now property of Select Portfolio Services.
    I was paying my mortgage normally and on time with Select Portfolio Services. No problem whatsoever.
    They called to give me a 3 month forbearance because of Covid-19 hardship, which helped a lot these past few months.
    Forbearance plan ends now in August and I called them to get a 3 month extension because I am unemployed at the time.
    I have talked to three different representatives and they do not want to give me an extension and tell me I need to fill a form on their website. When I began filling this form it asks me if I am willing to submit documents like my bank account statements, payroll information , etc. I told them I was not comfortable with that because the CARES Act. states that I don’t have to submit that kind of information.
    They do not offer any help beyond that point. They avoid the subject when I tell them that I want a payment deferral to be added to the end of my mortgage. They do not want to co-operate with me any further. They are also a bit insensitive to the fact that my English is not perfect as I am in Puerto Rico where I have lived all my life. They even get rude with me when I mention that I want deferral and that I have a right for extension for up to 360 days, although I am just nicely asking for 3 additional months.I was rudely told “That is not for you to decide. We decide.” At one point they asked if I was an American citizen ( which I am ) and what I did with my stimulus check. Very rude and I felt very uncomfortable.
    I feel desperate. Please any help would be greatly appreciated. I payed them one month because this gives such anxiety. I can‘t make more payments as I’m unemployed. How do I know if my mortgage is federally backed? ( Fannie Mae, Freddy Mac, etc ) When I ask the Select Portfolio representative they just tell me “I don’t have that i formation”. It’s like they do not want to help me.
    I would greatly appreciate any help, please.

    • Forbearance Report on August 8, 2020 at 10:02 pm

      Alfredo, I’m so sorry to hear about your bad experience with your servicer. The easiest way to find out if your loan is owned by Fannie Mae or Freddie Mac is to click on the home page of the website and scroll down to the resource section. You will see Loan Lookup Tools on the top of the left column.

      Unfortunately, if your loan is not Federally backed (Fannie Mae, Freddie Mac, FHA, VA or USDA) then you are not covered under the CARES Act, and you must follow the options offered by your servicer.

      I hope this helps.

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