SPS with Crisis

[donnac]

So I was just curious so I called SPS Portfolio and they said if you can’t pay for three months NO PROBLEM!!!! But at the end of the three months we will decide how you pay it back. Hmmmmm are they following the rules. (NYS)

 

[OneHugeMess]

I've already spoken with them about a loan in FL. They told me they were offering forbearance plans for select accounts, including mine - but... at the end of the three months, or whatever forbearance period you get -- the ENTIRE amount becomes due all at once. They will also report to the Credit Bureaus that your loan is in forbearance, and you are not making payments.

My loan with them is a Non Fannie Mae/Freddie Mac loan, that is a ARM. They said that certain customers with Federally Insured Loans will get better assistance, and that I should try to call back in two-weeks and see if there are additional programs.

If you want my advice -- I would record all the phone calls you make to them (some states do not require consent or a warning that your recording) and... I would try to get anything in writing, if possible. I would also be very cautious, because, once your 90-Days Delinquent... it's very hard to catch up, and they can start the Foreclosure Process.

I would try to hold out, or wait for a forbearance with the arrears added onto the end of the loan (Balloon Payment) or, some sort of Loan Modification. I wouldn't take the current forbearance they are offering.

 

[Jeffrey L. Shurtliff]

So I was just curious so I called SPS Portfolio and they said if you can’t pay for three months NO PROBLEM!!!! But at the end of the three months we will decide how you pay it back. Hmmmmm are they following the rules. (NYS)

Yes. You signed a loan document to pay. The bank is being gracious to you giving you a forbearance. If you can't pay they will take your house.