Select Portfolio Servicing (SPS) Short Sale Approval
I've been working with Select Portfolio Servicing (SPS) on a short sale deal now for about a month. They hold the 2nd lien, a home equity line of credit, where the homeowner owes approximately $83,000 and has been delinquent since December of 2010.
So far SPS has been pleasant to work with. They have honored most of their commitments and have been courteous. Second lienholders are typically the most difficult to deal with. That said, a lot of it has to do with the attitude of the agent (myself). You cannot approach it as a hard negotiation. You have to build rapport and make sure they know we are all on the same side. Hard negotiations are the least effective and many agents and negotiators don't understand that.
We initially offered $3000 for a full settlement, but they counter offered us to $6000. Then we offered $4560 and they took it. This worked out EXACTLY according to my negotiations plan; PRECISELY to the dollar I planned to give them. Unfortunately I can't publicly post the details of how I did it because my strategy is unique to myself and a few of my associates, and I need to keep my competitive advantage. However, if you are a homeowner looking to short sell, we can discuss my strategy over the phone or in person.
I use a proactive approach when negotiating short sales. It doesn't always go exactly as planned, but the strategy I use definitely ensures a higher success rate than almost all other short sale agents.
I just received the approval letter yesterday where they forgave almost $79,000. It's very common for a 2nd lien-holder to ask for 10% of the amount owed but in this case I was able to get them to accept only 5%. On top of that, NONE of the money is coming from my client. The 1st lien-holder, Citibank, is paying the entire $4560. To view the approval letter, see the attached file.
If you or someone you know is behind in payments or upside down on their home, and is considering a short sale, please call me at 805.813.7302 or email me at sean.crosier@yahoo.com. I am happy to give a free no obligation consultation to see whether or not a short sale would be the right move.