SPS (Select Portfolio Servicing) Foreclosure in New York — What You Need to Know

Select Portfolio Servicing (SPS) is a specialty servicer that handles many non-conforming and jumbo loans, as well as loans that have been transferred from other servicers. If SPS is handling your loan and you're facing foreclosure in New York, the stakes are typically high — and the process has its own specific requirements.

Who Is Select Portfolio Servicing?

SPS is a subsidiary of Credit Suisse (now UBS) and specializes in servicing residential mortgages, particularly those backed by private label securities. Unlike Fannie Mae or Freddie Mac loans, SPS-serviced loans often have different modification guidelines because each underlying trust has its own investor rules.

Many homeowners discover SPS is their servicer only after their loan was transferred — sometimes multiple times. A loan that started with IndyMac might have gone through FDIC to OneWest to CIT to SPS. Understanding the chain matters for loss mitigation.

Loss Mitigation Options with SPS

Loan Modification — SPS reviews applications under investor-specific guidelines. Because many SPS loans are private label securitized, the modification options available depend entirely on what the trust's Pooling and Servicing Agreement (PSA) allows. Some trusts permit principal reduction; many don't. We assess what's available for your specific loan.

Short Sale — SPS actively participates in short sales. They require a full seller's package and conduct their own valuation. SPS short sale approval timelines can be long — 60–120+ days in some cases — which makes early engagement critical.

Repayment Plans — Available for shorter-term hardships.

The Private Label Securitization Issue

If your loan is in a private label trust, you may have heard you "can't get a modification" because of how the trust is structured. This is sometimes true and sometimes not — it depends on the specific trust documents. We research this layer before telling you what's possible. There's no point preparing a loan mod package if the investor guidelines don't allow it.

How We Help with SPS Files

  • Investor and trust research: we find out what your loan's guidelines actually allow

  • Complete loss mitigation package preparation

  • Direct communication with SPS loss mitigation

  • Short sale coordination and negotiation support

  • Coordination with licensed NY attorneys for court matters

No upfront fees.

Call (646) 600-5995 or submit the form below.

Results depend on lender, investor, and court approval. No specific outcome is guaranteed. ProForeclosure.com is not affiliated with or endorsed by Select Portfolio Servicing. We are not attorneys. NY residents: free housing counseling at 800-342-3736. No upfront fees per FTC MARS Rule. 3-day right to cancel per NY GBL §265-b.