Select Portfolio Servicing (SPS) has announced that it is set to acquire certain Rushmore Loan Management Services assets, along with their servicing personnel and contracts, in a move that will see the two companies enter “a new era,” says Rushmore president, Jocelyn Martin-Leano.
This transaction is expected to be completed in 2022’s fourth quarter, pending various approval processes and conditions.
The merging of Select Portfolio Servicing and Rushmore Loan Management Services will “create a stronger company to better serve our customers, clients, regulators and associates,” according to SPS CEO, Randhir Gandhi.
This Acquisition Should Not Affect Your Mortgage Payment Terms
A change in mortgage servicing should not change your total loan amount, interest rate, payment schedule, or any special agreements you have with your current servicer, such as a loan modification.
My New Loan Servicer Is Ignoring My Previous Agreements. What Should I Do?
Your new servicer is required by law to honor any agreement you had with your previous servicer. For example, if you had a loan modification in place, or a forbearance agreement that allows you to skip payments for a certain length of time, your new servicer must adhere to these terms.
Your lender is violating federal law if they are:
- Ignoring a loan modification or any prior agreement you had with your previous lender.
- Claiming you are in default when they have accepted your monthly payment.
- Changing the terms of your mortgage agreement.
- Improperly pursuing foreclosure when you have not broken the terms of your mortgage.
Contact the Law Office of Ira J. Metrick today if your mortgage is serviced by SPS and your home is facing foreclosure. We can discuss your situation and help you determine if you are eligible for a loan modification, offering aggressive representation to assist in the loan modification process. In addition to foreclosure defense services, we can also help you claim surplus funds that you may be owed.
Additional Foreclosure and Loan Modification Resources:
