What should I do if I am having trouble making my payments?

When an individual faces difficulties in making mortgage payments, it is essential to explore all possible options to address the situation. Select Portfolio Servicing typically encourages borrowers to communicate proactively about their financial challenges. One recommended approach is to review the loan documents and terms to fully understand the payment structure and any potential consequences of missed payments. Borrowers can consider reaching out to their servicer to discuss their circumstances. It is important to gather all relevant financial information, such as income, expenses, and any changes in employment status, as these details can be helpful during discussions with the servicer. Many servicers, including Select Portfolio Servicing, may offer a variety of assistance programs, which might include loan modifications, temporary payment forbearance, or other options tailored to borrowers facing financial hardships. Additionally, exploring the option of a repayment plan could help a borrower catch up on missed payments while enabling them to continue making regular monthly payments. Consulting with a financial advisor or a nonprofit housing counselor can also provide valuable insights into managing mortgage payments and exploring alternatives. Lastly, it is advisable to visit the official website for Select Portfolio Servicing to access specific information about available programs and initiatives. Keeping open lines of communication and seeking help early can contribute to more favorable outcomes for those facing payment difficulties.