Frequently Asked Questions

Q. What is Spartan Financial, LLC?
A. Spartan Financial, LLC is a Michigan based mortgage fund created to help homeowners in danger of losing their homes to foreclosure.

Q. How does Spartan Financial, LLC work?
A. Spartan Financial, LLC purchases mortgages, then works with eligible homeowners to see if it’s possible to modify the loan, reducing the payments to a level the homeowner can afford. For those who can’t afford or don’t wish to remain in their home, Spartan Financial, LLC Resolution Specialists will work with homeowners to discuss other options and provide resources to assist them in finding affordable housing.

Q. How is this program different from the last loan modification I applied for?
A. Unlike most loan modifications, Spartan Financial, LLC offers the opportunity for eligible homeowners to reduce the total amount owed on their mortgage.

Q. What options does Spartan Financial, LLC provide to help homeowners avoid foreclosure?

A. Spartan Financial, LLC provides the following assistance options to eligible homeowners:

  • Trial Loan Modification
  • Permanent Loan Modification
  • Short Sale
  • Deed-in-Lieu of Foreclosure

Q. How do I know if I’m eligible?
A. To qualify for assistance, your mortgage must be owned by Spartan Financial, LLC. If Spartan Financial, LLC is the owner of your mortgage, you’ll receive a letter informing you of this. In addition, you must currently own and occupy the property and meet income eligibility requirements. A Resolution Specialist can help you determine whether you are eligible and if so, help you complete an Individual Program Plan.

Q. Is there a fee to apply for this program?
A. No, there are no upfront costs or fees required to apply.

Q. How do I apply?
A. Contact your Spartan Financial, LLC service provider; a Resolution Specialist will help you determine your eligibility and complete the application. Apply online or call 1 (800) 793-5605 ext:300

Q. What documents will I need to bring?
A. Your Resolution Specialist will provide you with the application documents you need for your Individual Program Plan.  In addition, you will need to provide income documentation and proof of any assets or debts.

Q. How long does the process take?
A. Once you have contacted a Resolution Specialist, you will have 14 days to submit the required documentation and your Individual Program Plan to Spartan Financial, LLC. Your Resolution Specialist will assist you in completing your application in a timely fashion.

Q. I have not been notified that Spartan Financial, LLC has purchased my loan. Can I still apply for this program?
A. Unfortunately, Spartan Financial, LLC can only work with homeowners whose loans Spartan Financial, LLC has purchased. If we haven’t notified you that we purchased your loan, you are ineligible for the program at this time.

Q. Can Spartan Financial, LLC buy my loan so I can be eligible for the program?
A. Spartan Financial, LLC does not have the ability to purchase individual loans, so we are unable to assist individual homeowners in this manner.

Q. It appears I don’t qualify for the Spartan Financial, LLC program. Where can I get help?
A. If you’re a homeowner facing foreclosure and need help, please call the Homeowners HOPE™ Hotline*: (888) 995-HOPE. The hotline will connect you to a HUD-approved housing counselor who can guide you through the possible options.