Mortgage servicers manage the collection of your monthly mortgage bills, penalties, payment of property taxes and insurance. They are the party that banks and lenders outsource the collection and management of your account to. Other services performed generally include record keeping, billing and they issue monthly statements. In addition, if you need help with paying your home loan, then they are the party you want to contact to find a solution and start the negotiation process.
Maybe most importantly, when you are struggling, a servicer will oversee the possible settlement or modification of a mortgage. If the homeowner misses one or more payments, if they fail to pay their loan, or if they short pay, then the servicer will consider your mortgage to be in default. They will then be the company that deals with the default or foreclosure of your home.
They can also make the decision to start so called default-related services, and this is done in order to protect the value of the property and the investment of the bank or lender. Some of these these services may include property inspections to make sure you are still maintaining the property as well as living in the home. If it is found that the property is not being properly maintained by the homeowner, then the servicer may order preservation services or activities, such as repairing or boarding up broken windows and doors.
In addition, if you are placed into default, the servicer may be able to help the borrower. They take the lead in coordinating any assistance on the lenders behalf, and the company will work with the homeowner that is involved with a home loan. A servicer can also provide the borrower with information on all state and federal government assistance programs, and they also have a listing of HUD certified housing counselors.
There has been an increased number of rules and regulations places on servicers. The government strongly encourages them to work with homeowners and to try to find some sort of solution. Contact them as soon as you can in the process, or consult with a third party to handle this communication. A listing of their phone numbers are below. These companies represent banks, lenders, and other agencies or companies that issue home loans.
Free Credit Counseling 1-888-995-HOPE
Bank of America 1-800-846-2222
Carrington Mortgage Services 1-800-790-9502
Chase 1-800-446-8939 Prime Loans
Chase 1-877-838-1882 Non-Prime Loans
CitiFinancial/Citi Trust Bank 1-800-422-1498
CitiMortgage/Loss Mitigation 1-866-272-4749
CitiResidential Lending 1-800-864-3428
Comerica Incorporated 1-800-437-5822
Downey Savings & Loan Association 1-800-824-6902
First Federal Bank of California 310-665-2333
HFC or Beneficial 1-800-333-5848
Home Loan Services, Inc. 1-800-622-5035
Homecomings Financial 800-206-2901
HomEq Servicing 1-800-414-0969
HSBC Bank Mortgage Corp 1-888-648-3124
JP Morgan Chase & Co. 1-800-848-9136
Litton Loan Servicing 1-800-247-9727
Mortgage Services or Decision One 1-800-365-6730
Option One Mortgage 1-888- 275-2648
PHH Mortgage Services 1-800-750-2518
Suntrust Mortgage 1-800-443-1032
U.S. Bancorp 1-800-365-7772
U.S. Bank Home Mortgage 1-800-365-7900
Visalia Community Bank 1-800-822-8733
Wachovia 1-800-282-3451 (Loan Counseling)
Washington Mutual 1-866-926-8937
Wells Fargo Bank 1-800-678-7986 and 1-866-480-5004 (Housing Counseling)
Wilshire Credit Corporation 1-888-952-7339
Like this site?