What is a Servicer and why does it matter?

What is a Servicer and why does it matter?

For homeowners who are behind on their payments the Servicer is critical. Some Servicers offer foreclosure alternatives such as a loan modification, short sale or deed in lieu and some offer a variation of options or nothing at all. Also, each Servicer operates differently. Some make it very difficult or near impossible to reach an acceptable foreclosure alternative and some are well organized and helpful.

It’s easy to confuse your Mortgage Servicer with the actual mortgage lender. A Mortgage Servicer is the company that handles your mortgage loan account on a day-to-day basis. This means collecting payments and providing various services to you on behalf of the owner of the loan. The Servicer also provides services for the loan owner and in some cases the Servicer may actually own the loan.

Loan owners are known to sell or transfer servicing rights from one Servicer to another with minimal notice. Therefore, it is important to know who your servicer is and if they offer the relief you seek, then act as soon as possible. This is where trust, experience and resources are important. After saving New York Homeowners more than 500 million dollars, REBUILDNY.COM has worked with most Servicers and has the experience to offer you the guidance you need to get the outcome you want.

Speak directly with the Homeowner Advocate assigned to your property. Your Homeowner Advocate can get you access to critical resources and assistance including monetary and other options specific to your property. The program is privately funded and provided at no cost to participating New York Homeowners.

  • Click Here to speak with a Homeowner Advocate, 800-883-4140
  • Click on the Chat icon below to connect with a Homeowner Advocate

This is for information purposes only. Subject to change without notice. It is not to be construed or relied upon as legal or accounting advice. Please click here for our complete disclaimer,

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