Tag: foreclosure

Loss Mitigation Contact Numbers

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Are you behind on your mortgage payments? Do you think you are going to have trouble paying your mortgage in the near future? Read my post entitled “Can’t Pay Your Mortgage” for more information. Or maybe you’re interested in investing in property in pre-foreclosure status? If so, you may find this information helpful: a compiled list of loss mitigation department contact numbers and websites of various lenders that you (or your listing agent) may need.

ABM-AMRO Mortgage (800) 783-8900

Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders(877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926

1600 McConnor Parkway

Schaumburg, IL 60173

Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp.(877) 304-3100*

Ameriquest Mortgage (Debt collection — see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508

By Overnight Mail:

601 5th Avenue

Scottsbluff, NE 69361

Attn: Customer Service

By Regular Mail:

P.O. Box 1706

Scottsbluff, NE 69363

E-mail: ccnmail@alservices.com

Web: https://www.alservices.com/Consumer/UI/SSL/…UI%2fSSL%2fServ icing%2fDefault.aspx

Avelo Mortgage LLC (866) 992-8356*

Bank of America(800) 846-2222

BB&T Mortgage (800) 827-3722*

AmTrust Bank (fka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 446-8939

Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)

Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*

Web: https://chaseonline.chase.com/chaseonline/l…mp;LOB=COLLogon

Chase Manhattan Mortgage

(800) 446-8939 (Ohio Servicing Center)

(800) 526-0072 (Florida Servicing Center)

(800) 527-3040 x533 (Florida Servicing Center)

Chevy Chase Bank (800) 933-9100

Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673

Citimortgage (800) 283-7918

Countrywide (800) 262-4218 or (877) 744-7691

https://customers.countrywide.com/se…t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp.(800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement

EMC 800-723-3004

P.O. Box 141358

Irving, TX 75014-1358

Web: https://www.emcmortgageservicing.com…cnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441

Default Resolution Team (if long term problem)

2929 Walden Avenue

Depew, NY 14043

(888) 648-3124 Loss Mit

(732) 352-7519 Fax

Web:http://us.hsbc.com/personal/mortgage…fficulties.asp

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556

C/O Loan Resolution Department

P.O Box 7014

Pasadena, CA 91107

(Monday – Friday 6:15am-7:15pm. (Pacific Time))

Web: https://www.indymacbank.com/contactu…Resolution.asp

Irwin Mortgage (888) 218-1988

P.O Box 7014

Pasadena, CA 91107

Web: https://www.irwinmortgage.com/wps/portal/&#…3sdAvyHZUBAAqwx 9c

E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing (800) 999-8501 or (800) 548-8665

Fax (713) 966-8820

4828 Loop Central Drive

Houston, Texas 77081-2226

Web: https://www.littonloan.com/index.asp

Loss Mitigation Department Hours:

Monday Eastern: 9 a.m. – 7 p.m. Central:8 a.m. – 6 p.m. Mountain:7 a.m. – 5 p.m. Pacific:6 a.m. – 4 p.m.

Tuesday-Thursday Eastern:9 a.m. – 9 p.m. Central:8 a.m. – 8 p.m. Mountain:7 a.m. – 7 p.m. Pacific:6 a.m. – 6 p.m.

Friday Eastern:10 a.m. – 6 p.m. Central:9 a.m. – 5 p.m. Mountain:8 a.m. – 4 p.m. Pacific:7 a.m. – 3 p.m.

Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566

Web: https://www.mymidlandmortgage.com/My…ogin/Login.asp

Mortgage Lenders Network (800) 691-0129

E-mail: customerservice@mlnusa.com

Web: http://www.mlnusa.com/customers/info_credithelp.asp

Mortgage Electronic Registration Systems (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654

Attention: Homeowner’s Assistance

3232 Newmark Dr.

Miamisburg, Ohio 45342

(8AM-10:30PM ET, Monday – Thursday)

(8AM-5PM ET, Friday)

(8AM-Noon, Saturday)

Web: http://www.nationalcitymortgage.com/…assistance.asp

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904

(6:00 a.m. to 7:00 p.m. Pacific Time, Monday – Thursday)

(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)

Web: https://myloan.newcentury.com/webapps/servi…yloans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560

Web: http://www.ocwencustomers.com/csc_fa.cfm

Attention: Financial Information

12650 Ingenuity Drive

Orlando, Florida 32826

or

Ocwen Financial Corporation

1661 Worthington Rd., Suite 100

West Palm Beach, Florida 33409

Phone: 877-226-2936

For serving Ocwen with legal process, please send to their registered agent:

Corporation Service Company

2711 Centerville Road, Suite 400

Wilmington, DE 19808

Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648

Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460

For borrowers facing possible delinquency: (800) 330-0423*

For borrowers in the foreclosure process: (800) 750-2518

ResMae Mortgage Corp.(877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032

Fax: (801) 293-3936

Loan Resolution Department

P.O. Box 65250

Salt Lake City, UT 84165-0250

(Monday – Thursday 10:00 a.m. – 10:00 p.m. EST)

(Friday 10:00 a.m. – 7:00 p.m. EST)

(Saturday 9:00 a.m. – 1:00 p.m. EST)

Web: http://www.spservicing.com/services/custom…nresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928

PO Box 26149

Richmond, VA 23260-6149

Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#

Third Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfield Mortgage (800) 957-7245

Fax: (260) 459-5390

c/o Loss Mitigation Dept.

7500 W. Jefferson Blvd.

Fort Wayne, IN 46804

(7 am – 10 pm EST Monday – Thursday)

(7 am – 9 pm EST Fridays)

(8 am – 2 pm EST Saturdays)

E-Mail: saveyourhome@waterfield.com

Web: http://www.waterfield.com/scripts/cgiip.ex…rvices/delqasst

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance

Borrower Counseling Services

Monday – Friday 8:00 a.m. – 9:00 p.m., CT

Saturday 9:00 a.m. – 2:00 p.m., CT

Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022

Web: http://www.wendover.com/borrowers.html

Wilshire Credit Corporation (888) 502-0100

P.O. Box 8517

Portland, OR 97207-8517

From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday

Web: http://www.wfsg.com/borrower/borrower.aspx

(Lender/Servicer Loss Mitigation Phone Numbers & Contact Information created by Moe Bedard of Corona, CA, reposted here at CircleDebt.com.)

Categories: Investing Short Sales and Foreclosures

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What Is A Short Sale?

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If you’re keeping up to date with real estate news, chances are you’ve heard the word “foreclosure” more and more. If you want more detailed information about foreclosures, then read my post called, “What Is A Foreclosure”. For this post, just know that a property in foreclosure means that the homeowner can no longer pay the mortgage. What does this have to do with a short sale? Read on.

When a homeowner can no longer afford the payments on their property, they may try to refinance their loan to a better rate in order to lower their monthly payments and avoid foreclosure. But when the total balance of a mortgage exceeds the current appraised value of the property, refinancing that mortgage becomes extremely difficult, if not impossible. It becomes a huge risk for any lender to lend money on an asset that is worth less then they are lending. So what is a homeowner to do? They cannot refinance but cannot afford the mortgage. The only option they have is to sell the property. But since the appraised value of the house is less than what the homeowner owes, the home must be sold at a loss. This loss is considered a short sale from a lenders perspective since they are willing to accept less than the amount they are owed as payment in full.

Categories: Investing Short Sales and Foreclosures

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What Is A Foreclosure?

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Foreclosure is a process by which a lender takes title or forces the sale of a property as a result of the borrower’s failure to comply with the terms of the mortgage. The first missed payment begins the foreclosure process. Bringing the loan current (paying all the mortgage payment(s) and fee(s) due) or selling the property ends the process.

If after numerous attempts to collect payment from the homeowner fails, lenders will begin legal proceedings to foreclose on the property through a Notice of Intent to Foreclose posted in a local newspaper and at the county/city courthouse. The notice lists general information about the property and a date the property will be sold at auction.

Depending on the auction terms, the lender may set a reserve amount (a minimum amount they will sell the house). If that reserve amount is not met, the home becomes property of the lender, or Real Estate Owned (REO).

Depending on the state, a house sold at a foreclosure auction may go into a redemption period wherein the homeowner can buy back their home if they can pay for the entire loan, including any accumulated fees.

Categories: Investing Short Sales and Foreclosures

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