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Homeowners

Frequently Asked Questions


Will my credit rating be affected if I miss a payment or two?
Your credit rating may be affected by missing a mortgage payment. Missing two or more payments will seriously affect your credit and may limit your options for future credit.

When can I speak with a ServiSolutions representative?
Early intervention (collections) representatives are available Monday-Friday, 8 a.m.-7 p.m. Central Time. Loss mitigation and foreclosure representatives are available Monday-Friday, 8 a.m.-5 p.m. Central Time.

What documents will I need to fill out/present?
Specific documents vary depending on the type of loan that you have as well as what stage you are in your delinquency. Please see Early Intervention if you are due 3 payments or less or Loss Mitigation if you are due for 4 payments or more for the appropriate documents.

How soon do I need to return the forms sent to me?
All forms and requested documents should be returned as soon as possible, paying close attention to the time frames or deadlines. If they are missed, you may not qualify for the program you’re applying for, you may need to reapply, or foreclosure may occur.

Will the monthly payment that I’m offered with a trial modification become my permanent payment?
A modification affects your principal and interest payment. The final payment may decrease or increase, depending on your taxes and insurance (escrow).

Can I stop foreclosure by exploring other options with you?
Although we want to help you prevent foreclosure, it is important to understand that foreclosure follows its own path and timeline, distinct from the loss mitigation process. This means that in some cases, the foreclosure process can begin and continue even while you are actively working with us to find options that may help you avoid a foreclosure sale. Until another option is accepted and is in place, the foreclosure process will continue. Please be advised a scheduled foreclosure cannot be canceled for a disposition option without receipt of an acceptable purchase contract per your investor's guidelines at least 19 days prior to sale.

Are there any special programs available that I can look into?
If you have not missed any payments and think you would be better off with a new loan, consider a refinance. With the federal government’s Home Affordable Refinance Program, you may be able to refinance even if you owe much more than your home is worth. ServiSolutions does not originate or refinance loans.

If I work with a third-party counselor, can I authorize him or her to speak for me?
You can provide written authorization that an outside counselor can work with you and submit documents to us on your behalf. Your representative cannot sign documents for you or make payments – those remain your responsibility.

How can I try to prevent myself from becoming a victim of fraud?
To avoid becoming a victim, watch out for these red flags:
  • Don’t pay a fee for an intermediary to complete a loan modification or other loss mitigation approach. ServiSolutions, its agents, and certified third parties never charge a fee for these services.
  • Don’t listen to anyone who tells you to stop making payments. As long as a ServiSolutions representative is able to accept them, you should make payments.
  • Don’t sign over the deed to your home to anyone
  • Don’t believe TV, radio, or internet ads, or telephone solicitations promising you quick and easy answers to home mortgage payment challenges
  • Don‘t provide personal information — including loan, credit card, bank account, or Social Security numbers — unless you are absolutely certain the person making the request is from ServiSolutions or is the person you designated on the Third Party Authorization form
More information about fraud prevention is available at HUD's Stop Loan Modification Scams page and through Fannie Mae's FAQ and Foreclosure Rescue Scam Guide.

Where else can I get information?
  • The U.S. Department of Housing and Urban Development has many resources for homeowners who need help avoiding foreclosure.
  • Fannie Mae has created www.knowyouroptions.com to help homeowners stay informed and take action to avoid foreclosure.

If you need help in determining if government options or other programs might be right for you, call us at 1-866-339-2432 for more information.