Mortgage Servicers hold the key to Keep Your Home California

Buying a home is a big deal with many confusing definitions, especially when it comes to your mortgage.Keep Your Home California servicer

When you bought the home, you were probably more concerned about the down payment, points and how long the escrow would take, not to mention the monthly payments.

So, some of the finer details, such as the difference between the lender and mortgage servicer, were likely overlooked – and possibly still today. But Keep Your Home California’s success – and your own, if you’re seeking mortgage assistance – depends on participation from mortgage servicers.

Keep Your Home California ServicerFirst, before we detail that critical connection, we should give a bit of background on mortgage servicers.

Many homeowners believe that the mortgage lender holds and services their loan until it’s paid off or they sell the house. Well, that doesn’t happen very often. In fact, loans and the right to service them are often bought and sold, sometimes several times during the life of a mortgage. So, the company that collects the mortgage payments likely doesn’t own the loan.

These so-called mortgage servicers handle the day-to-day management of mortgages, including collecting and crediting payments. Homeowners with questions about their mortgage call the servicer – not the actual mortgage lender.Keep Your Home California servicer

And mortgage servicers play a major role in Keep Your Home California. Only homeowners with participating mortgage servicers can get help through the almost $2 billion, state-run program. Click here  for a complete list of mortgage servicers and their participation in Keep Your HomeCalifornia.

Currently, the program has about 90 mortgage servicers, from big-name players Bank of America and Wells Fargo to smaller financial institutions such as Point Loma Credit Union and Santa Barbara Bank & Trust.

Keep Your Home California ServicerThis collection of servicers has a big impact on California homeowners – servicing about 85 percent of the mortgages held in our state. And Keep Your Home California, which officially launched in February 2011, continues to attract more mortgage servicers.

So, if your mortgage servicer is not listed, don’t be discouraged, they could join Keep Your Home California in the future. It’s best to check the list of participating servicers every several days, since it’s updated frequently. You also could contact the mortgage servicer and ask if they plan to participate.

If you would like more information about participating mortgage servicers and Keep Your Home California, call 888-954-5337.

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6 Comments on “Mortgage Servicers hold the key to Keep Your Home California”

  1. […] or less of the Housing and Community Development Area Median Income. You can check a previous blogthat details income eligibility to learn more, and review the county-by-county list of income […]

  2. […] mortgage servicer – basically the company that collects the monthly payments (read this earlier blog for more information) – must be participating in Keep Your Home California. More than 50 mortgage […]

  3. […] Reduction Program, including Bank of America and GMAC. But more mortgage servicers (learn about servicers here) join the lineup every few weeks, so keep checking the complete list at […]

  4. […] And, of course, just like all of the four programs, your mortgage servicer must participate in the program. A vast majority of the 50 mortgage servicers currently participating in Keep Your Home California (see the complete list at http://www.keepyourhomecalifornia.org/participating.htm) signed on for the Mortgage Reinstatement Assistance Program. (Get the details on mortgage servicers from this previous blog.) […]

  5. […] or less of the Housing and Community Development Area Median Income. You can check a previous blogthat details income eligibility to learn more, and review the county-by-county list of income […]

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