Ever get stuck when dealing with automatic phone systems so commonly used by many financial institutions?
Most of us want to speak to a live agent, but navigating through the menu of options can be time-consuming.
Even more challenging is when you finally speak to a live agent, you don’t have the necessary information at your fingertips.
That’s a common scenario for all of us, and even more of a reality for families in forbearance relief offered through the CARES Act.
Before you press one for frustration, we have some tips for smoothing the process when you call to talk to your mortgage servicer.
You’re Not Alone
Before you consider the tips below, remember you might find it helpful to reach out directly to the Homeowner’s HOPE™ Hotline: 888-995-HOPE(4673).
Our counselors have helped thousands of people in similar circumstances identify and weigh their options, and we can help you, too.
What is a Mortgage Servicer?
To get on solid footing, let’s start by understanding what a loan servicer is.
While your mortgage lender is the financial institution that originally loaned you the mortgage, it is the mortgage servicer that you communicate with about your payments and day-to-day tasks.
More often than not, the loan servicer is not the same company that originally gave you your loan.
To further help figure it all out, see the definition of Loan Servicer via 995Hope’s Mortgage Terminology Glossary.
Get a Conversation Going with These 5 Tips:
As changes to forbearance plans approach, it can reduce stress to reach out to your loan servicer to understand your specific situation.
The earlier you reach out, the more options there are for help and you will be armed with next steps to move you in a positive direction.
Noted here are five tips to help you feel more confident when you reach out to your mortgage company:
1. Know Who to Call
It’s important to talk to the right people in the right department. There is a difference between a customer service or collections department and a loss mitigation or home retention department. To get the help you might need, always ask to speak to a loss mitigation or home retention representative. Once you reach out, most companies will assign your file to an account manager or customer relationship manager. This dedicated representative will be your main point of contact while working on the best solution for you.
2. Be Prepared
You’ll need to be organized so your loan servicer can better understand where you are and determine your eligibility for a workout option. It is helpful to have on hand your most recent mortgage statement, pay slips or other documents showing your household’s monthly pre-tax income, account balances, and your most recent tax return.
3. Know the Language
Clearly understanding the financial terms you will be discussing is essential. 995Hope provides a comprehensive glossary of terms to help with your conversation. You might want to keep the list handy during your conversation to gain clarity and confidence during your discussion.
4. Know your Options
If you’re already in forbearance, these may include a deferment, modification, reinstatement or repayment plan. If you haven’t yet taken action, this might be if your loan is Eligible for the CARES act forbearance or other offered interventions. Reviewing these options before your call can be helpful. Once you have a sense of what your options might be, contact your loan servicer to discuss which best fits your needs. You do not have to make a decision on the spot. Knowing all the available options can greatly lessen your stress and help you make a positive decision.
5. Track the Conversation
Keep it professional and polite – determining the best course of action takes thoughtfulness, clarity and clearly understanding your options. To keep you on track, be sure to maintain a record of all your communications with your loan servicer. Consider creating a document to log conversations, action items and other important information.
Now that you understand the tips to contact your servicer, remember it can be easier to contact us first. We can provide important resources, information and our knowledgeable staff can help you make the best decisions for you and your family.
995Hope counselors have helped thousands of people in similar circumstances identify and weigh their options, and we can help you, too.
Contact the Homeowner’s HOPE™ Hotline at 888-995-HOPE(4673)