Questions Regarding Delinquent Accounts
In a time where market values are declining,
variable rate loan rates are increasing, payment amounts are increasing
and perhaps incomes are declining, you, as a homeowner, may be facing a
financial situation where it is difficult to pay the monthly obligations
on your real estate mortgage.
There are options which may be available to you
through your lender or their servicing agent. Although it would be
advisable to attempt to utilize one of these options prior to the filing
of a Notice of Default (foreclosure), it may be possible to utilize an
option after the notice has been filed.
The options which may be considered by your
lender/servicing agent are:
If you have a loan which PLM Lender Services,
Inc. is servicing and if any of these options seem viable, please
contact us at 1-800-829-1585. You may dial zero and an operator will
direct your call or you may call our loss mitigation specialist, Linda Kidder Adleson, at extension 219 and discuss the options of which your particular
lender may agree.
Upon contacting PLM Lender Services, Inc., we
may request any or all of the following:
-
Statements from senior liens showing change in
payment amount and/or interest rate
-
Pay stubs or tax returns showing a decrease in
income
-
Appraisals or broker price opinions showing a
significant decline in value
-
A written statement requesting a change to the
loan
-
Agent Authorization Form if borrower has a
third party negotiator
-
Other documentation may be required
Additionally, the toll-free number made
available by the United States Department of Housing and Urban
Development (HUD) to find a HUD-certified housing counseling agency is
1-800-569-4287 or TTY/TDD 1-800-877-8339. You may find another useful
consumer information on foreclosure alternatives on the HUD website at
http://www.hud.gov/foreclosure including an article on
“Tips for Avoiding Foreclosure”. |