If you fail to make one or more payments on your mortgage loan, your loan is in default.
The servicer may then order “default-related services” to protect the value of the property. These services may include property inspections to make sure you are still living in the home and maintaining the property. If the property is not being properly maintained, the servicer may order “property preservation services,” like lawn mowing, landscaping and repairing or boarding up broken windows and doors. The costs for these services, which can add up to hundreds or thousands of dollars, are charged to your loan account. If the servicer starts to foreclose on your property, additional costs like attorneys fees, property title search fees, and other charges for mailing and posting foreclosure notices will be charged to your loan account. That can add hundreds or thousands of dollars more to your loan, and make it even more difficult for you to bring the loan current and avoid foreclosure.
We know a home is one of the most expensive purchases you’ll make and unforeseen life circumstances happen such as a health issue, job loss or divorce, so it’s important to know it's our passion to work together with full transparency and wholeheartedness to get you back on track and move forward from this minor setback. Effective communication is the key requirement to this vital step.
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