A borrower can be considered in default whenever they fail to carry out the terms of the note and deed of trust in any way. This includes, but is not limited to the following: Failure to make their monthly payments as scheduled Failure to [...]
A lender can begin a non-judicial foreclosure (without proceeding with a lawsuit to foreclose) when a borrower defaults under the terms, covenants and conditions contained in the Note and/or Deed of Trust. Most often a non-judicial foreclosure is begun because a borrower has not [...]
If you are unable to afford the current contractual payment and there are no other liens reflected on title to the property, we may allow you to deed the property back to us to avoid the time and expense of a foreclosure action. We [...]
Sometimes the best resolution to a default is the sale of the property. You have the right to sell the property to someone else up until the foreclosure sale date. If the potential buyer’s offer is not sufficient to pay off your loan, we [...]
A loan modification changes the repayment terms reflected in the note. If you are unable to pay the total amount outstanding or your loan has matured, this may be an option. Your loan could be modified to extend the term, convert an adjustable rate [...]
Your Lender may grant you additional time to catch up on past due payments under an agreement called a forbearance plan. These plans are normally limited to a period of three to six months. You may be required to submit current financial information to [...]
Note Servicing Center, Inc., cannot provide legal advice to you. Please visit the link on our home page for important links to Government websites structured to assist you in times of financial hardship. There are many options that may be pursued as an alternative [...]
Note Servicing Center, Inc. does not report to the credit bureaus at this time. A Verification of Mortgage is provided to refinancing lenders, there is a fee of $35.00 for this verification.
Although it is not required please contact our office. The more communication we have regarding your situation, the easier it is to work with you and your lender. Please review the information available by clicking the “Financial Hardship” link on our homepage. While we [...]
Real Estate Settlement Procedures Act. Most frequently referred to as “RESPA” this is the law that says that you should be given certain information when you are purchasing a home. The United States Department of Housing and Urban Development (hereinafter “HUD”) enforces the RESPA [...]
