City of Peoria Home Foreclosure Information
Why Contact your Lender/Server?
Your loan servicer is the company that handles collection of payments and the day-to-day tasks involved with other mortgage-related processes like collection and payment of homeowner's insurance and property tax payments. Many servicers understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. It is important that you contact your mortgage servicer to explain your situation if you anticipate any difficulty in making your mortgage payment. Many servicers are willing to work with you if you contact them immediately. Be sure to have information prepared for the conversation so that the company is best able to assist you when you call.
To determine who your mortgage servicer is:
- Check your monthly mortgage billing statement
- Check your payment coupon book
Be prepared to answer the following questions:
- Your loan account number
- What caused you to miss your mortgage payment(s)?
- Do you have any documents to back up your explanation for falling behind?
- How have you tried to resolve the problem?
- Is your problem temporary, long-term or permanent?
What to do when working with your servicer:
- Keep notes of all your communications with the loan servicer including:
- Date and time of contact
- Nature of the contact (face-to-face, phone, e-mail, fax, or mail)
- First and last name of the representative
- The outcome
- If you make any oral request to your loan servicer, follow up with a letter reiterating the oral request.
- Send your letter by certified mail, return receipt requested, so you can document that the loan servicer received your correspondence.
Keep copies of your letter and any enclosures.