Mortgage servicer: hardship options
Forbearance and payment plans for the biggest bill of all
Who to call
The servicer's number on the mortgage statement (the company you pay, not necessarily the original lender).
Before you call
- Have the loan number from a statement or coupon book
- Have the property address
- Know whether the payment includes escrow for taxes and homeowners insurance
What to say
“The borrower is hospitalized after a medical emergency and I'm helping the family keep the loan current. First — is the loan current today, and when is the next payment due?”
“Given the medical hardship, what options do you offer — forbearance, a repayment plan, or loan modification? What are the credit-reporting consequences of each?”
“Are property taxes and homeowners insurance escrowed with the payment, or paid separately? If separate, we need to track those down too.”
Good to know
- If taxes and insurance are NOT escrowed, they are separate bills you must find — a lapse there is as serious as a missed mortgage payment.
- Servicers are federally required to discuss loss-mitigation options — the word "hardship" starts that process.
- Reverse mortgages have special occupancy rules when the borrower is out of the home — if it's a reverse mortgage, say so and ask what the occupancy requirements are.
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