Servicing Guide

Published July 15, 2020

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FLEX MODIFICATION SOLICITATION COVER LETTERS (07/15/2020)

 

The servicer must use the applicable Flex Modification Solicitation Cover Letter:  

FLEX MODIFICATION SOLICITATION COVER LETTER.. 2

FLEX MODIFICATION SOLICITATION COVER LETTER FOR DAY 60 RATE RESET

 

 

FLEX MODIFICATION SOLICITATION COVER LETTER

 

Servicer Logo]

 

[BORROWER 1 NAME] [BORROWER 2 NAME]

[ADDRESS 1]

[ADDRESS 2]

[CITY, STATE ZIP CODE]

[DATE]

 

Reference: [LOAN NUMBER]

 

Subject: Loan Modification Offer Enclosed - Act Now to Avoid Foreclosure

Dear [BORROWER NAME(S)]:

Your mortgage is seriously delinquent, and your time to act and avoid foreclosure is running out. You have options, but you must act now. We are here to help. If you have questions about the options listed below, please contact us immediately.

You are Approved for a Trial Period Plan to Modify Your Mortgage Payment

If you accept this trial period plan, you will be required to make three monthly payments in the amount of $[X,XXX]. If you follow the terms of the trial period plan, your mortgage will be permanently modified. Please refer to the enclosed trial period plan for details on accepting this offer.

If you do not contact us or send your first trial period plan payment by [14 CALENDAR DAYS FROM THE DATE OF THIS LETTER], foreclosure proceedings may be started or continue.

QUESTIONS?  CONTACT US

 

[SERVICER’S NAME]

Phone: [8XX-XXX-XXXX]

Email Address: [SERVICER’S EMAIL]

Website: [SERVICER’S WEBSITE]

 

Unable to Pay the Monthly Trial Period Payment or Prefer to Leave Your Home? 

You may have other options to avoid foreclosure.   

  • A short sale: the sale of your property for a price that is less than the amount you still owe on your mortgage. 
  • A Mortgage ReleaseTM (deed-in-lieu of foreclosure): the transfer of ownership of your property to us in exchange for release of some or all of the amount you still owe on your mortgage.

If you are approved for a short sale or Mortgage Release and complete the necessary steps, we will cancel your remaining mortgage debt obligation. Cancellation of debt may have tax consequences; please consult a tax advisor to discuss potential tax consequences.   

We encourage you to review the enclosed trial period plan. Thank you for your prompt attention to this matter. We are here to help you with your mortgage. 

Sincerely,

Customer Support

[Servicer Name]

 

 

FLEX MODIFICATION SOLICITATION COVER LETTER FOR DAY 60 RATE RESET

 

Servicer Logo]   

 

[BORROWER 1 NAME] [BORROWER 2 NAME]

[ADDRESS 1]

[ADDRESS 2]

[CITY, STATE ZIP CODE]

[DATE]

 

REFERENCE: [LOAN NUMBER]

 

Subject: Loan Modification Offer Enclosed - Act Now for Help with Your Increased Payment

Dear [BORROWER NAME(S)]:

Your mortgage is now 60 days past due. If the recent increase in your monthly payment caused financial challenges that have led to your mortgage being past due, options are available. We are here to help. If you have questions about the options listed below, please contact us immediately.

You are Approved for a New Trial Period Plan to Modify Your Mortgage Payment

If you accept this trial period plan, you will be required to make three monthly payments in the amount of $[X,XXX]. If you follow the terms of the trial period plan, your mortgage will be permanently modified. Please refer to the enclosed trial period plan for details on accepting this offer.

If you do not contact us or send your first trial period plan payment by [14 CALENDAR DAYS FROM THE DATE OF THIS LETTER], foreclosure proceedings on your home may begin soon.

 

QUESTIONS? CONTACT US

 

[SERVICER’S NAME]

Phone: [8XX-XXX-XXXX]

Email Address: [SERVICER’S EMAIL]

Website: [SERVICER’S WEBSITE]

 

 

Unable to Pay the Monthly Trial Period Payment or Prefer to Leave Your Home?

You may have other options to avoid foreclosure.

  • A short sale: the sale of your property for a price that is less than the amount you still owe on your mortgage.
  • A Mortgage ReleaseTM (deed-in-lieu of foreclosure): the transfer of ownership of your property to us in exchange for release of some or all of the amount you still owe on your mortgage.

If you are approved for a short sale or Mortgage Release and complete the necessary steps, we will cancel your remaining mortgage debt obligation. Cancellation of debt may have tax consequences; please consult a tax advisor to discuss potential tax consequences.

We encourage you to review the enclosed trial period plan. Thank you for your prompt attention to this matter.  We are here to help you with your mortgage.

Sincerely,

Customer Support

[SERVICER NAME]

 

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