If you're facing foreclosure , then you already know that getting the right people on the phone can be nearly impossible when calling your mortgage lender. The important thing any homeowner facing foreclosure can do is be persistent and come armed with the right information. Many homeowners don't know that mortgage servicing companies usually have two groups of people who handle borrowers facing foreclosure: the "collections department" and the "loss mitigation department." The collections department is only interested in squeezing as much money as possible out of the homeowner facing foreclosure and they are not typically empowered to "help" you work out a long-term solution for your foreclosure.
The loss mitigation department (called different things at different companies) is where you want to go to get help avoiding foreclosure. The loss mitigation department will have the power to work with a homeowner facing foreclosure in ways that the collections department cannot.
When speaking with the loss mitigation department regarding your foreclosure, make sure you are prepared with proof of income and expenses. This information will help the loss mitigation officer determine whether or not you can actually afford to remain in the home if they work a deal such as a loan modification.
It can often be difficult to get transferred from collections to loss mitigation, especially if the collections agents have been instructed to limit transfers. This is why working with an attorney can be a helpful tool in getting past the gatekeepers and directly to the decision makers. For those of you who are currently attempting to negotiate with your lender regarding a pending foreclosure below is a partial list of loss mitigation phone numbers at some of the largest mortgage companies.
- Bank of America (800) 846-2222
- Charter One Bank (also CCO Mortgage and Citizens Bank) (877) 745-7366
- Chase Home Finance Prime loans: (800) 848-9380 Subprime loans: (866) 665-7629
- Chevy Chase Bank (866) 391-8688
- CitiMortgage (866) 272-4749
- Countrywide Home Loans (800) 669-6650
- Downey Financial Corp. (800) 824-6902, ext. 6696
- HomeEq Mortgage Servicing (866) 822-1471
- National City Mortgage (800) 523-8654
- Nationwide Advantage Mortgage Co. (866) 350-8884
- SunTrust Mortgage Inc. (800) 443-1032
- U.S. Bank Home Mortgage (800) 365-7900
- Wells Fargo (800) 416-1472