When doing a home loan modification, the term "Servicer" comes up a lot. Who is the "Servicer"?
For example, they gave me a three month payment trial. The payment is excellent compared to what I pay now but the document states that I must pay that to the "Servicer". "On or before each of the following due dates. I will pay the Servicer the amount set fourth below…".
Does this mean, like a credit card debt cancellation program, I pay the agency instead of paying my credit card company for a few months so the bank thinks I’m really in some type of hardship?
In this case, your service would be your lender or bank. If you have Bank of America / Chase / Wells Fargo, that would be your servicer.
Glad to hear you got a great rate!
Comments
In this case, your service would be your lender or bank. If you have Bank of America / Chase / Wells Fargo, that would be your servicer.
Glad to hear you got a great rate!
References :
Chief Loan Specialist