FAQs

Does HomEq Servicing report information to credit reporting agencies if I am on an approved payment plan?

Yes, HomEq Servicing does report information to the major credit reporting agencies while you are on an approved payment plan. If you have an active repayment plan, account information, including the existence of the repayment plan, will continue to be reported to the credit reporting agencies based on the contractual due date. As such, delinquency information will continue to be reported during the term of the repayment plan period until the account is brought current.

What shall I do if I suspect identity theft based on the information reported by HomEq Servicing on my Credit Report?

If you did not sign or cosign for a mortgage serviced by HomEq Servicing for which our records show you as a borrower, you need to provide the following information to review your account for possible Identity Theft:

• A statement affirming that you did not sign or cosign for the mortgage.
• Copy of the police report regarding the alleged identity theft/forgery.
• Clear copy of your driver’s license or picture identification.

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Escrow

What are “escrow funds”?

Escrow funds are monies held by HomEq Servicing to pay the taxes and/or insurance premiums on your behalf. An escrow account, also referred to as an impound or reserve account, provides you with the convenience of satisfying hazard insurance premiums, property tax bills, and mortgage insurance premiums by paying the amounts due through monthly installments rather than as a lump sum.

I do not have an Escrow Account. Can I establish an escrow account?

Yes! You can obtain set up instructions on establishing an escrow account here.

I have received an Escrow Account Disclosure Statement. Why did I receive this? Why has my payment amount changed?

If you received an Escrow Account Disclosure Statement, you have an escrow account associated with your HomEq account. HomEq Servicing is required by federal law to provide you with this statement. Your scheduled monthly payment amount will include an escrow payment amount that is collected to pay taxes and/or hazard/flood and/or mortgage insurance premiums. The tax and hazard/flood premium amounts due may change from year-to-year. When the changes occur, HomEq Servicing is notified. We conduct an annual review of the amounts collected for these items and make any adjustments to your scheduled monthly escrow amount to ensure we collect the correct amount to pay the escrowed items. You can view a copy of your Escrow Account Disclosure by logging into your account.

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Foreclosure

Can you postpone my foreclosure sale?

HomEq Servicing must follow specific timelines for the servicing of your mortgage loan. While we want to help our customers retain their homes, we must honor contractual commitments given to our investors regarding the servicing of delinquent loans. HomEq may postpone a foreclosure sale in any of the following situations: HomEq has received payment in full of all delinquent amounts and fees; HomEq has agreed to a formal payment plan and the initial down payment has been received; HomEq has received a complete short sale request and will grant additional time to review the viability of the short sale request; a servicing error was discovered and HomEq will research the issue; etc. A foreclosure sale is scheduled after we have been unsuccessful in curing a delinquency. Foreclosure sales may only be postponed when there is a compelling reason to do so.

HomEq just foreclosed on my home but I would like to pay my outstanding debt. How can I get my home back?

If your property is located in a state that is subject to a redemption or confirmation period, you may have the option of redeeming your loan. If your property is not located in a state that is subject to a redemption or confirmation period, you may not have the option of paying the remaining balance. Contact an attorney for an explanation of your legal rights and options.

I know my property has gone through foreclosure, but I now have an offer or a short sale/redemption offer on the property. OR, I am the tenant of a foreclosed property and I am interested in purchasing the property.

If you have an offer, you can submit a post sale offer packet to the Post Foreclosure Team for consideration. A full packet includes 4 items: A written letter that provides the short sale amount and the amount HomEq would net from the closing proceeds, proof of financing, a preliminary HUD-1 Settlement Statement that shows how proceeds will be disbursed and borrower's authorization for HomEq to discuss the account with all third parties involved with the short sale transaction. Once all of the required information has been obtained, you need to fax your offer for consideration to 866-451-0310. Once you have submitted an offer, a written confirmation that your offer has been received will be sent within 1 business of receipt. The Post Foreclosure Team will review your offer and provide approval or denial within 7 business days of the date your request was confirmed. If your packet is incomplete, the short sale offer will be denied. You will receive written correspondence providing the reason for denial. If your packet has all required information, a representative will contact you or your authorized agent to begin processing the short sale request.

What is a redemption period?

The redemption period represents the time period after the foreclosure sale where the borrower has the right to redeem or buy back the property after the completion of the foreclosure sale. Redemption is only available in certain states. Contact an attorney for an explanation of your legal rights and options.

What is a confirmation period?

The confirmation period represents the time period between the completion of the foreclosure sale and the date title is transferred to the successful bidder. Only certain states provide for a confirmation period. Contact an attorney for an explanation of your legal rights and options.

What happens if I live in a state that is not subject to a confirmation or redemption period and the foreclosure sale is concluded?

Once a foreclosure sale is conducted in states that do not have state mandated redemption or confirmation periods, the title is automatically transferred to the new owner at the conclusion of the foreclosure sale.

I am a tenant/occupant and I received a letter to voluntarily vacate the property. What does this mean?

This letter advises that the foreclosure process has been completed and the occupants are notified that they must vacate the property.

What is the HomEq Servicing Cash for Keys program?

HomEq Servicing offers a program called Cash for Keys. This program gives the occupant the opportunity to voluntarily vacate the premises within 30 days of the start of the legal eviction action and generally receive at least $600 for vacating and transferring possession of the property to the new owner.

To be eligible for the program, we must receive a signed agreement pursuant to which you agree to voluntarily vacate the property and transfer possession has been duly executed, all efforts to obtain possession of the property will continue. Additionally, the premises must be free of all interior and exterior personal property and debris. If it is a multi-unit property, the monetary sum would be split among the occupied units.

Interested parties in this who would like to participate in the Cash for Keys program will need to contact the assigned HomEq real estate broker to make the appropriate arrangements.

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Insurance

Why does HomEq Servicing require me to have a hazard insurance policy on my home?

Homeowner insurance coverage is required by the terms of your loan documents to protect your interest as well as the interest of the owner of your loan in the event of a loss. HomEq Servicing urges you to contact your insurance agent to verify that your home is adequately insured. Please take the following measures with regard to maintaining your hazard insurance policy.

• Ensure that HomEq Servicing is listed as the mortgagee on your policy as follows:
  
  HomEq Servicing, its affiliates, successors and/or assignees
  PO Box 57621
  Jacksonville, FL 32241-7621
  
  
• Ensure that your policy includes a provision that HomEq Servicing be notified at least 10 days prior to cancellation of hazard insurance.
• Provide updates for your insurance information by logging into your account or fax the changes to 904-636-5147.

I have a new insurance company. How do I notify HomEq Servicing?

You must notiify HomEq of changes to your insurance carrieer no less than 30 days prior to the expiration date of your current policy. Provide updates for your insurance information by logging into your account or fax the changes to 904-636-5147. The insurance carrier you select must be licensed to operate in the state in which the property is located.

What is forced place insurance? Why is it so expensive?

All loan documents have specific provisions that require the placement of insurance coverage on every property with an outstanding loan balance. In the event that HomEq is notified that an insurance policy has lapsed, we will attempt to contact the borrower to ensure that a new policy is obtained or the old policy is renewed. It is only after we exhaust these attempts that HomEq will obtain a forced place insurance policy on your home.

This type of insurance protects your property and the lender's interest in your property. This type of insurance coverage is typically more expensive and it does not cover the contents of the property. The insuring company typically does not conduct its normal underwriting process prior to insuring the property and manage their risk by assessing higher fees for the issuance of this type of policy. HomEq Servicing encourages you to obtain your own insurance policy and provide HomEq with the detailed insurance information as soon as possible.

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Military-Customers on Active Duty

Am I eligible for an interest rate reduction if I have been called to active military duty?

If you are an active member of our armed forces, or within 180 days of your Servicemembers Civil Relief Act (“SCRA”) end date and you would like to know if you qualify for the SCRA program, please submit a copy of your most current orders which must include the start and end dates of your military duty and a written request for eligibility review to:

Once the information is received, we will verify eligibility and notify you within 10 business days.

Do I need to make my scheduled monthly payments while in the SCRA program?

Yes. Scheduled monthly payments are required during the SCRA period time frame.

Will my interest rate change on my Adjustable Rate Mortgage (ARM) loan according to my loan documents while I am in the SCRA program?

Your interest rate will be set at 6% or less during the active duty period.

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Mortgage Interest

When will I receive my tax filing information?

HomEq Servicing will send you a Mortgage Interest Statement (IRS Form 1098) on or before January 31. This Statement provides you with a) the amount of mortgage interest paid to HomEq Servicing during the previous calendar year, b) points paid (when applicable), c) any overpaid interest refunded to you, and d) escrow disbursement activity. Learn how you can access your Mortgage Interest Statement in a secure environment.

I am one of two or more borrowers on the same HomEq Servicing account. Will each borrower receive tax filing information?

IRS guidelines require that HomEq Servicing generate the Mortgage Interest Statement (IRS Form 1098) for the primary borrower only, using his/her Social Security Number. Learn how you can access your Mortgage Interest Statement in a secure environment.

Will the Mortgage Interest Statement provided by HomEq Servicing include all activity on my account that occurred during the previous calendar year?

The Mortgage Interest Statement will reflect only the time period for which HomEq Servicing serviced your account. It will be produced only if your loan is secured by real property and you paid $25 or more in interest for the previous calendar year. If your account was serviced by another lender or servicer during the prior calendar year, the account activity that occurred with the prior lender or servicer will be reported by that entity on a separate Mortgage Interest Statement. Learn how you can access your Mortgage Interest Statement in a secure environment.

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Payments

How do I make my payment?

You can make your payment utilizing these payment options:

I just received notice that my loan transferred to HomEq Servicing and I already sent my payment to my previous mortgage servicer. What should I do?

Payments directed to your previous servicer will be forwarded to HomEq Servicing on your behalf. HomEq Servicing will apply your payment with the effective date that your previous servicer received the payment.

May I pay additional funds to my principal balance?

Yes, additional/extra payments will be applied to accounts with a current status only. Additional/extra payments will be applied to your account in accordance with the terms of your loan documents.

What is an Advance?

Your loan documents provide that costs incurred in connection with servicing a delinquent account may be recovered, subject to compliance with federal, state, and local laws. These costs are referred to as “advances” on your account statement, when applicable. Examples of advances include expenditures for the following services:

• Property inspections
• Legal services
• Breach letters
• Property maintenance
• Payment deferrals

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Taxes

I received a property tax bill. What should I do?

If you do not have an escrow account or your escrow account is not set up for payment of property taxes, it is your responsibility to pay the tax authority directly for all taxes due. If you are unable to pay the taxes please contact HomEq Servicing to establish an escrow account and we will work with you to keep the property taxes current. Learn how to establish an escrow account here.

If your property taxes are collected as an escrowed item (included in the escrow portion of your scheduled payment), it is the responsibility of HomEq Servicing to remit payments on your behalf to the taxing authority requesting payment. Send the original tax bill immediately to the following address:

I received a letter from you indicating that I owe delinquent taxes on my property but I have already made the payment to the taxing authority. What should I do?

HomEq Servicing received a delinquent tax notification from our tax service or your tax collector and we need proof from you that these taxes have been paid. HomEq Servicing does not recognize scheduled repayment plans for delinquent taxes made through your taxing authority as proof of payment. Proof of payment can be a paid receipt, or a copy of a canceled check (front and back). Proof of payment be faxed or mailed to:

I do not have an escrow account but my taxes are delinquent and I am unable to pay them. What can I do?

You can request that a permanent escrow account be established and we will work with you to keep the property taxes current. Instructions for establishing an escrow account can be found: Learn how to establish an escrow account here.

I have filed for a real estate tax exemption. What steps do I need to take to ensure HomEq Servicing accounts for the exemption? How will this affect my monthly payment amount?

If the taxing authority collecting the taxes approves your exemption, you will need to forward verification of the exemption, provided on the taxing authority’s letterhead, including the new estimated tax amount due to the fax number or address provided below:

Once HomEq Servicing has received confirmation of the exemption, including the new tax bill amount, we will issue a new Escrow Account Disclosure Statement and adjust your scheduled monthly payment amount accordingly. If the taxing authority collecting your taxes is unable to provide this information, the amount received from the taxing authority at the time of the next installment date will be used to update your account information

Please note that there is an important difference between a tax exemption and a tax deferral. A tax exemption relieves the property owner from the obligation to pay the corresponding tax payment altogether. A tax deferral is an approval granted by the taxing authority allowing the property owner to pay the taxes that are currently due at a later date; although deferred, the taxes are still owed. HomEq will accept a tax exemption because the obligation to pay the taxes has been eliminated.

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