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Wrongful Bank Foreclosure
- Bank Bail-Out II, the Sequel: How the Banks Got a Mulligan in the Wrongful Foreclosure Crisis
- Massachusetts Attorney General’s Foreclosure Lawsuit Applauded by Private Consumer Attorneys
- 4 Million Borrowers May be Eligible for Review of Foreclosures
- Mortgage Deficiency
- Will a Massachusetts bank approve a short sale?
- Should I short sell my Massachusetts home?
- What happens during a Massachusetts short sale?
- What is a short sale in Massachusetts
- Soldier returns home from Iraq to foreclosure
- What happens during a wrongful foreclosure, illegal lock-out and trash-out?
News
- Posted on 2/8/2012Robo-signing Foreclosure Scandal Leads to Criminal Charges for Lorraine O. Brown and DocX
- Posted on 10/18/2011Attorney General Martha Coakley May Sue for Foreclosure Abuses
- Posted on 8/26/2011Couple faces foreclosure after paying mortgage early
- Posted on 8/23/2011Bank of America admits error in foreclosure case
- Posted on 8/23/2011springfield approves anti-foreclosure laws
Library
Testimonials
- "I sent this letter certified after receiving the free guide [from] Phillips & Garcia P.C. Saved Foreclosure. Thanks a million!" A.D. from Colorado
- After seeing first hand what you are up against concerning the big banking companies, we are even more amazed that you are willing to fight the fight. The little guy needs your help and your fearless attitude. You are good people and true Americans. We are honored to be called your friends. R.R. - Mich., Lockout & Trashout Victim
- The attorneys were very professional and I felt as though they always had my best interest in mind. Without them I would have been pushed around and just another number to the bank. N.L., Wrongful Lockout Victim
- Thank you Mr. Phillips. If we hadn't found you the [Bank] would have foreclosed on our property and I can't imagine the misery that they would have caused. S.N. - Arizona
What is a 'mortgage servicer?'
A: When a homeowner gets a mortgage, they often think that the bank that loaned them the money will hold the loan and service it until it is paid off in thirty years. In today's modern mortgage market, though, that is usually not the case because mortgage loans and the rights to service them are frequently bought and sold. In many cases, the company to which a homeowner sends payments is not the company that owns the loan. Usually it is a "mortgage servicer."
A mortgage servicer (or the "servicer" as it is known in the mortgage industry) is a company that handles the "day-to-day" management of a mortgage loan account. A servicer's responsibilities include collecting and crediting monthly mortgage payments, managing escrow accounts, paying real estate taxes and homeowner's insurance bills, and responding to customer questions and complaints. The servicer also direct the money that they collect to the banks or investors that hold the loan. In this way, servicers can best be described as "middlemen."
Some of the largest mortgage servicers in the country are stand-alone companies, but others are branches or subsidiaries of major banks. For example, BAC Home Loans Servicing is a subsidiary of Bank of America. Homeowners who first had a loan from Bank of America often fail to realize that their loan is being serviced by BAC.
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