Homeowner FAQ

faq imageBelow you will find answers to our borrowers most frequently asked questions.

If you can’t find what you’re looking for, please call one of our Customer Specialists at (877) 563-4164.

 

Homeowners Frequently Asked Questions:

Answer: You will be charged a late fee and interest. In addition, Madison Management Services, LLC. may be obligated to report late payments to the main credit bureaus. Late payments can have a negative effect on your credit rating.

Answer: You will be charged a late fee and interest. In addition, Madison Management Services, LLC. may be obligated to report late payments to credit bureaus. Late payments can have a negative effect on your credit rating.

Answer: Late charges vary according to the terms of the loan and are based on factors such as the type of loan and the interest rate. For example, if you have an adjustable rate mortgage, your late charges would change as your interest rate changes.

Answer: Madison Management Services, LLC reports to the main credit bureaus every month, so even one late payment may end up on your credit report. When payments are made on time, this monthly reporting helps you build a positive credit history. If you are concerned about this, you can call Customer Service at (877) 563-4164.

Answer: Every month, Madison Management Services, LLC has an obligation to pay the owner or investor of your home loan. When you don’t pay your loan, Madison Management Services, LLC still has to pay this obligation on your behalf. We charge fees for past-due or missed payments to make up the cost of paying your obligations for you.

Answer: You’ll need to make all your past-due payments as well as pay any fees and interest charged as a result of late payments. To find out exactly how much you owe, you’ll need to request a loan reinstatement from the Home Owner Assistance Team at (877) 563-4164. If you’re unable to catch up on your payments, the Home Owner Assistance Team may be able to set up a plan to get you back on track.

Answer: Contact a Home Owner Assistance Team member at (877) 563-4164 immediately. Even if you feel you do not have any resources or ability to repay your loan, the Home Owner Assistance Team may be able to help you work something out to save your home or, at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and severely damaged credit.

Answer: It’s best to first contact the Home Owner Assistance Team at (877) 563-4164 to discuss your options.

Answer: If you have an escrow account, Madison Management Servicing, LLC continues to pay tax and insurance to protect the property. However, just as with your mortgage, you would still owe this money plus any late fees and interest incurred.

Answer: Foreclosure is when the lender takes possession of a property because the borrower is unable to make their loan payments. In a foreclosure, the borrower is required to move out of the property once the foreclosure sale is complete.

Answer: Although lenders almost always lose money on a foreclosure, it is still a last resort for Madison Management Services, LLC to minimize its losses. Foreclosure only happens when the borrower is repeatedly unable to make payments or just stops making payments altogether.

Answer: Contact a Home Owner Assistance Team member at (877) 563-4164 immediately. Even if you feel you do not have any resources or ability to repay your loan, the Home Owner Assistance Team may be able to help you work something out to save your home or, at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and damaged credit.

Answer: Yes, but you need to coordinate this with the Home Owner Assistance Team at (877) 563-4164 before the foreclosure sale is completed. You’ll also need to list your property with a licensed real estate agent.

Answer: In some cases, you can. This is what is known as a short sale or pre-foreclosure sale. This is something you would need to work out with the Home Owner Assistance Team at (877)563-4164.

Answer: Foreclosures are extremely damaging to your credit, and may stay on your credit report for as much as seven years. A foreclosure can make it difficult to get a loan for a future home purchase, for college expenses or to even get a VISA or MasterCard. If the borrower is able to get credit, the interest rates will likely be higher. Even if you’re already facing foreclosure, there may still be options to minimize the damage to your credit. Contact the Home Owner Assistance Team at (877) 563-4164 to find out more.

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