Within the last year, two relatively new mortgage servicers have come on the scene. They have been taking over the servicing rights to several large loan portfolios.
While I personally believe purchasing servicing rights of loans should be illegal (due to all the problems that occur when loans are transferred), it is perfectly legal for a bank to sell the rights of the loan to another servicer.
Most recently, a large number of homeowners are receiving communications that their loan has been sold to one of the following servicers:
Despite the fact that they have “care” in their name, these service transfers are going horribly. LoanCare purchased loans from Ditech, Bank of America and other lenders and they are simply not equipped to handle such a large quantity of loans.
Homeowners across America are struggling so if you’re struggling with LoanCare - you’re not the only one!
Below are the problems people are experiencing in regards to LoanCare in particular:
Alabama Housing Authority / ServiSolutions
Recently, I’ve been receiving calls from homeowners who are receiving notices from an institution called the Alabama Housing Authority. Within the last year, this institution seems to have purchased a large quantity of non-performing loans from other banks. Most homeowners are having the same issue - they don’t know how to contact this servicer.
If you receive communication from the Alabama Housing Authority, you will most likely be dealing with an institution called ServiSolutions moving forward. These two companies are connected. ServiSolutions is another institution that seems to be servicing on behalf of Alabama Housing Authority so if you are needing to speak to someone about your loan, it is likely going to be a representative from ServiSolutions.
A common situation looks like this:
If this is happening to you, just call ServiSolutions. There is a high chance your loan will be with them.
Below are some phone numbers for ServiSolutions. Depending on what you’re doing and what type of loan you have, the contact info may be different but you can start here:
Here is their website: www.servsol.com
It is very unfortunate that the mortgage servicing industry is allowed to operate in such a disorganized manner. It is incredibly hard on homeowners when they are forced to take time out of their already stressed and busy lives to clean up the messes created by faceless, profit-seeking corporations.
If you are in Washington State, and would like assistance with your case, please reach out to me so that I can learn more about your situation.