Frequently Asked Questions

Q. Who is HSC?

A. Homeowners Servicing Company is a private company who specializes in helping sellers, servicers, and realtors in both general and specific real estate practices in order to protect families who are currently delinquent in their mortgages (or soon face becoming delinquent). Our goal is to provide you with straightforward answers and steps to save you and your family from facing the tragedy of foreclosure!

Q. How can HSC help?

A. We provide our clients with personalized assistance and can offer many resources, such as; loan modification negotiation, short sale negotiation, general real estate practices, legal review, access to our personal contacts, and direct web access to keep you up-to-date on your file. We know everybody’s situation is different. We concentrate on personalizing our services around your needs and want to know your story!

Q. What is a loan modification?

A: A loan modification allows the lender to change some of the terms of the agreed upon loan. A loan modification is commonly requested when one finds themselves struggling to keep up with mortgage payments, however, 75% of loan mods are turned down (as of May 2011). The general assumption is there will be a reduction in your principal balance with a loan modification- This is the LEAST likely outcome. Usually, either the term (in years) or the interest rate is reduced. More information here.

Q. What is a short sale?

A. A short sale simply means you opt to sell your home, and the bank will accept less than you owe on your mortgage. This scenario is extremely common and profitable when a mortgage goes into default, as the deficiency/debt is usually forgiven. There are many more benefits to a short sale, especially if your attempt at a loan modification falls through. More information here.

Q. How important is credit repair?

A. Your credit is affected any time you open a line of credit, any time you receive a loan, or any time you open a new bank account. Your credit is extremely important in regards to owning a home, purchasing a car, etc. and can, unfortunately, be extremely affected when you receive a Notice of Default. Therefore, for anyone with a delinquent mortgage, credit repair is a necessity. More information here.