Mortgage Servicing

Mortgage servicing refers to the management of a mortgage loan by a company on behalf of the lender. This includes collecting monthly payments, managing escrow accounts for property taxes and insurance, and communicating with borrowers. In the context of foreclosure, if a borrower fails to make payments, the servicer plays a crucial role in initiating foreclosure proceedings, which can lead to the lender taking possession of the property. Understanding mortgage servicing is important, as it affects how your loan is handled and what options may be available to avoid foreclosure.