The Mortgage Bankers Association estimates that up to 360,000 real estate loans could be directly or indirectly impacted by Hurricane Katrina and are valued at up to $48 billion.
The mortgage banking trade group and its members encourage victims of Hurricane Katrina to directly contact the mortgage company that they regularly make mortgage loan payments to as soon as possible.
While policies may differ from company to company, most mortgage bankers are offering extended grace periods and are postponing any foreclosure action, MBA said. This means that any borrower who lives within the ZIP codes published by FEMA as being federal disaster areas will not – during the lender’s grace period – be charged late fees nor have late payments reported to credit agencies, which can negatively impact their credit scores.
MBA and its members urge consumers to call their loan servicer to confirm the length of the grace period and to discuss additional or long-term solutions. In addition, mortgage bankers will assist borrowers in making contact with their hazard and flood insurance companies. Given the expected length of time it may take for those hardest hit by the hurricane to recover, mortgage bankers will re-evaluate their policies periodically to determine their appropriateness.
Most lenders have toll-free phone numbers for consumers to call. Here is a list of major mortgage servicers that are servicing loans in the affected areas:
Customer Service: 1-800-783-8900
Aurora Loan Services
Customer Service Department: 1-800-550-0508
Insurance Claims Center: 1-800-723-6578
Bank of America
Special Line for Customers Impacted by Hurricane Katrina: 1-800-831-5586
Chase Home Finance
Customer Service: 1-800-848-9136
Chevy Chase Bank, FSB
Customer Service: 800-933-9100
Colonial Savings, F.A.
Customer Service: 1-800-937-6002
Countrywide Home Loans
Customer Service: 1-800-669-6607
Customer Service: 1-800-723-3004
Customer Service: 1-800-669-9721
Financial Freedom Senior Funding Corporation
Customer Service: 1-800-441-4428
First Horizon National Corporation
Customer Relations: 1-800-364-7662
Insurance Processing Center/Loss Draft Dept: 1-866-497-0530
Customer Service: 1-800-781-7399.
Insurance Processing Center/Loss Draft Dept: 1-888-680-6808
Litton Loan Servicing LP
Customer Service: 1-800-247-9727
Midland Mortgage Co.
Current Loans: 1-800-654-4566
National City Mortgage Co.
Customer Service: 1-800-822-5626
Option One Mortgage
Customer Service: 1-800-648-9605
PHH Mortgage (formerly Cendant Mortgage)
Customer Service: 1-888-882-1855.
Customer Service: 1-800-634-7928
Special Line for Customers Impacted by Hurricane Katrina: 1-800-472-1254
Home Mortgages Customer Service: 1-866-926-8937
Wells Fargo Home Mortgage – 1-888-818-9147
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