At the law office of Ira J. Metrick, we have defended borrowers against foreclosures from many different mortgage servicing companies, including Fay Servicing.
About Fay Servicing
Fay Servicing is a specialty mortgage servicer founded in 2008. They provide solutions to current and past due mortgages. Their headquarters are located in Chicago, Illinois.
Fay Servicing Foreclosure Practices
In 2017, the Consumer Financial Protection Bureau (CFPB) fined Fay Servicing more than $1 million for illegal foreclosure practices. The CFPB investigation discovered that Fay Servicing was keeping borrowers in the dark about their options to prevent foreclosure on their homes. They were also found to be engaging in dual tracking, which is the illegal practice of moving forward with the foreclosure process while the borrower is actively seeking help to save their homes.
As a result of this, the CFPB is requiring that Fay Servicing contact affected consumers and offer them the chance to avoid foreclosure, if possible. This can sometimes include granting principal reduction loan modifications to eligible borrowers. They are not allowed to pursue foreclosure during this process. If your loan is owned by Fay Servicing, we can examine your case and help you assess your options.
How Long is the Pre-Foreclosure Process?
The pre-foreclosure timeline varies from weeks to months, but it can be dependent on the lender and the actions of the borrower. If you are in Pre-Foreclosure, a foreclosure defense attorney can help you explore your options to protect your home. Call today for a free legal consultation to develop a strategy for keeping your home.
Can Lenders Foreclose if the Homeowner Dies?
If a homeowner dies while a foreclosure is already underway, lenders do not always notify the surviving heirs before moving forward. In some cases, the foreclosure continues quietly, and the property is scheduled for a Sheriff Sale without the family realizing what is happening. This often leaves heirs discovering the problem at the last minute, with very little time to step in and protect the property. The Law Office of Ira J. Metrick, Esq., can help heirs fight foreclosure or, in the case that a foreclosure has already occurred, help them claim any surplus funds they may be owed.
Helpful NJ Foreclosure and Loan Modification Resources
- Foreclosure Defense Overview
- New Jersey Foreclosure Timeline
- New Jersey Sheriff Sale Overview
- New Jersey Sheriff Sale Timeline
- New Jersey Loan Modification Information
- New Jersey Loan Modification Timeline
Contact Ira J. Metrick Today
If your mortgage is serviced by Fay Servicing and your home is facing foreclosure, contact us today. We can discuss your situation and help you determine if you are eligible for a loan modification. We also offer aggressive representation to assist in the loan modification process.
We can also ensure that the lender has followed all proper foreclosure procedures and has not violated your rights as a borrower. These violations can include, but are not limited to:
- Pursuing a foreclosure or sheriff sale while your loan modification application is still being reviewed (also known as Dual Tracking).
- Refusing to honor or review your loan modification.
- Not responding to your loan modification application within 30 days.
- Refusing to accept your mortgage payment or mortgage reinstatement.
- Declaring you in default and threatening foreclosure even though you are up to date on your payments.
If any of these or other situations have happened to you, contact the law office of Ira J. Metrick today to discuss your options.