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.
Helpful NJ Foreclosure and Loan Modification Resources
- Foreclosure Defense Overview
- New Jersey Foreclosure Timeline
- New Jersey Sheriff Sale FAQ
- New Jersey Sheriff Sale Timeline
- New Jersey Loan Modification Information
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.
