Team:
Effective now, EVERY SINGLE ACCELERATED ACCOUNT (STOP DESCRIPTION 315, 320 & 325) will NOT BE ELEGIBLE FOR AN RPP program, the only assistance we will be able to provide on these accounts are as follows:
a) CUSTOMER PAYING TOTAL AMOUNT PAST DUE: The customer need to understand at this point an NOD (Notice of default $75.00) and NOA (Notice of Acceleration $600.00) has been mailed out and the customer never cured the delinquency, we cannot take 1 or 2 payments, due to this legal notices their obligation is to pay the full amount owed. If the customer insist in making a payment, WE CAN OFFER this 2 options:
b) LOAN MODIFICATION: Once you have the customer on the phone and you offered the LM, contact via skype either Kim or Maria Arias, …show more content…
Follow the instructions for payoff generation.
Beside the CODE you will be able to ID an ACCELERATED ACCOUNT when you find this on the notes:
*Account ACCELERATED - NOA Sent 11/13/2015 (read options as some changes have been made!)
- An “Acceleration is “cured” only when the loan is PAID OFF. We are willing to CANCEL an acceleration if the customer:
• Pays the total due (Liquidate bucket) • Brings the payments current (rescue bucket)
• Pays ‘something’ and gives us addition contact, maybe signs up for ACH … (low rescue bucket)
Canceling an acceleration requires a reinstatement, We will no longer cancel accelerations upon the payment of the funds.
They will enter a PROBATION PERIOD: • Liquidate loans probation period is SIX months and we must receive SIX full payments during that time. • Rescue loans probation period is FOUR months and we must receive THREE full payments during that time (but communication to the borrower must not include the fact that they can miss a payment during that period). - MODIFICATION & REFINANCE ARE STILL AN OPTION
Effective now, EVERY SINGLE ACCELERATED ACCOUNT (STOP DESCRIPTION 315, 320 & 325) will NOT BE ELEGIBLE FOR AN RPP program, the only assistance we will be able to provide on these accounts are as follows:
a) CUSTOMER PAYING TOTAL AMOUNT PAST DUE: The customer need to understand at this point an NOD (Notice of default $75.00) and NOA (Notice of Acceleration $600.00) has been mailed out and the customer never cured the delinquency, we cannot take 1 or 2 payments, due to this legal notices their obligation is to pay the full amount owed. If the customer insist in making a payment, WE CAN OFFER this 2 options:
b) LOAN MODIFICATION: Once you have the customer on the phone and you offered the LM, contact via skype either Kim or Maria Arias, …show more content…
Follow the instructions for payoff generation.
Beside the CODE you will be able to ID an ACCELERATED ACCOUNT when you find this on the notes:
*Account ACCELERATED - NOA Sent 11/13/2015 (read options as some changes have been made!)
- An “Acceleration is “cured” only when the loan is PAID OFF. We are willing to CANCEL an acceleration if the customer:
• Pays the total due (Liquidate bucket) • Brings the payments current (rescue bucket)
• Pays ‘something’ and gives us addition contact, maybe signs up for ACH … (low rescue bucket)
Canceling an acceleration requires a reinstatement, We will no longer cancel accelerations upon the payment of the funds.
They will enter a PROBATION PERIOD: • Liquidate loans probation period is SIX months and we must receive SIX full payments during that time. • Rescue loans probation period is FOUR months and we must receive THREE full payments during that time (but communication to the borrower must not include the fact that they can miss a payment during that period). - MODIFICATION & REFINANCE ARE STILL AN OPTION