PHH Mortgage Services rounds out the top 10 residential mortgage servicers in the United States according Mortgage Servicing News. It both originates its own loans and works as a servicer of loans originated by other lenders.
Here is PHH’s contact information:
PHH Mortgage Services
1 Mortgage Way
Mount Laurel, NJ 08054
(866) 946-0081 phone
(856) 917-6659 fax
Unlike many other servicers, there is absolutely no information on thecompany’s website about what to do if you are having trouble with your payments or facing foreclosure with a PHH mortgage. Your best bet is to call the PHH Loss Mitigation Department at 1 (800) 750-2518. Be sure to collect all thedocumentation that you need prior to calling. Be prepared to explain yourhardship. Keep notes about whom you contact and when. Make sure that you use a calendar to remind yourself about when you should follow up.
There are a plethora of complaints about the company online, mostly about the delay involved in getting a response from PHH to a request for a mortgage modification. Because of this situation, it is imperative when dealing with PHH that you contact the company early if you have any prospect of falling behind on your mortgage. In the past 3 years the Better Business Company has received 112 complaints about PHH. Still, BBB rated PHH an A, not its best grade but very good.
Although most mortgage servicers offer a range of payment reduction options from lowering interest rates, to sometimes forgiving part of the principal, PHH seems to favor rewriting its existing mortgages into 40 year fixed home loans.
On several blog posts PHH customers warn that fellow homeowners should keep current with their existing mortgage payments until borrowers have a chance to review all the paperwork in the loan workout. Several borrowers claim that they never requested a rewrite to a 40 year mortgage, simply a payment reduction. Be sure to review and understand everything in the new loan agreements before signing. When it comes to a mortgage modification, you have one chance of making it work.
Remember if you have a conforming home loan, and meet all the other requirements for the Obama Affordability Plan you should suggest this option to your loss mitigation specialist at PHH.