What is the role of the mortgage servicer in a foreclosure?

In Oklahoma, the role of the mortgage servicer in a foreclosure is to act as a liaison between a homeowner and their lender. They are responsible for managing the loan and payments to the lender, and they follow the guidelines in the foreclosure process. The mortgage servicer must take all reasonable steps and proceed in good faith throughout the foreclosure proceedings. Initially, the servicer will contact the homeowner and work to arrange a repayment plan. This plan may include loan modification, a forbearance agreement, or other options for the homeowner. The servicer will then keep track of the homeowner’s payments and provide them with regular updates about their loan. If the homeowner is unable to repay the loan, then the servicer will begin the foreclosure process, which includes filing the appropriate paperwork and seeking legal advice from the lender. Throughout the foreclosure process, the mortgage servicer will act as a mediator between the homeowner and the lender. They will serve as liaison for the lender by providing updates and guidance on the foreclosure process. The mortgage servicer will also work to find a resolution, such as allowing the homeowner to sell the property, that is in the best interest of both the homeowner and lender. It is the mortgage servicer’s responsibility to ensure the foreclosure process is followed correctly.

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What is the role of the mortgage servicer in a foreclosure?

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