How Should I Inform Servicers When I Become a Successor in Interest?
Since servicers must maintain policies and procedures to ensure communication between them and any potential successor in interest, you could either submit an oral or written request for confirmation as a successor in interest.
- The first step is to notify the servicer of the situation that entitles you to become a successor in interest, such as notice of death or divorce of the original borrower, or a transfer of the property. The servicing company must send you a written acknowledgement of request within five business days from receipt of your request.
Informing the servicer about a situation that entitles you to become a successor in interest is your responsibility. Servicers are not required to conduct a search for potential successors in interest If they have not received actual notice of their existence.
Afterwards, the servicing company must determine which documents they will require from you to confirm your status as successor in interest, within thirty business days. This should include contact information in case you need further assistance.
Finally, upon receipt of such documents, the servicing company must determine whether you qualify as a confirmed successor in interest or if they need more documents to reach a final decision. There is no specific deadline for the servicing company to reach a decision, as they are required to do so "promptly". Depending on the nature of your request, most of the time servicers will reply within 30 to 45 days.
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