Company Response
11/9/2021
Fay reflects that we received the above-referenced letters of authorization on August 12, 2021, August 25, 2021, and August 26, 2021. The letters received on August 12, 2021 and August 25, 2021 were not accepted as they were missing required information to process the authorization. The most recent letter dated August 26, 2021 was accepted and Fay updated the above-referenced loan to reflect that we are able to speak with customer as of September 1, 2021.
Please note Fay received the insurance on August 11, 2021 via fax for the policy with Auto-Owners Insurance Company, Policy number 4917578203, which expires on August 12, 2022.
Fay reflects that the borrowers applied for loss mitigation assitance and were approved for a repayment plan. A loan modification was not offered due to the income provided in that application, which indicated that the borrower could afford a repayment plan. If the borrower believes there has been a change in their circumstances, for example, a reduction in income, they may reapply for loss mitigation assistance. (Repayment terms provided to BCA for review).
Fay reflects that the above-referenced loan was assessed attorney's fees by the prior servicer due to the bankruptcy filing by customer. (Copy of order for relief evidencing these fees provided to BCA for review). Further, as the account is currently past due, property inspections are required by the investor and have also been assessed to the loan. The fees are recoverable per the loan documents. (Coppy of corporate advance history also provided to BCA).
Please be advsied Fay has not referred your loan to foreclosure counsel as you are in an active repayment plan. We have received $2,188.32 toward the required $2,765.55 repayment plan payment as of the date of this letter (10/21/21). If the remaining funds are not remitted by the last business day in October, the repayment will be considered broken and this offer of assistance will revoked.
Further, please note due to the bankruptcy status, online payments are not available to the borrowers and that option has been revoked per policy. The borrowers will need to contact Fay via phone or via mail in order to make payments going forward. Lastly, our records reflect we have spoken to the borrower's directly multiple times since the authorization was instituted as noted above on Sept 1, 2021.
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