Hello. I’m Philadelphia Short Sale Realtor, Matt Fetick. Here’s a question for you. When is your bank not really your bank? It’s kind of a trick question, but it happens all of the time. We often refer to the mortgage servicer as our bank. For example, if you take out a mortgage on your home and write your monthly check to Bank of America, or Chase or Citi, they’re actually just the servicer. They collect your mortgage payments, manage your escrow and pay your taxes. In reality they are simply taking care of your mortgage for an investor. Currently, big organizations like Fannie Mae and Freddie Mac own most of the loans on the market.

These large companies use part of the interest that they charge you to pay banks to service their mortgage. In other words, they take their money and spend it. Often times you think that your mortgage company is with Wells Fargo, or Chase, or Bank of America. However, they are usually just the servicer.

If you are considering a Philadelphia short sale or you need to do a loan modification, the company you will work with is the servicer, but they are rarely the decision maker.

If you would like more information about a Philadelphia short sale, please give us a call. We look forward to talking with you soon.