Delinquency occurs when all or part of the borrower’s monthly installment of principal, interest, and where applicable, escrow is unpaid after the due date. Mortgage payments are due on the first of every month. Depending exact on the language in your mortgage note, you may get a 10 to 15 day grace period (where no late fee will be assessed). After the 15th of the month, if we have still not received your payment, you will be assessed a late fee.

It is important to note that if you continually pay your mortgage late, you may be reported to the credit agencies as a “slow-payer.” It is in your best interest to make every effort to pay on the first of every month to avoid damage to your credit, as well as avoid any additional legal or late fees that may be incurred.

A delinquency that remains unresolved as of the close of business of the last working day before the next due date is considered a delinquency of one payment or 30 days, regardless of the actual number of calendar days since the initial due date. A delinquency that has been unresolved for 30 days or more but less than 60 days by the end of the reporting month may be reported as a one-payment or 30-day delinquency.

Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.

Empire Mortgage purchases mortgages “servicing released.” Servicing released means that if Empire Mortgage has purchased your loan, your old servicer will transfer the servicing responsibilities to Empire Mortgage and we will become your new servicer.

As your new servicer, Empire Mortgage is responsible for collecting the monthly principal and interest payments. In conjunction with receiving your monthly loan payment, we become your new point of contact for all of your questions regarding your mortgage, as well as other issues such as pay-offs and reinstatements.

Please immediately contact a representative in our collections department to discuss your situation. We want to work with you to quickly remedy the situation.

If you are severely past due on your mortgage payment, we may have the right to foreclose on your property.

You may mail or fax property tax and property insurance information to Empire Mortgage.

Please send the information to the attention of the Escrow Department. Our contact information is as follows:

Empire Mortgage
Attn: Escrow Department
11350 McCormick Road
Executive Plaza III, Suite 502
Hunt Valley, Maryland 21031

Phone: 410 785-0022 / Toll Free: 800 785-6499 / Fax: 410-785-0037
www.empmtg.com

There are several reasons why your monthly payment amount may have changed. It could be due to the following:

– Adjustable Rate Mortgage – Your rate may have recently adjusted up or down, as stipulated in your loan agreement or note.

– Principal Prepayments – If you recently provided us with a principal prepayment, your new monthly payment may be based on a lower balance. The lower balance may result in a lower monthly payment.

– Escrow Analysis – A recent analysis of your escrow account may have resulted in lower or higher property taxes, or other related items.

Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change that you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.

The prior mortgage company or servicing agent servicing your loan will forward the payments to Empire Mortgage and you will receive proper credit to your account.