Transferring Your Mortgage: Navigating Away From Selene

Selene Finance is a mortgage servicer that offers online access to accounts, allowing customers to view mortgage details, payment options, and neighbourhood information. While it is common for mortgages to be sold from one servicer to another, some customers have reported negative experiences with Selene Finance, including issues with payment, insurance, and foreclosure. Selene Finance offers assistance to customers facing financial hardship, including loan modification options, short sales, and deed-in-lieu arrangements.

Selene Finance's borrower portal

Selene Finance offers a borrower portal that allows customers to manage their mortgages easily. Through the portal, customers can make payments, download documents, and receive account notifications. They can also access Selene's call center team, educational resources, and tools.

The borrower portal provides easy online access to accounts at any time and from anywhere. Customers can view their mortgage details, payment options, and up-to-date neighborhood information all in one place. Selene also offers various convenient payment methods to keep accounts current. Customers can refer to the portal for instructions on how to make payments.

Selene Finance understands that financial difficulties can arise and is committed to helping customers avoid financial hardship. They offer flexible options for those struggling financially and focus on finding solutions to assist with mortgage payments. Customers can contact Selene to review repayment and loan modification options. Selene is willing to work with customers to modify loan terms, such as reducing monthly payments, lowering interest rates, or extending the loan timeframe.

In addition to the borrower portal, Selene also provides other ways to connect and access account information. This includes information on loss mitigation and how to apply. Customers can also refer to the FAQ section on Selene's website for further details on various topics, including financial hardship options, short sales, deed-in-lieu, and assistance programs through the United States Department of Housing and Urban Development (HUD).

Selling your home

Preparation:

• Declutter and deep clean your home: Store, sell, donate, or toss/recycle items. This will help create a more appealing space for potential buyers.
• Consider a pre-sale home inspection: For a few hundred dollars, you can identify any major problems in advance and address them before buyers do their own inspections. This might speed up the selling process.
• Line up a dumpster rental if you have a lot of junk to throw away.
• Contact a qualified real estate agent: A good agent will guide you through the entire process and help with home prep, marketing, showings, and negotiations. Interview agents and select a professional who meets your expectations.

Listing and Marketing:

• Work with your agent to competitively price your home and create a listing.
• Stage your home: This may involve home improvements, repairs, or renovations to increase its value and appeal to buyers.
• Hire a professional photographer to take listing photos.

Offers and Closing:

• Review offers and negotiate with potential buyers.
• Once you accept an offer, prepare for closing by gathering all necessary documentation.
• If selling to a traditional buyer, expect an appraisal of your home. If it comes in under contract, you may need to provide evidence of comparable sales to challenge the appraised value.
• Clear your house title by confirming that the property is legally yours to sell and that there are no outstanding claims against it.
• If you have a mortgage, work with your lender or servicer to understand your responsibilities and options. For example, if your mortgage is with Selene Finance, they offer flexible options for customers facing financial hardship, including loan modification and short sales.

Deed-in-Lieu

If you're facing financial hardship, Selene Finance offers a range of options to help you avoid it. These include loan modification, short sales, and deed-in-lieu.

A deed-in-lieu of foreclosure is an arrangement where you voluntarily transfer ownership of your home to the lender to avoid the foreclosure process. This option may be suitable if you're trying to move out of your home and want to avoid foreclosure. It can have less of a negative impact on your credit score than foreclosure, and you'll have more time to arrange your move to a new residence.

To be considered a deed-in-lieu of foreclosure, the indebtedness must be secured by the real estate being transferred, and both parties must enter the transaction willingly and in good faith. The settlement agreement's total consideration must be at least equal to the fair market value of the property. However, lenders are not obligated to accept a deed-in-lieu agreement and may reject it due to depreciated home value, liens or tax judgments on the property, or poor home condition.

If you're considering a deed-in-lieu of foreclosure, you can ask your lender or servicer about help with relocation expenses through private programs sometimes called "cash-for-keys." Additionally, if you live in a state where you're responsible for any deficiency between the property's value and the amount owed, you can request that your lender waive this, which, if agreed to, should be obtained in writing.

Financial hardship

If you are facing financial hardship, Selene Finance offers several options to help you avoid foreclosure. Firstly, they provide flexible alternatives to accommodate your situation, such as reduced monthly payments, a lower interest rate, or an extended loan timeframe. They also offer a forbearance plan, allowing you to make reduced or no mortgage payments for a limited period while you improve your financial situation. During the forbearance period, you won't be charged late fees, but remember that you'll need to repay any missed or reduced payments in the future.

If you're experiencing financial hardship due to the COVID-19 pandemic, you may be eligible for additional relief. Under the CARES Act, borrowers with federally-backed mortgage loans impacted directly or indirectly by the pandemic can request a forbearance period of up to 180 days without additional fees or penalties. You can also explore the option of a short sale, where you sell your home for less than you owe on the mortgage with the lender's approval.

To initiate the process of seeking assistance, you must contact Selene Finance and provide relevant documentation. You can reach out to them by phone at 877-735-3637 or by mail at Selene Finance LP, P.O. Box 8619, Philadelphia, PA 19101-8619. Additionally, you can download and complete the appropriate borrower form, third-party authorization form, and ACH electronic payments form from their website. Once they receive your completed request, they will notify you, and a decision will be made within 30 days.

It is important to note that until a completed request is received, Selene Finance may not stop or place on hold any loan owner's remedies under the loan documents, including foreclosure actions. Therefore, it is recommended to contact them as soon as possible if you are facing financial difficulties.

Customer service

Selene Finance offers various ways to connect with its customer service team. The company's website provides a customer portal where customers can access their accounts online. To register for the customer portal, you will need your new Selene loan number.

If you need assistance with your account, you can contact Selene Finance's customer service team by phone at $(877) 735-3637$. Live agents are available to help with any issues or questions you may have. You can also reach out to the company by mail or fax at the following address and fax number:

Selene Finance LP

P.O. Box 8619

Philadelphia, PA 19101-8619

Additionally, Selene Finance provides a dedicated email address, [email protected], for customer inquiries. If you are facing financial difficulties and need support with your mortgage payments, Selene Finance offers flexible options and is committed to helping its customers. The company can work with you to modify your loan terms, such as reducing monthly payments or extending the loan timeframe.

For those who prefer to make payments through Auto Pay or Recurring Payments, Selene Finance offers the option to terminate these services online, in writing, or by contacting the Biller's customer service department. It is important to note that processing termination requests can take up to 30 days.

Frequently asked questions