The following reflects answers to common mortgage loan servicing questions and is intended to provide you with quality customer service. If you do not see the answer to your question here, you may always contact us at:

Toll Free 1-877-482-1051

Hours 8:30am to 4:30pm (EST)

All correspondence should be sent to:

Bogman, Inc

12301 Old Columbia Pike, Suite 200

Silver Spring, MD 20904

Click on the appropriate subject:

1. Mailing Address – How do I change or correct my mailing address?

If the address Bogman currently uses to mail information to you is incorrect or has been changed, you must submit a notice in writing to our Customer Service Department. This is to ensure accuracy, as well as to protect your account from fraudulent interference. NOTE: If your loan is part of a State lending program, it may be a requirement of your mortgage contract that you live in the mortgaged property. You must seek State approval to rent your property or leave it vacant for a period of time. Exceptions to the owner occupancy rules are granted on an individual basis, depending on the circumstances. You may contact our Customer Service Department and they can give you information on how to contact your State agency for more information.

2. Property Address – How do I change or correct my property address?

Bogman does not change the property address on any loan in our service unless we have written documentation from a taxing authority, township or county official. If a property address has been changed by such an entity, simply send a copy of the official document, with the mortgage loan number written on the front page, to our Customer Service department. If a typographical error appears, simply contact our Customer Service department and they will research and correct the mistake.

3. Name Changes – How do I change how my name appears on my mortgage loan record?

If your legal name has changed due to marriage, divorce or by some other legally acceptable format, simply send a copy of the legal document (marriage certificate or court document) to the attention of the Customer Service department, with your mortgage loan number written on the front of the document.

4. Name Additions – How do I add a person to my mortgage account?

If you are adding a person to the responsibility of the loan, you must submit this request in writing, indicating the person’s legal name, social security number and relationship to you. By adding this person, you are authorizing Bogman to discuss all loan information with this individual. You can temporarily give Bogman the authorization to discuss your mortgage loan account with a family member, attorney or other trusted party, but all such authorizations must be made in writing. This is meant to protect your privacy.

5. Name Deletions – How do I delete a person from the mortgage loan account?

Once a person has been approved and granted a mortgage loan, the only way to be released from the obligation to repay this debt, is to payoff the loan either by sale of the property or mortgage refinance. In rare instances, a divorce court may order that a person be removed from the obligation. But in most instances, even if only one person is given the privilege to remain in the property the other person is still obligated for the repayment of the debt, if the person remaining in the property defaults on payments. We may remove the name of the person no longer living in the property for mailing purposes, but will still contact them should the property become delinquent and they must know that their credit can be affected in the event of foreclosure. You should seek proper legal counsel to protect yourself, as it relates to shared debt. NOTE: You can not sell your property without either paying off this mortgage loan or without prior written approval from Bogman, or the loan’s issuer. It is considered a violation of the mortgage terms, if you allow someone else to assume the payments of your mortgage loan or to transfer the mortgaged property to someone without prior approval. Doing so could result in legal action, including, but not limited to, the foreclosure of the property.

6. Phone Numbers – Why does my mortgage company need my phone number and how do I correct or add my phone contact information to the mortgage loan record?

Having all your phone numbers on file can expedite problem resolutions (like missing payments, lost or returned mail, etc.). Bogman does not telephone solicit nor do we share this information with any other entity. The only reason we would contact you is to resolve a potential problem with your mortgage loan. Please ensure that we have all appropriate contact numbers for you, and update us when they change. If you advise us that you are not allowed to receive personal phone calls at work, we will so note the account. Therefore, having a cell phone number is especially advantageous to ensure we can contact you the moment we detect a problem. You can call our Customer Service department anytime you need to update your telephone contact numbers.

7. Social Security Numbers – Why does my mortgage company need my social security number?

1. How can I get copies of key mortgage documents?

1. How can I get more monthly payment coupons?

Monthly coupons are sent once each year, when your escrow account is analyzed for accuracy. You can expect new coupons within three weeks after you use your last coupon, to mail you on time monthly payment. If you do not receive your coupons on time, or you have lost your coupons, you may contact the Customer Service department and request a new supply. We provide one additional set of coupons each year, free of charge. Any additional requests for coupons, within an analysis year, are subject to a $5.00 fee. If you do not receive the new coupons in time to send in your monthly payment, simply write your mortgage loan number in the memo section of your check and send to: Bogman, Inc. ATTN: Cashiering, 12301 Old Columbia Pike, Suite 200, Silver Spring, MD 20904.

 

2. How do I make my payment if I don’t have any more coupons?

1. What is an escrow account?

An escrow account is a separate bank account that holds monthly funds that you send as part of your monthly mortgage payment that are held to pay real estate taxes, homeowner’s insurance and other important items (if required by your mortgage contract), such as ground rent or homeowners dues. When you make your payment each month, part of that payment is used to reduce the amount that you borrowed to purchase your home, along with interest; and part is set aside in an escrow account to accumulate until your property tax bill, or homeowner’s insurance, or etc. needs to be paid. Bogman then draws the necessary funds from that escrow account and pays the bill for you. You benefit, in that you pay a little each month, instead of being faced with a large bill one or more times a year.

 

2. What is an Escrow Analysis?

Once each year (sometimes more often, under special circumstances), Bogman will analyze your escrow account to see if we are collecting enough money each month to pay your escrow bills when due. Each year we adjust the escrow portion of your monthly payment to reflect the most recent information we have from your insurance company and tax collector. NOTE: If during the year, we find that you did not have enough money to pay a bill when due, Bogman will advance the money on your behalf, to ensure that the bill is paid on time. It is during this escrow analysis that we adjust your payment to include a little extra each month to pay us back what we advanced. In effect, we give you an interest free loan, you just need to pay us back over the next twelve months. If you can prove a special hardship (for example a devastating illness or disability, etc.), we may consider spreading the repayment over 24 months. Contact our Customer Service department if you think your situation deserves consideration.

3. Why does my payment change from year to year?

If you have a fixed rate mortgage (see your mortgage Note for details on how interest is calculated), the only part of your mortgage payment that changes is the escrow portion. When your escrow portion changes, it is due to a change in your property taxes, homeowner’s insurance or with some other escrow item. If your monthly mortgage payment has experienced an unusually large increase here are some possible ways you can reduce the amount your payment has increased:

1. Look at your homeowner’s insurance amount. If there has been a large increase from previous annual premiums, shop other insurers for less expensive coverage (look under the INSURANCE section for more information).
2. Check your real estate tax bill and determine if the taxable value of your home is within reasonable limits for your area. A call to your local tax assessment office can usually clear up any potential errors and/or give you information on how to appeal your assessed value.
3. If the tax and insurance bills are appropriate, then the increase was most likely due to a large shortage in your escrow account. You can reduce your monthly mortgage payment by making a lump sum payment to reduce the escrow account shortage and we will reanalyze your account and reset your monthly mortgage payment. You must request the reanalysis when you make the lump sum payment. Continue to make the mortgage payment as stated until we notify you of a new amount, and send you new coupons.

4. What is an escrow shortage?

An escrow shortage is when your account is analyzed and it is found that we do not have enough money in your escrow account to pay all of the bills that come due. An escrow shortage happens quite often, usually because property taxes tend to increase every year. But large shortages can also be caused by:

1. miscalculations of projected taxes and insurance at closing;
2. major changes in homeowner’s insurance coverage (like adding jewelry or other expensive items to your insurance coverage); or allowing your insurance to be canceled for a variety of reasons, forcing Bogman to find special, more expensive coverage for your home;
3. home improvements like additions, or a major remodel that increase your home’s taxable value.

Some reasons for a large shortage can be corrected by shopping for less expensive homeowner’s insurance, or by appealing your tax assessment with your local taxing authority; but most are unavoidable. You can reduce the shortage’s impact on your monthly payment by making a lump sum payment towards the shortage and then requesting that a new escrow analysis be performed. Send your check, clearly marked for the escrow shortage and with your loan number, along with a request for a reanalysis to our Customer Service Department. Bogman performs one additional reanalysis per year, free of charge. We reserve the right to charge a fee if you request multiple reanalysis within a twelve month time frame.

5. What is an escrow surplus?

A surplus in the escrow account occurs when the account is analyzed and it is determined that there is more than enough money in the account to pay the tax and insurance bills, etc. that were due, with money left over.

1. If mortgage account is current and the amount of the escrow surplus is $50.00 or more, a check for the surplus amount will be mailed to you within 30 days of the escrow analysis statement.
2. When we project that your account has an escrow surplus we base the calculation on the assumption that your loan is current, therefore if your loan is delinquent (with past due payments) the surplus reflected in the analysis is not actually available, until you bring the loan current. Once the loan is current, you can call the customer service department and request the escrow surplus, and provided that there were no new escrow bills paid, you will receive the surplus check within about 30 days.

1. Why do I need Homeowner’s Insurance?

Homeowner’s insurance protects your belongings as well as your home in the event of fire or other catastrophic event. Since you borrowed money to purchase your home, Bogman wants to be sure that if something terrible happens to the home, that it can be repaired or rebuilt. This protects the value of your home and also the terms of your mortgage. Legally, a mortgagee has the right to demand repayment of a loan, even if the property has been severely damaged and is unlivable. Insurance protects you from financial hardships. NOTE: Standard Homeowner’s Insurance does not protect against flood damage. See the section on Flood Insurance for more information.

2. What is ‘force placed’ insurance?

Force placed insurance is a policy that Bogman purchases on your behalf – only when we are notified that the Homeowner’s Insurance policy you purchased has been cancelled for a reason other then lack of payment. There can be many reasons for cancellation so you should always contact your insurance agent if you receive such a notice and resolve the matter quickly. Force placed insurance only covers us (the holder of the mortgage) and does not include coverage for your belongings or any valuables that you may have in the property. Plus this type of insurance is very expensive. We pay this policy from your escrow account. Bogman will always attempt to contact you and instruct you to pursue a direct purchase of proper homeowner’s insurance before we will force place coverage. So to avoid the additional expense and risk of personal property loss, you should immediately try to resolve any insurance cancellation issues.

3. I have decided to purchase new homeowner’s insurance, what do I need to do?

Contact our Insurance Department at 877-482-1051 for more information. We have standards that must be met that protect you from fraudulent policies and substandard coverage. Once you find a new company that meets these standards you must notify the Insurance Department by giving them the company name, agent name, the policy number and premium amount. We will update your records and ensure that the proper policy is paid on time. Also, it is very important that you cancel your old policy. For privacy protection reasons, Bogman can not cancel this policy for you.

4. I have received a bill from my insurance company, what do I do with it?

Write your mortgage loan number on the bill and send it to:

Bogman, Inc.

Insurance Department

PO Box 4377

Silver Spring, MD 20914-4377

 

5. I had to place a claim on my homeowner’s policy, but the check has come with Bogman’s name on it. What do I do?

1. Why do I need Flood Insurance?

Not everyone needs flood insurance. The federal government has created maps of the nation area and they indicate which areas lie low enough that there is a possibility of flooding. If your property falls into one of these low lying areas, you must purchase flood insurance. You would be advised before you purchased your home that this is required. Periodically the maps are updated and it is possible that flood lines can move. Bogman monitors these maps and would notify you if a map changed and your property would now require flood insurance. You would have 30 days to purchase the appropriate insurance and if you fail to do so, we will purchase it on your behalf (usually at a premium rate that is much higher than you would be able to purchase directly). We would charge your escrow account and increase your payment accordingly. Our actions are meant to protect you from severe financial ruin, in the event of a serious flooding in your area. Contract law allows the mortgage holder to continue to demand repayment of the mortgage loan, even if the house has been destroyed or seriously damaged by flood.

2. I have just purchased new flood insurance, where do I send my policy information?

1. FHA – How can I drop my mortgage insurance from the escrow portion of my payment?

If your loan is insured by the Federal Housing Administration (a division of HUD – Housing and Urban Development) the insurance can not be dropped. However, in most instances the insurance is automatically dropped when your loan reaches a certain age. The exact age is determined by several factors and should have been disclosed to you when you took out the loan. If you are not sure if your loan is insured by FHA or by a conventional mortgage insurer, you may send a letter requesting that we drop the coverage to the Customer Service department at our main address, and we will research the matter and advise you.

2. Conventional – How can I drop my mortgage insurance from the escrow portion of my payment?

1. I can not make my monthly payment on time, what should I do?

If you are unable to make your mortgage payment on time, you need to contact the Collection Department as soon as possible, at 1-877-482-1051. Staying in contact with your Loan Counselor when you experience financial difficulties will expedite delinquency resolution. The Loan Counselors have a variety of ways to help you catch up and they vary by the reason you are experiencing the financial hardship, how long you think this hardship will continue and how delinquent the loan is when you contact them. The sooner you reach out the more options we have.

2. What types of things does my Loan Counselor need to know when I contact them?

First, we need to know the reason you can not make your payment. Knowing whether the reason is a short-term set back (like experiencing extra expenses, such as a furnace or car repair), or a more long term hardship (like a job loss, divorce or major illness) will determine the type of assistance we can offer. Secondly, if you believe that you can catch up your mortgage payment within 15 days of the late charge date – advising your loan counselor of the date you expect to have the funds, will satisfy our records and we will not attempt to contact you until that date (only if funds are not received).

3. I am not sure when I bring my loan current, what help can Bogman offer?

Once again, depending on your situation Bogman can offer the following:

1. If you are just struggling to maintain a budget, so that you have the funds you need when you need them, or you feel that you just have more bills than you can handle, Bogman has a list of non-profit housing counseling agencies approved by the Department of Housing and Urban Development. We can give you some contact information for an agency near you, and they can help you in this area.
2. If you have had a financial setback that has left your mortgage several months behind, Bogman has a comprehensive financial evaluation process that determines whether we can resolve the delinquency by either placing you on a repayment plan, arranging a loan modification (a legal process that places all or a portion of the delinquency at the end of your mortgage term), or by arranging a partial claim on your FHA insurance. Which option is best for you depends on how much income you have left after your expenses are paid, how much you owe in late payments, how new or old your loan is, and what type of mortgage insurance you have (if any). Bogman will send you a financial information questionnaire, which you will need to complete and return along with verification documentation, like copies of pay stubs, income tax returns and bank statements. We take all of this information and try to come up with the best option, based on what you can afford.
3. My financial situation is so difficult, I don’t think I can afford the home any longer. What should I do? It is important that you complete the financial information questionnaire that Bogman will send to you. There maybe a chance that we can help you stay in your home, by analyzing your situation and seeing if we have an assistance option that would work for you. However, some situations are just not viable. It is always best if you can sell your home before a foreclosure action has to be taken. Bogman can work with you, based on your financial situation, to give you time to market the home, with an approved licensed realtor, at a fair market value (this will have a better effect on your overall credit rating). If however, the home is worth less than the amount to fully payoff the mortgage, Bogman can work with you to either accept an amount that is less than the total amount due (called a short payoff or pre-foreclosure sale) or accept a Deed in Lieu of foreclosure. The last option is only available when no one offers to buy the home, and it has been on the market for at least 3 months at a fair market value price. The Deed in Lieu is a legal document that transfers the property to the mortgage holder, and you would be required to vacate the property immediately. This option does hurt your credit rating, but not as badly as a foreclosure action.

4. How do I avoid foreclosure?

1. I just found out that I need to send my payments to Bogman, why?

Even though you did not get your loan from Bogman, Inc. it is our responsibility to handle the "servicing" of your loan, based on an agreement with several state and local housing authorities. Servicing a loan simply means that we collect your mortgage payments, make sure that any taxes and insurances that are escrowed as part of your mortgage payment, are paid to the right parties on time, and are available to assist you in making your homeownership a satisfying and successful experience.

2. I liked my former mortgage company, can I be transferred back to them?

The answer is no. In most cases, your loan was given as part of a state or local government housing initiative. Because of the uniqueness of these loans, the housing authorities have found that it better serves you, to have their loans lumped together with only one or one of only a few mortgage servicers. This ensures that the special features of these loan types are carefully administered. Bogman prides itself as a company that takes special care of the first time homebuyer and people who work on tight budgets.

3. I mailed my mortgage payment to the prior mortgage company, what should I do?

The prior mortgage company should forward the payment to Bogman within one to two week of their receipt. However, if you receive late notices from us or notice on our online history that your account appears to be late, please contact the Collection Department immediately (1-877-482-1051). Either the payment has been lost or it may have been mislabeled and misapplied. Please have the amount of the payment and check or money order number available so that we may research the matter. Also it would be helpful if you would check your bank to see if the payment has been cashed. If it has, please obtain a copy of the front and back of the check. This will help to research where the payment was applied.

4. I believe that my payments have all been made on time, yet it appears that the prior company has not forwarded my payment to Bogman, will the affect my credit rating?

Absolutely not. Bogman withholds all credit reporting on newly transferred loans for 60 days. We also do not assess late fees for any payments that may have been delayed in the transfer process during this 60 day period. However, if we have contacted you about missing payments and you fail to contact us during this 60 day period, we will be reporting on your credit after this period. It is very important that you take serious every communication from us regarding your payments, even if you think your loan is current.

5. Do any of the terms of my mortgage change now that it is at Bogman?

1. What are the different options I have for making my payment?

NOTE: The following options are available based on the assumption that you mortgage payments are being made on time (within the month they are due). If you are behind on your payment (30 or more days late), you must contact the Collection department at 1-877-482-1051 to make arrangements.

1. Automatic Clearing House (ACH) – In this option, Bogman will automatically withdraw funds directly from your bank account on the same day each month. You choose the day of the month, which you believe adequate funds will be available and Bogman will set up the system to always draft on that date. We will continue to draft until you advise us in writing that you wish us to stop. Contact our Customer Service Department at 1-877-482-1051 for an application form. The fee we charge for this service depends on the date you want your account drafted, and are as follows:

Drawn on 1^st or 2^nd day of the month FREE

Drawn on 2^nd Thursday of the month $6.50*

Drawn on the 15^th of the month $9.50*

2. Check by Phone – In this option, you can call Bogman’s Customer Service Department at any time (during normal business hours) to request that we draw funds from your bank account to make your mortgage payment. To set up a check by phone account, you must send a blank, voided check from the account you want us to draw from. Name on the bank account must match at least one of the names on our records. There is a $10.00* fee each time you use the check by phone option. This fee is added to your monthly payment amount and the total is what will be deducted from your checking account.
3. Mail Payment – Bogman provides 12 monthly coupons and mailing labels for each loan every year. You can mail your payment to our Payment Processing center at: Bogman, Inc., PO Box 17231, Baltimore, MD 21297-1231. If you have run out of coupons, look to the COUPONS section of these Frequently Asked Questions.
4. Internet Payment – You may also pay your mortgage account online at our website www.bogmaninc.com.  There is a $6.00* fee for each online payment transaction.

1. I want to payoff my loan. How do I know the correct amount needed?

You must write in requesting a payoff statement. Please include the date you expect to payoff the loan. We will calculate interest to that date and send the statement either to yourself or to another party you designate, within 24 hours of our receipt of your request. You can fax your request to 301-622-0058. Please note the reason that we require you to send the request in writing is to protect your privacy. A payoff statement includes information regarding the amount you owe as well as if your loan is current or delinquent. This is considered credit information and is protected under privacy laws. If a title company or your realtor wants to request the payoff for you, you still must sign a release that authorizes us to send it to them.

2. Can I use the principal balance amount that appears on my online history as a payoff amount?

No. Interest is charged and paid in "arrears". This means that when you pay your January 1^st payment you are paying the interest on the principal only until December 31^st. If you decide to payoff your loan on January 18^th, you would still owe interest from January 1 to the 18th. In addition, Bogman is continually paying escrow bills (real estate taxes and various insurances) up to the date you actually payoff. Sometimes there is not enough money in your escrow account to pay these items. Bogman advances the money on your behalf, but these funds need to be repaid before your loan is considered paidoff. When we prepare your payoff statement we look at all these items and calculate the correct amount due, as of the date you advise. We also recommend that you contact us the day before you actually payoff to ensure that there were no changes in the escrow account from the date the statement was prepared to the actual date of payoff.

3. I have money left in my escrow account after I paid off the loan. What happens to the money?

• From you when you complete an application or other forms. This could include information such as name, address, social security number, telephone numbers, assets, income and debts.
• From your transactions with us.
• From a consumer-reporting agency for information such as your credit history.

• Record keeping
• Preparation of statements
• Distribution of materials
• Computer related services
• Property preservation, appraisal service providers and Title service providers.

1. I received a copy of my real estate tax bill, what do I do?

Sometimes, you as the homeowner receive a tax bill that clearly states in large print "For Advice Only". If this is the case, you can simple keep this bill for your records. But if the real estate tax bill you received does not have that or similar language, the safest approach would be to write your loan number on the bill and mail it to: Bogman, Inc. 12301 Old Columbia Pike, Suite 200, Silver Spring, MD 20904 ATTN: Tax Department.

2. I live in Maryland, where I have the option to pay my tax bill semi-annually or annually, if I want to change how Bogman currently pays my bill, what can I do?

1. I need a verification of mortgage, how can I obtain one?