Who is Del Toro Loan Servicing?
We are not your Lender. We are a licensed, bonded and insured company retained to oversee the collection and application of your loan payments. In some cases, we are also retained to mediate matters between Borrower and Lender.
What do I do if my loan is transferred to or from Del Toro?
Federal laws protect you in cases where your servicing has been transferred. During the 1st 90 days of the transfer, you are not considered late if your payment was received by either servicer within your grace period. If a loan is secured by California real property containing one-to-four residential units, California law requires the old and new servicing companies to deliver notice to the borrower when the servicing/collection function is transferred, even. This is required whether the transaction is subject to RESPA or not. The notice must be delivered before the borrower is obligated to redirect the payments. Transfer of the servicing/collection function to a trustee exercising a power of sale under a deed of trust does not constitute a transfer of loan servicing under this law.
Civil Code Section 2937
Note: Federal regulations have also been promulgated for notice of transfer of loan servicing and the notice is now a requirement of RESPA.
When are payments posted?
We post payments as received, throughout the day. Payments are credited the business day on which they are received. They are posted to your online account by 6p pst.
Can I setup Auto-Pay through Del Toro?
Yes. Del Toro utilizes a third party vendor to process auto-pay for Borrowers. By clicking the “Make a Payment” link on our homepage you can follow a few easy steps to setup a one time or recurring debit. Visit our “Forms” page for the Auto-Pay form
When is a payment considered late?
A due date and the terms of the late fee are specified in the Note. If there is a grace period, the late fee will take effect after midnight on the last day of the grace period. Payments must be RECEIVED by our office prior to this time to avoid a late fee. Mail delays or online payment issues are the responsibility of the Borrower.
How can I tell if you have received a payment?
As a Lender or Borrower, you can view account activity on our website (visit our homepage). The website is updated with all of the day’s activities by 6p pst.
Does Del Toro Report to Credit Bureaus?
This depends on your specific Lender. Please refer to your loan documents or Broker for verification.
How are Borrower’s payments applied?
Payments received will be applied in accordance with the terms of your mortgage note. In most cases, the mortgage note will require that funds, be first applied to any payments past due. Once the account is current, any additional funds will be applied to any outstanding fees, costs and advances, and accrued interest prior to being applied as a principal reduction.
Can a Borrower send in extra money?
This is known as a partial prepayment. The extra money may be applied assuming your loan is current and has the standard application requirements, (please check your Note, Mortgage and any applicable Riders for details) any amount over and above the regular payment amount will be applied first to any outstanding charges (late fees or interest) and then to principal. Also, if your Note has a prepayment fee, the extra monies sent could trigger that fee.
Does Del Toro escrow funds for Taxes and Insurance?
For an additional fee, we will. We do require the Borrower or Lender to provide us with the invoices to be paid NO LESS THAN 72 hours prior to their due date. After faxing or delivering the tax or insurance bill, please contact our office to verify the receipt and pending payment of the related invoice. We are not responsible for fees or penalties if we did not receive the necessary invoices and/or funds in time.
What is an Escrow/Impound Account?
A portion of your monthly loan payment goes into an account to pay for your insurance premiums and property taxes. This is called an Escrow Account, or in some states, an Impound Account. During the year, payments are disbursed out of this account as bills become due. Del Toro MUST receive your invoices at least 72 hours before they are due.
How can an impound account be cancelled?
We must receive written instructions from both Borrower and Lender.
If I am not able to make my payment on time, should I notify you?
Please do. The more communication we have regarding your situation, the easier it is to work with you. Please review the information available by clicking the “Financial Hardship” link on our homepage.
What happens if my check bounces?
You will be notified of check being returned by your bank and a fee will be assessed according to the terms in your Promissory Note. Certified funds must be delivered as soon as possible.
If I am delinquent and cannot make a payment in the foreseeable future, what steps can I take to avoid foreclosure?
Del Toro is in no way providing legal advice. Please view the link on our home page for important links to Government websites structured to assist you in times of financial hardship. There are several options that may be pursued as an alternative to foreclosure
Forbearance Plan
We may grant you additional time to catch up on past due payments under an agreement called a forbearance plan. These plans are normally limited to a period of three to six months. You may be required to submit current financial information to determine whether you are eligible for this option.
Modification
A loan modification changes the repayment terms reflected in the note. If you are unable to pay the total amount outstanding or your loan has matured, this may be an option. Your loan could be modified to extend the term, convert an adjustable rate mortgage to a fixed rate loan, amortize the monthly payment over a longer period or add the past due balance to the outstanding principal balance to bring the account current. You may be required to submit current financial information to determine whether you are eligible for this option.
Pre-foreclosure Sale
Sometimes the best resolution to a default is the sale of the property. You have the right to sell the property to someone else up until the foreclosure sale date. If the potential buyer's offer is not sufficient to pay off your loan, we may agree to accept less than the total amount due under certain conditions. This situation is called a "short sale." Contact us before accepting a contract on the property for less than the total amount currently outstanding on your account to determine whether this option is available to you.
Deed-in-Lieu of foreclosure
If you are unable to afford the current contractual payment and there are no other liens reflected on title to the property, we may allow you to deed the property back to us to avoid the time and expense of a foreclosure action. We are hopeful that we can help you work through your current financial difficulties but we need your cooperation to do so. Remember, time is of the essence. The sooner you contact us, the faster we can work together to get your account back on track.