I had the same problems in dealing with them. When I finally talked live to a real person, it seemed apparent that the person was servicing their loans from India or some other Eastern foreign country.
Sid, you nailed this perfectly! I spent 34 years in the business; my specialty was Loan Service, REO's and Investment Properties.
The present day lenders need to softly approach their delinquent borrowers to sell them on the idea of staying in their home until the market changes; markdowns are taken,etc., for the sake of security of the property.
However, most lenders are so "old school", they don't know how to be nice! All they see is a deadbeat borrower not making their payments.
What's the Problem with Real Estate Short Sales? [View article]
To help this crippling situation in the housing market, the Fed could relax its regulations pertaining to reserves for bad debt.
Everyone is a loser in the current situation - the relaxation of the reserves for bad debt would allow for more forebearance to be available from the lender to the homeowner.
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The present day lenders need to softly approach their delinquent borrowers to sell them on the idea of staying in their home until the market changes; markdowns are taken,etc., for the sake of security of the property.
However, most lenders are so "old school", they don't know how to be nice! All they see is a deadbeat borrower not making their payments.
Chuck Allen
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All of us citizens must become willing to go with the flow in conserving consumption and energy. (Turn off the lights when you leave the room, etc.)
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Now, let's see if someone can make it happen!
Chuck Allen
What's the Problem with Real Estate Short Sales? [View article]
Everyone is a loser in the current situation - the relaxation of the reserves for bad debt would allow for more forebearance to be available from the lender to the homeowner.
Chuck Allen
callen@mthigh.com