Traditionally, mortgage lenders have little patience for borrowers in trouble. In fact, you can take a look here, and see how specific states deal with borrowers facing foreclosure. However, in light of the sheer turn facing the mortgage industry (with one of the largest lenders even filing for bankruptcy), some lenders are trying to find a way to hold on to customers.
This year, in October an expected peak of 50 billion dollars in Adjustable Rate Mortgage loans are due. This could lead to an increase in foreclosures for the last quarter of the year, which lenders have anticipated and are working to try to prevent by beefing up their mitigation (or solutions) staff, and offering more concessions to borrowers. This effort to prevent the inevitable increase was matched with an outreach to national non-profits who work with borrowers. These agencies have teamed up with big banks like Countrywide and Citibank to make offers to help borrowers who were already risky.
Note that most borrowers who foreclosure have never made contact with their lenders, and allowed the foreclosure to go forward without any kind of negotiations, or plea for help. Be advised that lenders are on stand by waiting to help you turn your situation around. In a truly forward gesture, some lenders are even offering employment counseling or specialist to help borrowers find new or better employment! That, is indeed good news.
Comment Preview