We Received Your Payments On Time but are Foreclosing Anyway!

I'm really seeing something wierd going on here:

• Mortgage Compaines blowing up. 
• Mortgage companies thriving. 

Clients are making the shift.  Big box lenders are so big that they're collapsing on top of their own clients. 

I'm dealing with a top three lender rignt now...

As an Attorney!

I've been contacted by the client.  The lender had been accepting the mortgage payments, cashing them in and, oh yes.....reporting to the credit bureaus that they hadn't made a payment for nine months and therefore the big box lender began the foreclosure process.

I've spent hours upon hours with the client getting disconnected repeatedly.  I'm an attorney looking to help my client, but many disconnections....we called again and again and the bank representative gave us their name and number.  Each time we'd call back and invariably each extension was invalid, or surprisingly enough, "Crystal doesn't work at this extension."....can you say....

 C'mon now!!!!

I call the president of our company and told him of the fiasco.  He found a high up contact in that top three fortune 500 mortgage company to investigate the my client's allegations.  What's such an paradox is that they're suing a client for foreclosure claiming that she's failed to make payments.  In the mean time she's provided all the statements and cancelled checks to prove that she's never been late with them.  As an attorney, I've told her that she has a cause of action against this mortgage company since they they're destroying her credit by reporting he not only as late, but also in foreclosure when the proof is contrary. 

But Now???  How about an Update!!!!!

The latest as of this week????  This big box today agreed....to an extent and said the following...

We acknowledge that you've made your payments and made the payments on time.  We just don't know where the money is within our company. 

Are You Friggin Kidding Me!!!!! That's one caring mortgage company. 

"We acknowledge that you've paid on time, but we're not ready to clear your credit or stop the mortgage foreclosure until we can figure out what we did with your money?" 

There's a Major Shift Gooing on with Consumers now!!!!

Mortgage Companies are shooting up the list of the top 100 even in a market when big box lenders are collapsing and more are poised to collapse, great companies are rising to the top.  Why?  Because consumers are begging for someone to care about them. 

It used to be that consumers wanted the lowest rate on the block.  Now they want a good rate, a really good rate, but for the biggest financial transaction of their lives, they'll trade a little rate to have qualified people investing in their families.  They want a relationship.  They don't want crappy service for a lower rate. 

There are a lot of great companies out there that offer great rates and exceptional service.  They might not be the lowest rate in town, but they're fair and they will create a relationship with the client that will inevitably end up with a client for life.  Big box????  Transactional, not relational.  I'm sorry, I'll take relational over transactional any day.  It may not be the cheapest rate in town, but to the client, it's a lot more cost effective.  And with the biggest investment in your life isn't it good to have a relationship as well as a point of contact?

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

  

               

An Illinois Residential Mortgage Licensee