Loan modifications that could make a difference to Castaic homeowners.
Bank of America announced last week that it would begin cutting loan balances for distressed mortgage borrowers, it marked a sea change in the way lenders deal with seriously delinquent loans.
Until now, big lenders and servicers, have only given principal reductions to a very small number of borrowers.
But know there is a new kind of mortgage servicer, a specialty servicer, that is seeing success in avoiding foreclosures. They handle the worst-of-the-worst, loans at least 90 days late, and they commonly offer principal reductions.
Of course, few mortgages end up in the hands of these servicers, and whether yours lands with one is really just the luck of the draw. But more loans are going 90 days late, and so business is booming.
What are servicers?
Unlike the person who owns your mortgage, either the bank (rarely) or a group of investors (more common), mortgage servicers are the companies that handle the day-to-day administration of mortgages. They collect payments, maintain escrow accounts and confront borrowers about late payments. They also initiate the foreclosure process when borrowers default.
Most servicer operations were set up in better times, when nearly everyone paid their loans regularly. But when the foreclosure crisis hit, they had to scramble to keep up with the added workload of managing non-performing loans.
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