Regrettably, I am many times involved these days helping people who are "upside down" in their mortgages, and generally not in a position to make the required payments to their Lenders. These are not subprime "scamsters"; these are families who have lost jobs, gotten sick, perhaps lost their way for a while. They are now in recovery. Financial and personal security are attainable goals. They need a place to live; their present homes seem like the best solution. They can make some payments, just not what is required under their Mortgage Note.
Our firm has developed expertise in getting through the red tape so the Lenders will speak to us. The Lenders have developed a type of "new-speak" that varies with Lender. The Universal part of the communications, however, are consistent. "Your clients are failures, and there is not really anything we can do for them to permit them to stay in their homes."
As I speak to these people, I wonder whether they have ever been down on their luck. I wonder whether they have three children who are flourishing in school, with no options if their families are forced to vacate their family homes. I wonder if they ever go to Church or Synagogue. Do they even know what the word "empathy" is?
I have written before about the financial folly of taking a default situation through foreclosure for the Lender. Tack on legal fees, fees to secure the property, and the fees of the REO Realtor. Add on "delay" and you wonder who is keeping the books for the Lenders. I have people ready to resume some kind of regular mortgage payments, right now, and the Lenders are turning me away.
Somebody needs to start listening to what's happening in the other end of the telephone. Someone, needs to assess the family heart-aches needlessly caused by the disruption of foreclosure. My problem is "I have not been able to find that SOMEBODY", and I have looked very hard.
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