 Articles tagged: Piggyback
<< previous page 1 next page>> written by Dale Rogers
Unlike previous down mortgage cycles, lenders are pulling out all the stops to blunt foreclosures. From the use of computer models focusing on customers that “might” fall down together with a lender commitment to slow down any borrower from falling into a non-performing loan. So if a borrower is say two days late from a normal payment pattern, customer service is on the phone to find out what is going on. Options may range from refinancing the loan with different payment terms or even consider a short sale (settling for less than what is owed) if the borrowers are selling. With many homeowners’ just packing up and leaving after not being able to sell many lenders are trying to perform an intervention before the borrowers panic and disappear. With a slow resale market lenders are not setting back and waiting for payments to get down three or four payments. << previous page 1 next page>> |
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