Realistic
Salt Lake City,#2Consumer Comment
Sun, January 25, 2009
A servicing Company does in fact have to report back to their investors. The possibilities open up when the investor lightens up on its guidelines. A loan modification is key for a situation being this delinquent on your mortgage, however there were MANY preventive measures you could have taken to prevent this situation! In addition to a loan modification (in which you have to qualify) there are many other plans that could have prevented the Foreclosure on your property. Unfortunately upon YOUR loan origination you signed to have an ARM on your mortgage note. This cannot be blamed on a servicing company, but in fact upon yourselves and predatory lending on your brokers behalf at loan origination. Lucky for you the loan was not serviced by a hand full of other company's, I guarantee you would have been out of your property a lot faster. The Investor and the Servicing company both take a major loss in a Foreclosure, however, unfortunately, when a consumer cannot afford a property it is in the best interest to take the property to sale. There are SOOOOO many measures you could have done to prevent this, options, options, options... A loan modification does not fix everybody's problem, nor ever will. You still would need to proof your ability to stay in the home, and to prove it would be more affordable to have your loan modified. This is not the answer to solve every home owners problem. There are a dozen preventive measures you could have taken to prevent this.