January 19, 2013

Loan Mods and the Collection Game

By Timothy Stull (http://www.fresh-start.co)

I continue to look at mortgage delinquency statistics……they are alarming….12 million home owners are in severe default on their mortgage payments….nearly a 12% default ratio.  We are 6 six years into the housing crisis now & every program that has been launched by the Federal Government has been a huge failure.  All of their plans, programs and theories mean absolutely nothing.  Why is this the case?  One very big reason….this is the BIG MONEY collection game.  The mortgage servicer is a debt collector….their number one priority is collecting money.  They are not working for the home owner….they don’t care about the home owners problems….they just want their money!!  The people, US Government, housing counselors & the media have all lost sight of what a huge debt / collection problem this really is.  Everyone has been tricked into believing that all of this debt will “work itself out”.   That computer and a simple program will fix this massive problem.   Well, I have news for you….it never will.  Keep in mind that I worked in the legal collection business for 11 years, before starting this firm 12 years ago.  One thing I do know is all debtors take the path of least resistance.  So if they are told the Government will fix all of their financial and mortgage problems ~ well then that is what is going to happen.  The only problem is the mortgage servicer, banks and investors want their money.  If they need to foreclose to get it, they will.  There is no yellow brick road, no easy solution or “community effort” to resolving big money / collection issues.  Without an aggressive foreclosure defense plan, your chances are extremely slim in saving your home.

Be Sociable, Share!

Leave a Reply