Glitches pertaining to mortgage post-closures, lack of oversight and follow-up continue to be some of the resurgent issues that bar a fuss-free future sale of a property. The previous and the looming real estate crisis have exposed the inadequate practices conducted in the mortgage closure process. This led the governing authorities to tighten the regulatory leash around this sector which…
While both Short Sale and Foreclosure are regarded as default management in mortgage and are both fundamentally similar, short sale and foreclosure have their own vices and virtues. Lenders must take prudent decisions and factor in their fiscal benefits while opting among these default management services. Short sale as a mortgage default process is a win-win strategy for both a…
Loss Mitigation Process: How Lenders Can Ensure Better Borrower Experience for a Profitable Business
Loss Mitigation Process: How Lenders Can Ensure Better Borrower Experience for a Profitable Business
The Covid-19 era has hit the mortgage industry on all sides – operations, finance, foreclosures, customer service, and more. The growing instances of unemployment, fewer income opportunities, and rising costs of living have impacted millions of lives, including mortgage borrowers. As the financial scenario across the U.S. deteriorates, borrowers find it exceedingly difficult to make timely mortgage payments, and lenders…