In my follow-up reporting to recent trends in property sales and foreclosures, I found a nice article that lends hope to struggling property owners. Here's a snippet. You can read the rest at The Oregonian's online site or at the link to RedwoodAge.com's coverage below.
AS HOME FORECLOSURES MOUNT, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose.
EMC Mortgage Corp., specialist with a $78 billion portfolio of subprime loans - for homeowners with weak credit - this week launched a 50-person team it calls "the Mod Squad." Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment. In an industry that often rewards workers for getting off the phone quickly, the team is preparing to speak to just three people a day.
Read the rest of this article.
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Comments: 8
Anyhow, thanks for checking in Nippy.
All my best,
I agree Stacey. Thanks for the well-rounded comment on this issue.
I know this is another link to a wire service story, but it's an interesting progression on this topic that I thought Gatherers would want to know about....