patrick.net

http://ochousingnews.com/blog/lenders-slow-play-loan-modifications-delinquent-borrowers-enjoy-free-housing/

Lenders slowly process loan modifications, mostly to avoid approving them. While they wait, most loanowners enjoy a free ride.

Should we be concerned about the speed at which lenders process loan modification applications? After all, most borrowers who apply for a loan modification stop making payments during the process. They apply because they can’t afford the payment in the houses they occupy, so they quit paying while lenders consider their applications. From a borrower’s perspective, waiting may create uncertainty, but they gain the benefit of free housing for as long as it takes.

Source: http://ochousingnews.com/blog/lenders-slow-play-loan-modifications-delinquent-borrowers-enjoy-free-housing/#ixzz39iP11rlH

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