I was in Corona, California this week meeting with Moe Bedard and Loan Safe Solutions. We were talking about the different ways that Loan Safe can help people who are facing serious financial problems due to a toxic mortgage loan.
Are lenders doing enough to help troubled borrowers?
Not according to the California Reinvestment Coalition, which released a report that argued mortgage servicers and lenders are not working with borrowers who need loan modifications in order to keep their homes.
Kevin Stein, CRC associate director who provided analysis on the survey results was quoted in a Housing Wire article as saying:
“With little accountability, obligation, or oversight, home loan servicers are not doing enough to keep borrowers in their homes. For some borrowers, this may mean that they will be doubly victimized by predatory lending practices on the front end, and now by unhelpful loan servicing practices that lead to foreclosure on the back end. We must work immediately and diligently towards solutions to avoid this result.”
