Counseling Helps Borrowers and Servicers Save Millions on Loans

Nemeroff, Evan
February 2012
Mortgage Servicing News;Feb2012, Vol. 16 Issue 2, p13
The article discusses the importance of counseling services in helping servicers and borrowers save on loans. It states that when borrowers attend counseling services, they are more likely to avoid foreclosure by receiving loan modifications. It notes that borrowers are able to remain in their homes while servicers save millions of dollars on loans by not having to go through the foreclosure default process when participating in counseling services.


Related Articles

  • A Brand New Day.  // Mortgage Record;Fall2008, p5 

    The article reports on the 2009 compliance issues faced by the mortgage industry in Massachusetts which includes the licensing of loan officers, increase of the net worth of both the lenders and the brokers including the requirements for prevention of foreclosure.

  • California Foreclosure Prevention Program Adds Servicers.  // Mortgage Servicing News;Aug2011, Vol. 15 Issue 8, p27 

    The article reports on the participation of mortgage servicing companies in the Keep Your Home California program, which aimed at helping distressed homeowners prevent foreclosures in California.

  • Ignorance Is Not Bliss.  // Mortgage Servicing News;Mar2008, Vol. 12 Issue 2, p4 

    The author reflects on issues related to mortgage loan servicing in the U.S. He comments on the ignorance of borrowers concerning the benefits they can get from servicers and their lack of response to the outreach efforts of servicers to help them avoid foreclosure. He believes that the...

  • Foreclosures Hit New High Point.  // Mortgage Servicing News;Dec2007/Jan2008, Vol. 11 Issue 11, p1 

    The article reports on the increase in mortgage foreclosure in the third quarter of 2007 in the U.S. It cites that the increase, which is due to the weakening credit-loan management performance, is influenced by the growth of subprime credit quality debtors. According to Doug Duncan, Mortgage...

  • Foreclosure Prevention Is Key. Jackson, Alphonso // National Mortgage News;11/12/2007, Vol. 32 Issue 8, p4 

    The author reflects on the actualization of Foreclosure Prevention Resource Center to provide advice and outreach for homeowners as announced during the 2007 Mortgage Bankers Association (MBA) meeting in Boston, Massachusetts. He announces the increased funding for housing counseling to over 400...

  • Stepping Up to the Plate.  // Mortgage Servicing News;Jun2007, Vol. 11 Issue 5, p4 

    The author reflects on the efforts of loan service providers to prevent foreclosure for subprime homeowners in the U.S. He addresses the initiatives made by the industry to help homeowners avoid foreclosure through refinancing. The author believes that the moves of the industry in helping...

  • 2010: Better Results, But HAMP Still Short. Dymi, Amilda // Mortgage Servicing News;Jan2010, Vol. 14 Issue 1, p23 

    The article reports on the claims of mortgage servicing veterans that the goal of saving five million homes is difficult despite the improvement of the Home Affordable Modification Program (HAMP) in 2010 in New York. It states that the voluntary nature of HAMP is one of the factors that tampered...

  • Communication Plays a Key Role in Reducing Foreclosures. Nemeroff, Evan // Mortgage Servicing News;Sep2011, Vol. 15 Issue 9, p23 

    The article reports on the importance for mortgage loan services to develop greater communication during the default resolution process to reduce the number of foreclosures in the U.S.

  • Appellate Court Paves Way For More Hamp Lawsuits. Davidson, Kate // American Banker;3/19/2012, Vol. 177 Issue 42, p1 

    The article examines a judgment of a U.S. court of appeals which stated that mortgage loan debtors can sue a mortgage loan servicer for failure to comply with the Home Affordable Modification Program (Hamp), a foreclosure prevention program of the Department of the Treasury. The likelihood that...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics