Complications for foreclosure counselors
2008-03-21 14:32:13 (GMT) (Caymanmama.com - Real Estate News News)New York: CNN reported that usually money lenders claim to help mortgage borrowers to stay in their own homes, but in practice, they create a lot of obstances for the foreclosure counsellors. Gail Burks, a foreclosure counselor in Las Vegas says, “If the securities industry can do what they claim, why is it so time consuming and difficult on every case?”
Burks is Nevada Fair Housing Centre’s president and sits on the boards of National Community Re-investment coalition. She started out fighting for the housing discrimination in the year 1993. Foreclosure is one of the hot topics in Nevada now-a-days, and she is working much on the subject these days. Her main job is to perfect as a middle-man between the homeowners and the lenders. She regularly comes into problems when she tries negotiating working-out loans because of the fact that most mortgages are sold out to the investors, which makes it troublesome to decide who the loan owner is. “You almost need a flow chart of potential investors so that you can call them. It’s like trying to hit a continuously moving target,” says Burks.
Particularly, the no-down loans are more vulnerable to defaults, as there is no or little equity for the owners for drawing upon in case they hit rough financial patches. And these loans often tend to complicate the prevention of foreclosure. “Piggy-backs are hard to restructure because the two loan holders have competing interests,” says Don Lampe, a real estate attorney. Both the lenders have to decide upon some mortgage modifications, and the secondary lenders often start balking because, while a foreclosed house is being sold, the first mortgage owners gets the repayment of all the debts, even before the second ones gets anything.
CaymanMama.com - Press Release Distribution Service
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