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Honey... The Bank Is On The Phone... Since We Were Two Days Late On Our Payment Posted By : Dale... |
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Unlike previous down mortgage cycles, lenders are pulling out all the stops to blunt foreclosures. From the use of computer models focusing on customers that might fall down together with a lender commitment to slow down any borrower from falling into a non-performing loan. So if a borrower is say two days late from a normal payment pattern, customer service is on the phone to find out what is going on. Options may range from refinancing the loan with different payment terms or even consider a short sale (settling for less than what is owed) if the borrowers are selling.
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