Stop Foreclosure Answer

I don’t know if you realize this.  Mortgage companies were never staffed to handle the volume of requests they have received for loan modifications from people facing foreclosure or people who afraid they might slip into foreclosure.

Mortgage companies have always had a staff to handle foreclosures.  They also had computer support. However, several years ago the number of foreclosures was relatively small.  The mortgage companies had relatively small staffs to handle the work.  Their computer systems were minimal.

The number of foreclosures in the last 2 years has risen to astronomical numbers.  Suddenly the mortgage companies have found it necessary to expand their staffs dedicated to dealing with the requests from people to change the terms of their mortgages and lower their payments.  They also have found it necessary to have computer systems capable of processing all of the data.

This has posed a challenge for the mortgage companies.  Not only do they need more people to do the work.  They need special type of people – those who are empathetic to borrowers who are anxious, worried and very concerned.  These people need to become expert in their work quickly. 

The experts in this field – those who do great jobs – are at a premium.  While they are required to do their regular work, they have also been asked to train other people.   Right now this is placing a huge strain on the system.

As is common with every job, not all people hired will be able to do competent work and will have to be replaced.  This is further backlogging the system. 

Several companies have hired psychologists to help them screen job candidates and help them hire the right people for these jobs.  These psychologists are also helping them train their employees in what to say and how to deal with people facing foreclosure who call them.

At the same time the mortgage companies are having their IT departments get the right computer systems and develop the programs to process all of the data connected with lowering payments and changing the terms of mortgages.

As you can imagine, it may be a long time before the mortgage companies are able to bring all the work here under control.  Until they do, there is a going to be a big back log of requests by people for modifications to their mortgages.

So if you have contacted your mortgage company and you haven’t heard back from them, it may be that they are swamped.  Follow up with them regularly to make sure that you file is not buried on someone’s desk in their office.

Much Success,

Mark Elkins

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