note from a foreclosure counselor
[just got this note from a radio listener]
I’ve been a long time listener to Behind The News - which I love -
but needed to say an extra thanks for all of the coverage on
housing. I’m a HUD approved foreclosure counselor up in
______________ and over the past 2 years that part of my job has
become quite the hell on earth. I have looked forward to Thursday’s
drive home for some validation that things ain’t so great out there!
Unfortunately it’s getting worse. Used to be I could feel
comfortable telling homeowners that the bank would prefer to keep the
loan, but no more. I now have loss mit telling me that the
‘investors’ will only allow such and such plan (which the homeowner
inevitably cannot do). I have a source who tells me investors are
trying to liquidate everything. So foreclosure rates go up 9% in a
month.
The next horror I see coming down the pike are the loan servicers.
Forced on homeowners, they are severly limiting loss mitigation, some
only offering the most outrageous of plans. Servicing fees are
usually small, their real money comes from the extra charges (late,
legal, and appraisal fees, etc) that they can only charge (and keep)
when someone is behind. So gee, I wonder why they never received
that payment I have a cancelled check for. They are comparable to
collection agencies.
I have mixed feelings about the whole thing - happy that the piggish
among us might get theirs, unhappy to see how my clients suffer
(counselors say it’s like counseling disaster victims). So with all
the proverbial shit hitting the proverbial fan, on Thursdays I get
into my car with all the windows shut - my personal version of the
bubble - and feel better (well, not better.. not insane. sorry not as
much of a compliment). So thanks.