Is This You? You are facing foreclosure. You want to save your home and will do all you can to stop the foreclosure process. You have contacted your mortgage company and inquired about a loan modification. The representative to whom you spoke told you what information you needed to submit to them so that you can be considered for a loan modification. You’re safe until you hear back from them, Right? No, That Belief Normally is Wrong. Since the start of the current foreclosure crisis, most mortgage companies have had two separate departments working on the files of people behind on their payments and in the process of being foreclosed. Once the foreclosure action starts, there are certain steps which a mortgage company takes. They normally have a department which handles the work at each step along the way from start to end. The people working in this department notify the person who is behind on their payments that the foreclosure process has started. They then file any necessary legal documents. If court action is involved, they route the case out to attorneys in the area and coordinate their activity with them. They track the sheriff’s sale of the property. If the home is not sold at the sheriff’s sale, title to it reverts to the mortgage company. The people in this department then work with local realtors to sell the property. If the person facing foreclosure wants to see what they can do to save the home, there is a separate department at the mortgage company that works with them. The people in this department tell the person what options are open to them. If they want to see if their loan can be modified and their monthly payment lowered, these people tell the person what information they need to submit. Once the information is submitted someone in that department reviews it to see if the payments can be modified. If they can, the person is contacted and an offer is made.
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