Released: May 08, 2008

Seeking a mortgage workout? Be patient

Source: Holden Lewis, Bankrate.com

It seems that mortgage servicers aren’t satisfying anyone these days. Homeowners get fed up when they try to work something out with their servicers, to no avail. Real estate agents complain that mortgage companies drag their heels on short sales. Regulators are restless about the lack of “meaningful improvement in foreclosure prevention outcomes.”

If there’s a lesson for foreclosure-avoiding consumers, it is this: Be patient, don’t take mortgage servicers’ actions personally and be ready to send paperwork multiple times.

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