Improving Foreclosure Resolution Communications


As proactive banking executives, we speak with many homeowners everyday regarding their frustrations and fears after they begin falling behind on their mortgage payments and eventually enter the foreclosure process.  We also speak with many lenders everyday in regards to the foreclosure crisis across the United States.  We find it disappointing to see families walk away from their homes or file an unnecessary bankruptcy due to a combination of poor advice and inefficient loss mitigation operations within the umbrella of most lenders. 

We see too many families walking away from their homes because they believe they have no options.  Unfortunately, very few homeowners have any success working with their lender for a fair and reasonable resolution with their lender.  Whether it is difficultly navigating phone systems, inadequate training in loss mitigation departments, or poor communication – too many families are losing their homes or being forced into bankruptcy when neither is necessary the majority of the time. 

Through creating campaigns to stop foreclosures, our objective is to see a reduction of foreclosure sales and develop more effective options within foreclosure resolution.  We have worked with colleagues in creating strong alliances with executives throughout the banking industry to allow more homeowners an opportunity at reasonable resolution.  We believe this creates two important objectives – preserving home ownership in communities and minimizing the lenders’ losses.  These are reasons this campaign is creating a difference within communities. 

Despite these efforts, a lot of work remains ahead.  Most homeowners have not been exposed to this campaign, which means they are subject to the frustration of personally working with their lender’s loss mitigation department. 

Unfortunately, many problems exist within most lenders’ loss mitigation departments.  Too many of them are run like call centers with inexperienced representatives with limited authorization.  Most of these inexperienced representatives are only authorized to offer the worse plans – with high down money and increased monthly payments over a 6-12 month period.  As a result, they are often not very resolution-oriented and sometimes make inappropriate remarks to homeowners over the phone.  They often also remark that they rather take the property to foreclosure.  This is poor resolution or mitigation management. 

As a result, we believe homeowners need qualified professional support to resolve their foreclosure matters.  By qualified professional support, it is important to have the proper consultation with professionals who specialize in these matters.   Your general family attorney most likely is not the best option to provide resolution because they do not specialize in banking and foreclosure resolution.

There have been a lot of foreclosure resolution companies that have emerged over the past few years.  From a business standpoint, most entrepreneurs see profit opportunities on a growing trend rather than making resolution the top priority.  Some of these companies have banking experience, but not high-level mathematical banking experience nor foreclosure law experience to provide the best support.  As a result, very few of these homeowners achieve reasonable resolution through these companies. 

Through my campaigns, we create alliances with at several levels of the foreclosure process.  We work with resolution specialists who possess the banking experience and track record in resolving such matters along with relationships developed at the executive level with these lenders, and lenders’ legal counsel to create true and pragmatic resolution.  At the grassroots level, we work to organize industry-related professionals to reach homeowners in their communities who are the most committed and qualified towards saving their homes or effecting proper exit strategies if they cannot keep their home.  This helps create better awareness of a homeowner’s options within the foreclosure stage. 

This campaign has made a difference for so many individuals who would normally lose their homes within the ineffective structures of their lender’s loss mitigation department.  Most homeowners experience short-term setbacks that become resolved within months that allow them to return to normal payment status.  In most circumstances, these matters can be resolved if you have a qualified professional working with you.  That is why we believe it is important to have the proper level of professionalism on your behalf to help enact proactive measures of resolution and long-term financial management. 

We believe the most effective resolution on the third party level involves some important factors to achieve reasonable results.  A properly focused resolution company must be set up as a counseling center unlike the call center atmosphere we see too often in the banking industry.  It is important for homeowners not only to receive proper foreclosure counseling, but also basic financial management philosophies. 

A proper resolution company must also function in the role of a liaison between the homeowner and lender to establish the proper foundation for a reasonable resolution that both parties can feel comfortable with moving forward.  And that is achieved by creating a level of professionalism from the beginning.  This approach does not avoid tense situations during the resolution, but it helps eventually reach a proper resolution plan. 

Overall, the most important factor in foreclosure resolution is that we truly help homeowners through a difficult financial and legal matter through experienced and mathematical banking professionals who truly understand the economics of mitigating loss and preserving home ownership.  

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We work as a liaison between several lenders and homeowners across the country to establish new processes to stop foreclosure.  He can be reached here.  

Copyright 2010, The Maxxis Group
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