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Loan Modification

: Mortgage Lender Implode-o-Meter

The Push And Pull Of Foreclosure Alternatives, Legal Obligations

By Implode-Explode Heavy Industries

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"The recently identified deficiencies in the preparation and handling of legal documents to carry out foreclosures are unacceptable. While those deficiencies undoubtedly reflect strains on a system that is operating beyond capacity and was never designed to handle the volume of nonperforming loans that we are seeing today, they also represent a breakdown in corporate internal controls and the integrity of mortgage servicing and foreclosure processing. Servicers and others within the industry may have attempted to expand the resources available to deliver appropriate loss mitigation services, including timely and accurate foreclosure processing, but in some instances, those efforts have been inadequate."

Full post as published by Mortgage Lender Implode-o-Meter on January 11, 2011 (boomark / email).

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