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What are the biggest challenges of
interacting with borrowers who are
undergoing bankruptcy or foreclosure
proceedings? In bankruptcy, a creditor's
counsel cannot speak with a represented
borrower, so most of the communication
goes through their attorney. In foreclosure,
borrowers are now more aware of the hardship
programs available and the possibility of loan
modifications, forbearance agreements, and
other options that may help them. e biggest
challenge for borrowers is making ends meet,
as statistics show that a significant number of
Americans cannot afford a $600 emergency.
is could cause significant hardship on them
and go so far as to put a borrower into default,
or possibly into bankruptcy or foreclosure.
Are there any technological or process
innovations that are significantly
affecting the way you do business?
Technology has certainly changed the way
everything is done today. When I started as
an attorney, files were actual paper. Now the
files are electronic, and one must safeguard
their computers and information much more
vigorously. Electronic filing is now standard
with most courts, and one does not need to
bring paper to the courthouse. However, one
must be careful to redact personal information
from any filing as regulations protect against
personal information being filing in the public
records.
"In foreclosure,
borrowers are
now more aware
of the hardship
programs
available and
the possibility of
loan modifications,
forbearance
agreements, and
other options that
may help them."
CO-HOSTS
American Mortgage
Diversity Council
Where Diverse Groups Share Common Goals.
2019 FIVE STAR
DIVERSITY
SYMPOSIUM
MAY 8, 2019 | THE ADOLPHUS HOTEL | DALLAS, TEXAS
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