Bank Trend to Delay Sale of REO Home: Scenario Two
Mark Anderson, Owner’s Network Real Estate- Broker, Realtor®, Green designation
Published August 3, 2009

Some insiders say that many mortgage companies are reluctant to give financially troubled homeowners a break, because the companies collect lucrative fees on delinquent loans.

Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are ultimately sold in foreclosure. So the longer homeowners remain delinquent, the greater the opportunities for mortgage companies to extract revenue. These fees include fees for insurance, appraisals, title searches and legal services.

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