Unfortunately, not every homeowner is willing or able to make payments even on a modified loan.
“We’ve found that, because the foreclosure process can take years, some people become accustomed to not making payments and they just don’t want to start,” Anastos says.
Unemployment and other serious problems can also affect the homeowner’s ability to pay. In such cases, Anastos and Brava say, lien holders must act to protect their investment.
“You may have to foreclose or to arrange a short sale,” Brava says. “These are two of the exit strategies you should consider and plan for when buying distressed debt.”
Source:www.apollofinancialgrp.com
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