How a transparent marketplace provides a proven path to benefit homeowners
A transparent marketplace can provide a proven path to benefit homeowners. Pre-foreclosure selling is often the best option for distressed homeowners who don’t qualify for any loss mitigation programs. However, those homeowners are understandably hesitant to choose that option and often end up choosing it when time is running out. That makes those homeowners susceptible to predatory behavior by some buyers operating in the pre-foreclosure marketplace, behavior that has been chronicled in several prominent, recent news stories.
Here are two takeaways from the article:
- Mortgage servicers and government policymakers are forced to walk a thin line: nudging distressed homeowners toward making a choice that’s in their best interest while also arming them with the knowledge and resources they need to be protected in the pre-foreclosure marketplace.
- The journey to a more transparent marketplace can start with mortgage servicers who go above and beyond simply suggesting a pre-foreclosure sale to distressed homeowners. To help these vulnerable homeowners, mortgage servicers can provide them with knowledge and resources they need to be protected in the pre-foreclosure marketplace.
Reference: https://www.housingwire.com/articles/how-a-transparent-marketplace-provides-a-proven-path-to-benefit-homeowners/
