Lenders scramble to help struggling homeowners
Wednesday, April 4th, 2007NEW YORK (AP) - As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They’d rather modify your loan than foreclose.
EMC Mortgage Corp., specialist with a $78 billion portfolio of subprime loans - for homeowners with weak credit - this week launched a 50-person team it calls “the Mod Squad.” Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment. In an industry that often rewards workers for getting off the phone quickly, the team is preparing to speak to just three people a day.




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