Navigating a Troublesome Time: A Guide for Private Lenders in January 2010
In January 2010, a newsletter from a private mortgage loan servicing company noted that the industry was starting to see an increase in the number of people who were behind on their payments or in foreclosure. The newsletter attributed this to the fact that many people had lost their jobs or had their hours cut back, and said that the industry was expecting to see more of this in the coming months. The newsletter advised mortgage servicers to be prepared for an increase in customer inquiries and complaints, and to be ready to assist borrowers who were struggling to make their payments.