This may not go down well but I am an Arrears Manager for a Big Mortgage Company in the sub prime market (not mentioned on this site)and I would just like to say the following in regards to this site.(posted 7797 days ago)I personally find it useful for my own job because it lets me hear borrowers experiences with lenders in general and the problems that they face with regards to arrears, possession and shortfall. In my role (and you can of course choose to belive this or not) I do not encourage possession of property. The most important element is communication, if you talk to us then we will listen and we will offer as much advice and assistance as possible.
When you encounter financial difficulties we provide where accepted many free service (free to you, not us) services to help you resolve your debt problems, services to help you find new employment where applicable and most importantly collections staff that are not single minded but there to help. Many of you seem to think that we are unkind and uninterested in borrowers personal circumstances. This is not true, we do all we can and maybe that is why we have never been "featured" or even mentioned on your site.
When we take possession of a property its most definately a last resort, and when we do this we aim to get the best possible price for a property to avoid a shortfall position, if we expect a shortfall we may not even sell a property and rather keep it for a longer period to gain a better price. The best interests of the borrower are kept firmly in mind at all times.
Should we get to a position where a shortfall is unavoidable then we account every penny to the borrower to explain why the shortfall is the amount we state. In the event of a shortfall we will not charge any penalties, early redemption or otherwise from that point onwards unless we have to trace a borrower to discuss the shortfall with them. No interest will be charged either on a shortfall. We will do everything possible to prevent the situation worsening.
I am certainly annoyed that many lenders take the approach that I have seen in this site and it detracts from the work that some of us are trying to achieve by working with our borrowers and not treating them badly at any time.
I personally will continue to visit this site and learn from the experiences listed here and ensure our comittment to our borrowers does not fall to the level some of you are suffering.