In an effort to reduce foreclosure rates among military families, Hope Now facilitated an event that brought together mortgage financiers and stakeholders with the focus being on prevention of foreclosure for military families.
Hope Now will reach out to military families at four military bases with on-site tactics and the hopes of expanding support for at-risk military families during 2012. There have been thousands of military families foreclosed on. With the recent settlement reached that will help provide compensation to military servicemen and women who have been experienced unjust foreclosure, Hope Now would like to capitalize on the momentum and prevent new foreclosures.
Members of the military can be susceptible to a crisis in the housing market for several reasons. However, the Servicemembers Civil Relief Act states that foreclosures should not occur within 90 days of a service member’s service. There have been instances found that support allegations that service members were foreclosed on while still in service. Those service members are now entitled to compensation.
For REO agents, the takeaway from the efforts of Hope Now and the recent settlement is to diligently follow through on tasks and record all actions and transactions when dealing with a property. Keep records and reports on all that is done. Detailed records are a best practice for all REO agents as balancing several assets with the considerable amount of tasks required for each property can seem insurmountable. With proper organization and good workflow management software, reports and records can be easily stored, updated and even distributed on demand.
Fewer foreclosures in the future will mean fewer instances of needed foreclosure intervention. The industry should continue to focus on practices that are effective and rich with the proper due diligence required to limit the instances of inappropriate foreclosures. In the meantime, REO agents must continue to be meticulous in record keeping.
