Consumers are more pleased with the performance of mortgage company servicers in 2012 than they were a year ago. According to a report released early in the third quarter by J.D. Power and Associates (J.D. Power), overall borrower satisfaction has increased. Many within the industry believe satisfaction ratings may be higher now because homeowners are getting relief in the form of loan modifications at historically low industry rates.
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Consumers who apply for and are denied a home loan modification do have a viable foreclosure avoidance option. They can choose to explore selling their home for less than what is owed on the mortgage. This transaction, called a short sale, is a tactic whereby the lender and borrower agree to sell the home, which acts as collateral for the loan, for less than what is due on the principal mortgage balance. The lender and the homeowner must agree on the particulars, especially the price.
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