In the current mortgage foreclosure crisis, there are multiple factors at play which often create a circuitous series of events leaving distressed New Jersey homeowners in a complete state of confusion about the status of their loan modification applications and sheriff’s sales on their properties.
In most situations, the lender usually employs an outside agent to handle the loan servicing, and an attorney to process the foreclosure case. These two factions do not necessarily communicate properly with borrowers, often passing the buck to one another. So for example, if a homeowner calls the bank directly to find out what the status of his or her mortgage loan modification application or the sheriff’s sale date, the bank will likely direct the homeowner to contact the loan servicing company. Because most loan servicing companies use automated phone systems, however, it can be extremely difficult for homeowners to reach a live person.
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