“Most servicers are set up to be hyper-efficient payment processing facilities,” Sharga said.“Any disruption in the processes isn’t good for their business, so ideally they’d like for everybody to make their payments. If someone does go delinquent, they’d like to have the situation remedied so they can go back to doing what they do best.”
Carrington specializes in working with distressed borrowers, and Sharga said the incentive is not to put them into foreclosure.
“In our shop, we have three core rules: to keep the borrower in the house, keep the property cash flowing and to protect the value of the underlying asset. If you do that, everybody’s interests are aligned,” Sharga said.
But Bubba Grimsley, a foreclosure attorney in Alabama,states that customer service has long left the servicing equation, if it ever existed.