For the past three years, to supplement social security, I’ve been working as an agent. Legally I’m a debt collector but none of my work involves money directly.
I’m seeing a surge of re-financing offers to be delivered.
The company who employs me provides various services to the mortgage industry. Most of my work involves going to the collateral address with a letter than, in essence, says, “Hey, you can’t keep missing payments and still live in this property. Contact us at the provided phone number immediately”.
Using a tablet I prepare a brief report, property description and three or more photographs. I’m seldom at the address more than 15 minutes. Pre COVID I made $800 - $1,000 for two to three hours work one or two days a week. With all the forbearance COVID programs that income dropped to 1/3 to ½ of what I was making.
As these programs expire, many of the mortgagees are way behind. I see deficiencies of $4,000 to $9,000+ on house payments under $1,200 a month. One lender we do work for if offering to refinance the homes clearing the deficiencies. Most of the lenders are demanding payment, period. More profit foreclosing and reselling in a hot real estate market would be my guess as to their motivation. On some of the upscale $800,000+ homes, the deficiencies are up to $40,000.
There is a lot of information floating around about hedge funds buying up homes and turning the country into a nation of renters. I don’t discredit any of this information but have not seen it in my little corner of the world.
Please don’t ask me for advice. The only pat answer I have is, if you are having problems making your payment, reach out to the lender first. Don’t wait for them to contact you.