Why More Lenders Are Selling Their Defaulted Loans Instead Of Foreclosing - The Mexico Ledger
2 Articles
2 Articles
Why More Lenders Are Selling Their Defaulted Loans Instead Of Foreclosing - The Mexico Ledger
When a borrower stops paying, the lender holding that loan has a decision to make. It can spend the next year or more working through collections and foreclosure, or it can sell the loan to a buyer that specializes in distressed debt. A growing number of banks and private lenders are choosing to sell. H. Jack Miller, founder and president of Gelt Financial, says his firm is now buying several defaulted loans every week. “We just literally closed…
Why More Lenders Are Selling Their Defaulted Loans Instead Of Foreclosing
When a borrower stops paying, the lender holding that loan has a decision to make. It can spend the next year or more working through collections and foreclosure, or it can sell the loan to a buyer that specializes in distressed debt. A growing number of banks and private lenders are choosing to sell. H. Jack Miller, founder and president of Gelt Financial, says his firm is now buying several defaulted loans every week. “We just literally closed…
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