Foreclosure Defense - Stop Foreclosure - Who is My Lender [HD]

Foreclosure Defense Help http://www.consumerdefenseprograms.com/a

In this video, Michael Waters explains the difference between a servicer and lender.

"Who is my lender? This is one of the most complicated questions but I'll try to make it very simple. Most people think who sends them the bill and who they pay their payment to every month is the lender, and that is not always the truth, you should not assume that. There's a difference between a servicer and lender. The lender is the person who actually owns your note, whereas the servicer is someone who just collects it for and behalf of the lender. Oftentimes when you're talking on the phone with people and making negotiations, you'll hear them say, "Oh we have to get approved for our investor." What that means is, who you're talking to is just the servicer. The servicer doesn't have any ability to negotiate that contract. They don't have any ability to do anything. All they have the ability to do is courier information back and forth to the original lender. My advice is, if you're dealing with someone who says they're your lender, ask them these questions. Are you the lender, or are you just servicing the debt? And if you are the lender, can I get some kind of proof of that, because I've known many people who are negotiating for months and months and months for a loan modification, only to find out later that the people they were actually dealing with was their servicer and not their lender. This is also another example of when the lender will oftentimes be foreclosing while the servicer is doing a loan mod. It's the left hand not knowing what the right hand is doing.

Below in the video description is a link to our site. Go there and download the eBook now. It's absolutely free. There is no reason why you shouldn't download it and read it today, and it may just save your home. After reading the book, you may feel like you still need help, you may feel like you still need a little bit of guidance. We have a coaching program available. The first step is reading the book, but realize, we do have coaching where we can work with you one-on-one in helping you out any way that we can."

For more information about Consumer Defense Programs and how to Stop Foreclosure, visit http://www.consumerdefenseprograms.com/a

1. By: VinceKhan
2. Categories Other
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4. Added :08-Nov-11
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