Homes Can Be Lost By Mistake When Banks Miscommunicate

That’s quite a headline.  Unfortunately it is true and I am sure it is making people irate.  I would guess that this can happen because the banks are so unstaffed.  I have to imagine that it is pretty hard to staff up and take on more employees to handle foreclosures and short sales when the distressed sales are exactly why everyone had to let go of their employees. 

Apparently another reason this happens is due to disorganization.  “Communication breakdowns occur because of the way the servicers are structured. One division typically deals with modifications and another with foreclosures. Servicers also hire a local trustee or attorney to actually pursue foreclosure.”

I think it’s a combination of being understaffed, disorganized, and having employees who just don’t’ know what they are doing.  Everything to do with the mortgage business right now is a learning curve even for those who have been in the business for over 20 years.  You could never begin to understand this unless you were in the business so next time instead of yelling and screaming, try being more sympathetic.  Whether you are right or wrong you will get much further with that mindset.   

http://www.usatoday.com/money/economy/housing/2010-05-05-foreclosures05_CV_N.htm