On other side of the loan. Former mortgage seller counsels troubled homeowners
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foreclosures, Mortgage News March 31st, 2008LOS ANGELES – Darren Hendon worked in the mortgage business for years. He sold many home buyers on adjustable-rate loans with low-interest “teaser” rates that rocket higher, typically after two years.
He was laid off last April as the housing slump and credit crisis pinched demand for loans. Now, wearing a crisp-collared shirt emblazoned with the words “Financial predators beware!,” Hendon is helping borrowers get out of the kinds of loans he once sold. And, once again, he has plenty of clients.
“I never thought that I was selling anything that was bad,” he says. “I thought I was being part of the solution, and I guess I eventually was part of the problem.”
Amid the rising tide of foreclosures, lenders are under pressure to modify hundreds of thousands of adjustable-rate loans to more affordable terms. Some of the biggest lenders are steering struggling borrowers to non-profit groups such as Neighborhood Assistance Corp. of America, where Hendon and other housing counselors determine whether a new deal can be hammered out.
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Tags: foreclosures, Mortgage News
