How strict is Provident on foreclosures – anyone dealt with them?
February 19th, 2012 | 
Author: Question by : How strict is Provident on foreclosures – anyone dealt with them?
Friend of mine is losing her house and her mortgage lender Provident seems to be one of the strictest as far as getting what they want during foreclosures.
Has anyone out there dealth with Provident and received a 1099 after the house goes up for auction or has been pursued like crazy during the foreclosure. They seem to be much more agressive than other lenders out there right now.
Best answer:
Answer by GVD
Provident Funding is a very aggressive lender, they generally don’t carry much risk in their portfolio so when someone defaults, I can imagine that they would be equally aggressive in collecting. Provident only loans to the most qualified clientele, and at times it’s difficult to broker loans through them, but they offer the most competitive rates.
Don’t really have much advice on what to do other than tell her to pay it, she owes it after-all.
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the reality is that none of the lenders want to be left out right now and that is what is happening all over the country because many mortgagees are simply walking away from those high worthless payments that are not adding equity to the property values right now
the worst that could happen here is that Provident does not accept any Shortsales expert to talk them down and no deal is accomplished and the mortgagees credit will be ruined but.. the bank will aquire the property that they will have to pay maintenance fees on, Home insurance, Vandalism, repairs and part
replacements, advertising to sell, violation fees, etc… so they are hurting themselves if they do not allow a shortsales expert to come and buy the home for pennies on the dollar. They don’t want to be talked down– they want to try to recover as much of the loan as possible– they do not want to negotiate a shortsale because they know that they will end up getting just a little bit more than the mortgage loan amount that is owed. Can you see why they are being so hard– but they can’t play hardball for ever— they will end up aquiring soo many properties in their stock that they will not be given any money to loan out– instead they will be told to go and sell the houses in the stockpile–after all… we already gave you money for those houses and you have a stockpile of them and you want us to lend you more money. get it–they will have to make deals eventually because it does not look good on their books to have all those vacant stockpiled properties waiting to be sold.
Well, you friend does have a whole bunch of money that belongs to that bank. They obviously are letting your friend keep it, that is what the 1099 is for, so your friend can pay income tax on the money she actually got away with stealing. They are do that, that can’t legally allow her to keep the money tax free.