Comments on: When You Fall Behind on Your Mortgage – Mindset of the Collector

By: Kyle

Kyle — Mon, 01 Feb 2010 03:53:19 +0000

Kind of counter-productive to the wholeâ€¦

It is counterproductive over time but the company only has to report their delinquency numbers at month end, so if you are one month behind but pay on the last day then the account is reported as current even though there is no way they can make the next payment which is due tomorrow. The investors only see that the account was “current”. This increases the value of the portfolio which is good for business, bad for the customer. The ultimate goal should always be to get the customer to pay and be current.

By: Wojciech Kulicki

Wojciech Kulicki — Sat, 30 Jan 2010 17:45:42 +0000

What an interesting perspective from the other side of the coin, which we don’t get to hear that often. It’s great that collectors are so willing to help, but as you point out, unfortunate the way the system is set up because everything goes out the window at month’s end. Kind of counter-productive to the whole…

By: Kyle

Kyle — Fri, 29 Jan 2010 12:28:35 +0000

It was so long ago that I was in collections that I can’t remember the exact amounts, I will look into it though and if I can get the answer from some of my friends who are still in the biz I will shoot you another e-mail and let you know. From what I can remember it wasn’t earth shattering amounts but for us it was huge. I was only 19 when I was doing collections so what seemed like a lot to me probably wasn’t as much I think it was.

By: Ken

Ken — Fri, 29 Jan 2010 11:08:52 +0000

Can you tell me what amount a typical bonus is?

By: RJ Weiss

RJ Weiss — Thu, 28 Jan 2010 18:50:26 +0000

That’s a very interesting point of view. Never have heard the story from the “other” side.

Great tip about the last few days of the month.