To Avoid Foreclosure It Is Essential to Open Close Talks With Lenders
December 9th, 2008
Financial experts are underlining the point that to avoid foreclosure it is essential to open close talks with lenders.Recently the Bank of Marin kicked off a string of casual discussions and invited the public to pose questions regarding the foreclosure related financial crisis and how it has affected individuals as well as the nation. The banks told their customers to know well who are their lenders especially during these times of trouble. A strong bond should be built with the banker opined the chief financial officer of the Bank of Marin, Christina Cook. She said, “Customers are feeling the effects of the market, but we are operating in one of the most resilient markets in the country. Our investment portfolio is doing very well.”
Other representatives of banks as well as financial advisors echoed the same sentiments saying that the key to the problem of avoiding a rerun of the present foreclosure crisis is to build up a strong and lasting bond with the lenders – that is the banks. Even today the situation can be saved if that is built up.
Mark Chapman of Tamalpais Bank of San Rafael said, “That’s what we built our platform on. Somebody you can foster a relationship with.”
The CEO of Bank of Marin, Russell Colombo opined that the consumers should do their homework before investing their cash and placing their trust in a bank irrespective of the fact if it’s big or small. He explained, “It’s really important to understand what they are doing for their strategy. We raise deposits in our community and reinvest in our community.” Referring to Marin he said that in matters of economic slumps it is “last in, first out”. He has noticed this in all the aspects of the downturn whether foreclosures or home sales, Marin is “lagging behind in all of the bad things.”
The CEO of Salient Wealth Management of San Rafael, Richard Stone, gave the advice that ordinary folks should go to local banks. The big banks are for those in large business. The local banks “have got expertise in the area the client is in and the decision-makers are local.” But outsiders will take time to make decisions whereas local banks take it on the spot. Currently banks are in a competitive mood and as such the individual should pay attention to their policies. Stone added that one should know about the “culture of banks”. Banks are there for making loans and in Marin Tamalpais Bank and Bank of Marin are doing so.
- Fewer Foreclosures Among Low-cost Brooklyn Homes
- Bank of America is a Lagging Behind in Loan Modifications to Prevent Foreclosures
- The Aftermath of the Housing Boom is Followed by Foreclosure Doom in Homestead
- Lenders Being Legally Challenged for Activating Predatory Lending
- Foreclosures Have Made Life for CEO’s Expensive and Fraught With Fear
- With Foreclosures and Unemployment Continuing it is Doubtful if Recession is Over
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