Given the current economic environment, it is unlikely that sufficient equity exists in a property to completely pay off the second mortgage. Therefore, the second mortgage lender needs to consider alternatives to foreclosure, says mortgage collection expert Leo Stawiarski in an interview with Housing Wire.
Stawiarski is President and CEO of LCS Financial Services a service that will track down those borrowers, in an effort to collect the second lien. He also operates an affiliated collection law firm, Stawiarski & Associates.
Stawiarski shares some of his company’s decisioning criteria and techniques it uses to collect second mortgage liens from borrowers who default, either naturally or strategically.