Introduction to Dual Tracking Dual tracking refers to the practice of a mortgage lender pursuing foreclosure proceedings against a homeowner while simultaneously evaluating an application for loan modification. This situation can arise when a borrower seeks to resolve financial difficulties through alternatives such as a loan modification, which the lender may consider. The dual tracking … Read more
Introduction to Dual Tracking Dual tracking refers to the practice whereby a mortgage servicer simultaneously pursues foreclosure proceedings against a borrower while also considering the borrower for a loan modification or other loss mitigation options. This practice has garnered significant scrutiny and led to legislative action in various states, including Arkansas. The introduction of dual … Read more
Introduction to Dual Tracking Dual tracking refers to a situation that occurs during the foreclosure process where a lender simultaneously processes a homeowner’s application for a loan modification while also proceeding with foreclosure actions. This practice can create significant confusion and emotional distress for homeowners who are already grappling with financial difficulties. Homeowners often feel … Read more
Introduction to Dual Tracking Dual tracking refers to the practice in mortgage servicing where a lender proceeds with foreclosure actions against a borrower while simultaneously evaluating that borrower for loss mitigation options, such as loan modifications or repayment plans. This can create significant dilemmas for homeowners facing financial difficulties, essentially putting them in a precarious … Read more