Under pressure from the Obama Administration, lenders have added workers to work out lower payments for struggling borrowers. But customers still complain that banks won’t help unless a loan is seriously delinquent. The backlog of cases is so large that loan companies have little time to work on preventing defaults. Lenders find that one way to be certain the borrowers they’re helping are really tapped out is to focus on mortgages that are at least nine months delinquent, said Guy Cecala, chief executive officer of Inside Mortgage Finance.
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