Mortgage lenders carrying out the important function of assisting would-be house owners in the acquisition of property are disadvantaged by delay in the proper recovery of arrears from defaulting borrowers. Mortgage lenders have been publicly skewered for being too slow in helping troubled borrowers, but the mortgage lenders too have been frustrated by lack of communication from troubled borrowers. In fact, the biggest problem lenders face is that delinquent borrowers are often the hardest to get hold of. Mortgage lenders knowingly took risks lending to the borrowers and the borrowers knowingly took risk signing their name to mortgages they were unsure they could pay for. Both parties knew the risks and consequences of the decisions they were making and they should be held accountable for those decisions.
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