Monday, May 30, 2011

Foreclosure Empathy

One of the tasks that I do at work is to review approved consumer loans and check for any deficiency in the approval process. Recently, I was asked to concentrate on home loan accounts that have been endorsed to our Remedial Unit (i.e. clients that have not paid their dues for the past 90 days or more).

I was excited over the task at first as it will be the first time I'll be handling home loans, but after reviewing several accounts, I'm beginning to feel a bit down. The last one I reviewed, the Bank has already started steps on foreclosing the house which is the client's primary residence.

As I have the clients' folder with me, I have somehow grown familiar with their background. My heart just bleeds for them and their children that will be uprooted because the Bank will force them out of their house.

I feel for them because my family had the same experience while I was in College. My parents were struggling with their business and the Bank soon foreclosed on our family home. We were forced to live within the family business premises. And when the business folded, my mom had to go abroad to work as a caregiver so they can pay off their debts. Thank God I was already working by then but the trauma of it stayed with me. I guess that's the main reason why I am so afraid to go in business.

I cannot fault the Bank for doing what they did and still continue to do up to now. The clients signed an agreement that in exchange for the sum that they borrowed, the Bank has every right to foreclose on the property if the regular payments are not made.

I can only wish them the best and hope everything works out for them in the end. I just hope their children won't be too traumatized.

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