Lenders attacking the foreclosure problem
I always tell people that no one wants to see a home fall into foreclosure. Remember, banks don’t want to take possession of these homes.
The Mortgage Bankers Association on Jan. 17 released a report, which you can read here, that proves this. The mortgage industry in the third quarter of 2007 modified an estimated 54,000 loans and established repayment plans with another 183,000 borrowers.
At the same time, mortgage lenders started foreclosure actions on about 384,000 loans. Of these actions, though, the report says, 63 percent were cases in which the borrowers did not live in the homes, did not respond to attempts by lenders to contact them or failed to follow a repayment plan or loan modification already in place.
The mortgage industry is far from perfect: Its bad loans are the main reason we’re seeing so many foreclosures and late mortgage payments right now. But the industry doesn’t actually want, or benefit from, foreclosures.
Tags: foreclosures, loan-modifications, Mortgage-Bankers-Association, repayment-plansRelated Stories
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