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January 18, 2008
Foreclosure in third quarter avoided for 237,000
The mortgage industry modified an estimated 54,000 loans and established formal repayment plans with another 183,000 borrowers during the third quarter of 2007, according to an MBA study.
The report is based on responses from mortgage servicers covering about 33 million mortgage loans, about 62 percent of all mortgage loans outstanding. The report did not have any regional breakdowns.
While the help was good news for some, the pain still continued for others as third quarter foreclosure actions were started on approximately 384,000 additional loans.
The study determined that 63 percent of the new foreclosures were cases where the borrowers did not live in the property and did not respond to repeated attempts at contact, or where the borrowers failed to carry out an existing repayment or loan modification plan.
Posted by S. Germain at January 18, 2008 08:19 AM