AgentMortgage

Why needless foreclosures happen anyway

Borrower denial, restrictions on servicers take toll
Published on Apr 21, 2008

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by CareyBot

John X had his home foreclosed this year. It cost the investor who held the mortgage about $40,000 to foreclose. It would have cost only $25,000 to make the mortgage affordable to the borrower through a reduction in the interest rate. Modifying the loan contract in this way would have kept X in his home and saved the investor money. This is not an isolated case; preventable foreclosures are happening all around us.

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