Friday, June 19, 2009

Foreclosures Grind On as Lenders Fail to Modify Loans

Today, USAToday reported that efforts to reduce foreclosures have been beset by backlogs and delays, leaving many overstretched homeowners uncertain whether they'll keep their homes or lose them shortly. The article highlights data from NeighborWorks America’s recently released report to Congress on the National Foreclosure Mitigation Counseling Program. While the report shows that more than 400,000 homeowners have been helped through the program, it also details slow response times of up to 45-60 days on the part of servicers.

Read USAToday article.
See NeighborWorks release.
Download NFMC report.