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Foreclosure fighting efforts need helpfound at The Business Journal of the Greater Triad Area Tuesday, April 22, 2008
RealtyTrac Find foreclosures data, it's easy Mortgage lenders are doing more to help troubled borrowers avoid losing their homes but are barely keeping pace with the increase in the foreclosure rate, according to a new national report prepared with the help of North Carolina officials. The State Foreclosure Prevention Working Group consists of state attorneys general and banking regulators trying to prevent mass home foreclosures as housing and credit markets sink. N.C. Deputy Commissioner of Bank Mark Pearce said the group's second report found that more borrowers are in "loss mitigation" with their lenders, but those gains have been matched by the increase in delinquent loans and remain far short of the total number of borrowers in trouble. "While North Carolina has fared better than most other states, we need to redouble our efforts to avoid preventable foreclosures," Pearce said. The group's latest report found that seven out of 10 seriously delinquent borrowers are still not on track for any loss-mitigation outcome, but even so lenders are not able to address opportunities for loss mitigation because their staffs can't keep up with the number of inquiries. The report urges a more systematic approach to loan work-out efforts to streamline the process, and a slower foreclosure process to allow for more loan modifications that could prevent additional vacant, bank-owned properties. The report cites data by RealtyTrac indicating that North Carolina is ranked 26th in the nation in the foreclosure rate. |
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