Believe it or not, lenders do NOT want to foreclose on homeowners. In addition to the significant loss of mortgage income involved with a foreclosure, lenders also incur legal fees, potential repair costs, real estate commissions, transfer taxes, and countless other fees. In an effort to avoid potential future foreclosures, many lenders are awarding loan modifications to homeowners in financial distress even before they've missed a payment.
Mortgage File
These costs and a steadily decreasing ma…
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Posted on December 26, 2008 at 11:22pm —
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Sara