October 22, 2008

Mortgage Workouts Increase as Banks Ramp Up

Banks, faced with rising foreclosures, government pressure and economic realities, are growing more willing to modify loans to keep borrowers out of foreclosure.More than three million U.S. homeowners over the last 15 months have either received loan modifications or are involved in programs where that will be the result.* About 2.26 million mortgages have been modified under the Hope Now program, an...