With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting. Wells Fargo has hired and trained 10,000 additional people to work with …
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Legislation intended to stem the continuing tide of home foreclosures was brought to both houses of Congress in January. Rep. Dennis Cardoza, D-Atwater, re-introduced a bill that would make it easier for home owners to refinance existing mortgages to net more manageable monthly payments. He proposed this bill, called the HOME Act, in 2009. Last …
The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by ForeclosureRadar, a locally based company that tracks every foreclosure in the state and provides daily auction updates. The company characterized foreclosure activity in the Golden State as “mixed” last month, with filings …
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