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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If you or someone you know is having trouble paying each month’s mortgage payment, you may want to consider foreclosure prevention counseling. Data released by NeighborWorks American finds that a homeowner working with a housing counselor is nearly two times more likely to avoid foreclosure than those who don’t. Counseled borrowers also tend to lower …
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The Federal Housing Administration (FHA) insured 1.74 million single-family mortgages during fiscal year 2010, which for the federal agency ended in September. The collective value of the loans endorsed was $318.8 billion. FHA’s loan volume for the year was down 10.3 percent from 2009, and came in below the 1.87 million mortgages it had previously …
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