2007-06-29 15:15
Cutting Foreclosure Losses
Best foreclosure prevention practices used by servicers were outlined in a report recently issued by the Office of the Comptroller of the Currency. Defaults on loans originated over the past few years with adjustable rates, introductory teaser rates, and payment options could lead to as many as 1.1 million foreclosures over the next six years or more, Occ said. Servicers can mitigate fallout by improving early contact with delinquent borrowers, working with nonprofit counseling groups and identifying the prospects most likely to recover, according to the report.
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