In states where mediation of foreclosures through some fashion of legal assistance (judicial foreclosure state, not a non-Judicial foreclosure state like Georgia), the states are requiring banks to modify loans…About 20 states offer some form of foreclosure mediation.
Some borrowers have complained that the lender transfers them from person to person and the Congressional investigations on Cspan reveal some of the practices.
Over 60% of the people in mediation have received permanent loan modifications. There was also a reported 1.5 million loan modifications made by the industry – But how many of those modifications were permanent and how many were just for the minimum 3 months to get their fees and setup for another loan modification?
Source: WSJ 12-31-2010, A4 – http://online.wsj.com/article/SB10001424052748704543004576051843140821936.html?mod=djemRealEstate_h
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