Foreclosure: Avoiding It, If Possible
Published On: May 7, 2007
Today’s Consumer Law and Policy Blog refers to a Washington Post article published on May 6, 2007 aimed at illuminating strategies that borrowers and mortgage lenders might employ to avoid foreclosure. The article entitled Fighting to Keep The Roof On discusses the fact that lenders are willing to work with borrowers. Restructuring the loan may benefit both the borrower and the lender because it is much less costly for the lender to restructure than to foreclose. The lenders are in the business of lending not foreclosing and selling the property so, when feasible, they would prefer to keep the homeowner in their home.