Las Vegas, NV Mortgage: Mortgage Servicers are starting relief efforts

Let's be clear, Mortgage Banks and Mortgage Servicing Companies are not in the business of owning houses and managing foreclosed properties.  They do it because they have no other choice.  If they were in the business of owning houses, they would act much quicker when pulling the trigger on foreclosure proceedings.  That being said, the article below comes as no surprise to me. I am VERY HAPPY to hear that Mortgage Banks and Mortgage Servicing Companies are making a conscious effort to help people avoid foreclosure.  Although they may not be able to help everyone, if they can convert 1 of 4 mortgages from Arm's to Fixed Rate Products they could help reduce the number of foreclosure by up to 25%.  This would be a welcome relief to the market. 

Kinder, gentler lenders

Mortgage servicers are finding ways to treat delinquent borrowers more patiently to avoid foreclosures.

By Les Christie, CNNMoney.com staff writer August 6 2007: 1:03 PM EDT

NEW YORK (CNNMoney.com) -- The light at the end of the subprime tunnel seems a long way off, but some lenders are trying to get there without losing too many customers. A flood of hybrid adjustable rate mortgages (ARMs) comes up for reset this fall - peaking in October with more than $50 billion due, with more delinquencies than ever expected. Foreclosures could explode, which would hurt everyone on the food chain: Borrowers lose their homes; lenders lose their payments; local governments lose tax base; and neighborhoods lose resiliency. FULL STORY

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