I was wondering when lenders were going to show some common sense and see that Zero Return on their money is less than the 4 or 5% they were receiving from the borrowers on loans that were due to reset in the near future and forcing many of these borrowers into foreclosure.
Well they finally have. Many lenders are going to put foreclosures on hold for 30 days in an attempt to formulate workout programs for those strapped borrowers. This should enable property values to find some stability with fewer foreclosures going forward.
It's really a benefit for everyone, the homeowner about to lose their home and the homeowner living next to a property that could lend up in foreclosure.
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