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Are Banks Better off Foreclosing Beaufort, SC Homes?
Are Banks Better off Foreclosing Beaufort, SC Homes?
Remember this past summer, when loan modification statistics were starting to become revealed? The data was murky, at best, when it came to determining whether the government's Making Home Affordable efforts - part of the overall stimulus package - was helping distressed homeowners keep their homes.

There were early indications that banks were dragging their feet. Then the U.S. Treasury started to put pressure on the banks, who pledged to increase those in trial modifications from about 200,000 to 500,000 by Nov. 1.
Now that we're past that date, there's no hard-and-fast data yet that shows that goal has been met. What there HAS been is complaining that banks are still reluctant to help homeowners avoid foreclosure - even though the government has put in place incentives for them to do just that - and the suggestion that a staggering number of new foreclosures lies ahead.
It begs the question. "If banks are being given incentives to modify loans, why aren't they doing so?"
Well, a consumer advocacy group called the National Consumer Law Center says banks are financially better off foreclosing than modifying.
In a report titled "Why Servicers Foreclose, When They ... more

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