According to reports, foreclosure filings are down 8% from August. This may be due to more investors trying to buy distressed properties or more initiative from the mortgage companies to save homeowners from filing for foreclosure.
Mortgage companies are trying to work with those feeling the bite. Lenders like Countrywide and Wells Fargo have added more counselors and phone lines. They estimate that they are saving about 50% of homeowners from filing for foreclosure.
Let's hope that this can become the new trend.
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