MORTGAGE LENDERS PREFER FORECLOSURE TO HELPING HOME BUYERS PAY OFF LOAN
SF GATE - Mortgage lenders rarely help homeowners struggling with rapidly increasing adjustable mortgages, according to a survey of 33 California housing counseling agencies. Only one agency responding to the survey said that loan modification - adjusting a mortgage's terms to make it more affordable - is among the most common outcomes for its clients. Instead, foreclosures were the most common outcome for agency clients overall, according to the survey by the California Reinvestment Coalition, a statewide alliance that promotes access to credit. The second-most-common result was a short sale, selling a home for less than is owed on the mortgage.
2 Comments:
If lenders foreclose, they get to steal the home owner's equity. If they refinance they have to let the home owner keep it. Since lenders are primarily greedy, of course the latter is what they want.
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