Some good foreclosure news

Posted by steele in minnesota on September 24, 2007 at 13:49:05: Countrywide Rescues 35,000 Loans from Foreclosure

Kerri Panchuk, Financial News | 09.24.07

Countrywide Financial Corp., one of the nation's largest subprime lenders, says its home preservation efforts are paying off with internal statistics showing the company has saved 35,000 mortgages since the onset of the year.

Through loan modifications, repayment plans, the postponement of payments, and refinancing measures, Countrywide continues to rescue borrowers who are facing escalating mortgage payments.

“Our number one priority is to help borrowers stay in their homes,” said Steve Bailey, senior managing director of loan administration. “Countrywide has the right tools, processes and staff to help homeowners avoid foreclosure.”

Citing internal statistics as evidence of the company's successes, Countrywide says this year alone, it completed 17,000 loan modifications and is expected to complete 25,000 modifications by year's end.

“There is an unprecedented effort among lenders, investors, community groups and the industry to work together to help homeowners,” Bailey said. “No one benefits from foreclosure, and counseling and intermediary support from these groups can be fundamental to the success of our borrowers.”
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