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Bank Regulator Highlights Foreclosure Prevention Practices.
WASHINGTON -- If you want to help troubled borrowers avoid foreclosure, contact them early and be their friend, a bank regulatory agency is advising.
Noting that nearly $500 billion to $800 billion of adjustable-rate mortgages will reset this year at higher interest rates, the OCC, using MBA figures, estimates that as many as 1.1 million foreclosures could result over the next six years from rate resets, teaser rates expiring and payment-option problems.
The Office of the Comptroller of the Currency recently published a report, "Foreclosure Prevention: Improving Contact with Borrowers," that advises servicers to improve contact with delinquent mortgage borrowers. The OCC says that early contact and communication with lenders and "trusted advisors" is needed to develop alternatives to foreclosure that allow borrowers to stay in their homes.
"Effective foreclosure prevention strategies rely on increasing the amount of contact between loan servicers and delinquent borrowers," said Barry Wides, OCC's deputy comptroller for community affairs, in a news release. "And the sooner this contact begins, the more likely it will be successful."
He added that a growing number of lenders are partnering with nonprofit agencies to ...
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Source: HighBeam Research, Bank Regulator Highlights Foreclosure Prevention Practices.