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Genworth: Most Foreclosure Prevention Succeeds.(Managing REO)
Byline: Amilda Dymi
Richmond, VA-Genworth Financial reported that 90% of the almost 10,000 Americans who did not go to foreclosure due to assistance from company loan servicer partners in the last 12 months were able to keep their homes.
Data in the Genworth quarterly Foreclosure Prevention Scorecard report, which analyzes workouts conducted from July 1, 2007 through June 30, 2008, provide year-over-year workout information and homeowner assistance trends nationwide based on Genworths loss mitigation efforts.
The report shows the number of workouts increased especially during the second quarter of 2008 when nearly 3,000 Americans were helped by a Genworth workout, or 32% more cases compared to the second quarter of 2007.
A trend of increasing workouts is expected to continue in the latter part of this year according to company sources.
Typically the workouts do rise with the delinquencies still rising, Alan Goldberg, vice president of homeowner assistance at Genworth Financial, told MSN.
Also, home prices still appear to be dropping, so we see more workouts as time is going over.
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Source: HighBeam Research, Genworth: Most Foreclosure Prevention Succeeds.(Managing REO)