Loan Servicers In Virginia Work to Lower Foreclosure Rates

ForeclosuresMass President and co-founder, Jeremy Shapiro Virginia's loan servicing companies have increased "workouts" for troubled borrowers by 30 percent last quarter versus a year ago in an effort to reduce the number of claims. Workouts include lowering monthly payments or modifying terms of the of the mortgage to reduce foreclosure. Interest rates and home prices are at all time lows in Massachusetts. Median single family home prices have been declining since July 2007 and have hovered around $310,000 for the past three months, according to Massachusetts Association of Realtors report. Coral Springs, Florida has seen more than 1,800 foreclosures this year alone. Officials have mulled over a law to accelerate the code enforcement process for vacant and abandoned properties. The law would also establish minimum maintenance standards for properties owned by lenders.

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