Monday, September 21, 2009
According to a real estate research firm, the number of bank repo homes declined by 12.7 percent in August when compared to previous month. The number of repossessed houses by banks has dropped by 12.7 percent.
Federal government has pressurized lenders to slow down their foreclosure process so that homeowners can work out on loans which can make a significant dent on foreclosure filings. Banks have also kept on hold many foreclosed or repossessed properties in search of better options.
Many lenders have decided not to pursue immediate repossession of properties so that they can save themselves from maintaining the properties. They think that delinquent borrowers would care for the properties.
According to a survey, nearly 30 percent of homeowners were not able to make two monthly payments were able to pay their arrears and make their accounts current.
Federal government has pressurized lenders to slow down their foreclosure process so that homeowners can work out on loans which can make a significant dent on foreclosure filings. Banks have also kept on hold many foreclosed or repossessed properties in search of better options.
Many lenders have decided not to pursue immediate repossession of properties so that they can save themselves from maintaining the properties. They think that delinquent borrowers would care for the properties.
According to a survey, nearly 30 percent of homeowners were not able to make two monthly payments were able to pay their arrears and make their accounts current.
Labels: Decline in houses repossessed by banks to 12.7 percent
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 6:31 AM
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