More Lenders Offering Plans with Debt Forgiveness
Written by Emil Fleysher | April 8, 2012 | Foreclosure
Non-government holders of delinquent mortgages are offering more payment plans with debt forgiveness, even as government controlled Fannie Mae and Freddie Mac resist. Of the 116,153 mortgages modified in the fourth quarter of 2011, debt forgiveness was included in 16 percent of loans held by private investors, 25 percent of loans held in bank portfolios and in none owned by the government run companies. Fannie Mae and Freddie Mac haven’t granted principal reductions because it would cost the taxpayer funded companies almost $100 billion.
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