Foreclosures cost a lot of money. A conservative estimate of the financial toll on the borrower, the creditor, the guarantor and the surrounding community shows a foreclosure can cost upwards of $65,000.
Letting borrowers skip monthly payments for a period, through a permanent forbearance option, could help avoid that financial loss. Researchers at the Urban Institute argue that forbearance should be the first step in the standard foreclosure-prevention toolkit.
The proposal, by Laurie Goodman, the founder of Urban’s housing finance policy center, Ted Tozer, former president of Ginnie Mae, and Alexei Alexandrov, former chief economist at the Federal Housing Finance Agency, would details ⇒
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