They don’t want to force borrowers into foreclosure, and are working hard to come up with options for defaulting borrowers.
PS,
Are you sure of this? I don’t claim to know what’s going on in the heads of nervous lenders right now but this seems counter-intuitive to me.
If I were a lender with a number of non-performing mortgage loans and I saw a flood of foreclosures coming, I’d certainly consider forcing delinquent borrowers into foreclosure sooner rather than later.
Once the tsunami hits, then I’d consider other options for delinquent borrowers.
