I just read an AP story that discussed some interesting figures.
Essentially it said that the number of foreclosures in the third quarter was 60% higher than the number of borrowers the mortgage industry was able to help.
At least that's what the Mortgage Bankers Association was quoted as saying.
The trade group then proceeded to pat itself on the back for doing a "good job" of reaching out to borrowers to set up loan modifications and repayment plans.
Here are the numbers that make up that "good job."
Mortgage lenders started 237,000 loan modifications nationwide in the third quarter, while foreclosing on 384,000 people in the same period.
What does this mean to you if you're thinking of a reverse mortgage?
It means that in many places in West Michigan you'll receive less money from your reverse mortgage, since the value of your home has been depressed because of the glut of foreclosed homes in your area.
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