Looking for a fix to help the broken housing market? There's already a proven inexpensive solution that can help head off the predicted 10 million homes in the United States that will be lost to foreclosure over the next several years. A new report from the National Consumer Law Center (NCLC), Rebuilding America: How States Can Save Millions of Homes Through Foreclosure Mediation, documents how states with strong programs are preventing foreclosures while saving money for investors and taxpayers.
This nationwide report reviews existing programs in 19 states and makes recommendations for best practices for all states to adopt, using foreclosure mediation data from the last three years to draw its conclusions. The report includes examples of programs that are more successful (Connecticut, Nevada, and New York) and those that are less so; state references per section; tables; and a history, including statistics, of documented servicer problems and the Home Affordable Modification Program (HAMP).
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