Tag Archives: foreclosure alternatives


Posted 5 years ago in by Heather McGowan  
New Options for Homeowners Facing Foreclosure

Homeowners unable to meet their current mortgage payments may have a new remedy. Many lenders are showing a new willingness to reduce the principal owed on the property by lowering or “writing-down” the amount. The reduction brings the mortgage loan in line with current property values and borrower incomes. As foreclosures rise so, it seems, does lenders’ flexibility in offering this option: Principal write-down was used in 30 percent of private loan modifications in 2011, as opposed to only 2 …

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