Released: August 15, 2008

Foreclosures soar despite efforts to help

Source: Anna Bahney, USA Today

The magnitude of home foreclosures appears to be overwhelming the efforts of lenders to help distressed borrowers keep their homes.

To help stem the wave of foreclosures, some lenders have been easing the terms of loans, helping owners refinance or even letting homes be sold for less than the value of the mortgage — called a “short sale.” But so far, those efforts have had only modest success.

Read Full Article: Foreclosures soar despite efforts to help