If history repeats itself we will see a surge in the numbers over the next few months as lenders
foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed - in - lieu of foreclosure alternatives works.»
«These failures — including the loss of the original loan document necessary to
collect on the delinquent loans — have already rendered as much as $ 5 billion in loans uncollectable.»
Proceeds from the sales went toward a $ 21.6 million judgment obtained in October 2009 by ML Private Finance, a Bank of America Corp. affiliate,
on a delinquent loan.