The drop in foreclosures, according to a local attorney, is due to willingness by mortgage companies to streamline the short sale and loan modification process as an alternative to foreclosure.
"The mortgage companies still take a loss on a short sale, but not as much as they would if they have to wait until the expensive and time-consuming foreclosure process is over, which takes about a year before they get the property back to market it," said Patrick McLister of Salisbury and McLister.
"Some lenders are also accepting deeds in lieu of foreclosure from distressed homeowners to shorten the time it takes to resell the property."
More here.
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