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From Servicing Management Magazine, November 2009:

Partnering With Nonprofits Gains Acceptance in REO

Nonprofit organizations becoming an increasingly important component in servicers' efforts to move REOs off their books.

Mortgage servicers can't seem to catch a break. As we exit the throes of the Great Recession, it is expected that 2 million people will lose their homes to foreclosure throughout the remainder of this year.

With the Treasury openly adminishing servicers' efforts at loan modifications and issuing report cards on the number of loan modifications completed, servicers are feeling the pressure to perform. Though the Making Home Affordable program promised help to 9 million struggling homeowners when it debuted in March, fewer than 600,000 had received help as of September. Mostly, the Home Affordable Modification Program has become servicers' greatest logistical challenge.

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Assisting Salvation Army Efforts:

Sam Mannino recieved a thank you letter from the local Salvation Captains, Charles and Patricia Niedermyer, for his parterning with us.

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