Foreclosure Group Says Servicing Efforts Still Fall Short

The group noted that at-risk borrowers are receiving more help than in the past, but most are still not on track for any meaningful solution.

In fact, seven out of 10 “seriously delinquent borrowers” are at risk of losing their homes because of what the group calls a “systematic failure of servicer capacity to work out loans.”

The data also suggests that servicers are strained because of the increased workload, and two-thirds of loss-mitigation efforts are taking more than a month to complete.

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“Initial efforts to develop systemic approaches are far too limited to make a difference in preventable foreclosures,” the report concluded.