Partnership buys underwater mortgages to help owners avoid foreclosure

08/1/2013 | National Journal

A partnership among four national housing groups, called Mortgage Resolution Fund, is working to help homeowners avoid foreclosure by purchasing their mortgage notes. The partnership then either modifies the loans or helps families relocate. Officials with Mortgage Resolution Fund have had success in Ohio and Illinois and had hoped to buy large volumes of loans concentrated in neighborhoods most vulnerable to foreclosures. However, the fragmented nature of mortgage lending and note holders' reluctance to sell have become roadblocks to those goals.

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