Countrywide Financial Corp., based in Calabasas, Calif., says it helped more than 80,000 borrowers retain their homes in 2007.
Loan modifications accounted for 69% of all home retention efforts, and the firm's foreclosure prevention efforts grew substantially in the fourth quarter of 2007 as a direct result of increased staffing, outreach and investor support.
Ninety percent of Countrywide's workout initiatives enabled borrowers to retain their homes, the company adds. Long-term repayment plans accounted for 13.4% of 2007 efforts, while special forbearance accounted for 5.11% of efforts. Short sales were the result of 8.72% of 2007 efforts, and deeds-in-lieu occurred in 1.35% of workout activity.
