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Over 4 million homeowners will need foreclosure or modification assistance over the next several quarters according to economists.  LPS posted that 282,528 foreclosures were initiated in August.  That number is 1% higher than July and 20% higher than the same month last year.

For 2010 there has now been over 2 million foreclosure starts.

On a positive note, the number of early-stage delinquencies has declined slightly.  Overall, delinquencies are down slightly over 5% compared to August of last year.   Peaking, …

On this week’s Preforeclosure Daily Grind “Tip of the Week” we tackle the latest way that Litton Loan Servicing is handling their loan modifications. We cover how they deal with sellers, agents and third party loss mitigation companies when they are servicing the 1st mortgage. We also go over what they are doing when they are servicing a 2nd loan and what debt collection company they are working with. Chase’s new practice regarding sellers that miss one payment and what …