Bank Owned Property Listings by Genworth Financial Contained

by on Finance Foreclosures

Bank owned property listings by Genworth Financial have been contained significantly, according to the financial management company.

Genworth announced recently that its mortgage loan servicing partners were able to save $2.3 billion in distressed mortgage loans from being thrown into foreclosure across the country during the one-year period ended September this year.

Alan Goldberg, vice president for Genworth’s homeowner assistance program, said that the program was carried out for homeowners with no additional costs to distressed homeowners.

Genworth modified loans in all states where it provided home loans, but it modified the biggest number of distressed loans in ten states. The state with the highest number of foreclosures prevented and the highest value of mortgage loans saved was Florida, where Genworth servicers rescued mortgage loans worth $245 million over the past year.

Second in the ranking was Texas, where Genworth saved a total of $165 million worth of mortgage loans. Third was California, where loans totaling $144 million were saved. Georgia, Arizona and Illinois were next, where mortgage loans worth $122 million, $121 million and $113 million, respectively, were rescued.

Seventh in the ranking was New York State, where $104,547,138 worth of mortgages were prevented from entering bank owned property listings over the one-year period ended September this year. Of the total, $18 million worth of mortgage loans in the city of New York were saved and around $4.5 million worth of loans or around 25 percent were saved in Brooklyn.

According to Goldberg, the average amount of mortgage saved per homeowner across New York State was $175,000. He also explained that over the one-year period studied, 91 percent of all loan workouts were completed cures – borrowers were able to save their homes and were able to make their home loan accounts current.

He added that the remaining nine percent who applied for loan workouts were not able to save their homes, but were able to preserve their credit ratings because Genworth Financial worked out viable alternative workouts for them.

The other states with the highest value of mortgage loans saved by Genworth were North Carolina, where $90 million worth of mortgage loans were saved; New Jersey, where $88 million worth of mortgages were saved, and Pennsylvania, where $85 million worth of loans were saved.

All in all, Genworth Financial saved $2.3 billion worth of mortgage loans from entering bank owned property listings during the one-year period ended September 2009.