The Real Deal Miami

Trial modifications could lead to delayed foreclosures, analysts say

November 12, 2009 03:54PM

As October marked the eighth consecutive month to see more than 300,000 U.S. home foreclosures, analysts are speculating whether 2010 could bring a new wave of pain. CNBC’s Diana Olick reported that while the number of foreclosures filed did decline about 3 percent between October and September, this could be due to banks slowing down the foreclosure process. Currently, more than 650,000 borrowers are in so-called “trial modifications,” which could lead to delayed foreclosures down the road if they don’t pan out.