"More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Administration officials also announced it was expanding the program to assist delinquent borrowers who do not qualify for a modification. The government will provide incentives for servicers and borrowers to pursue short sales, where the bank agrees to take the proceeds of a sale as full payment of the mortgage, and deeds-in-lieu of foreclosure, in which the homeowner gives the house to the bank. Both methods avoid foreclosure and lessen the impact on neighbors' property values."
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55,000 mortgages modified under foreclosure prevention plan
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