Foreclosure.com and LoanResolve.com jointly announced they have forged an alliance to reduce and simplify the short-sale process. The chairman-elect of the Mortgage Bankers Association testified before Congress that servicers have taken a number of steps to reduce foreclosures including increasing staff, investing in new technology and sponsoring home retention workshops. HOPE NOW servicer members have committed to respond within five days of requests from borrowers for a loan workout, the group's executive director said in her own testimony at the same hearing, a news release said. In Washington, D.C., Neighborhood Assistance Corporation of America said it recently held a demonstration to show at-risk borrowers how to avoid foreclosure and press legislators and the Bush administration to take more action. North Carolina House Bill 2623, Emergency Foreclosure Reduction Program, was ratified by state lawmakers on July 17 and sent to the governor.
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