Mortgage Insurer Genworth Financial announced yesterday that is has now helped over 1,000 borrowers impacted by mortgage stress to get back on their feet.
The insurer’s ‘Hardship Solutions’ program, established by Genworth in 2006 in response to increasing levels of mortgage stress, involves working with lenders and borrowers to negotiate a way to keep borrowers in their homes.
Under the program over 89 per cent of requests for assistance have been approved. 95 per cent of approved participants have been able to get back on their feet.
Peter Hall, country executive of Genworth, said that the majority of people helped through the program are able to stay in their homes, and that few reappear on delinquency lists.
“These people do have good repayment potential and are just going through a temporary glitch,” he said.
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