Banks move toward fewer Foreclosures?

Another interesting fact that was brought up a senior Wells Fargo representative at the seminar yesterday was that their bank was commited to minimizing foreclosures and move toward short sales. This has been echoed elsewhere in the news too.(see http://www.cnbc.com/id/37846778/). The representative stated that short sales and foreclosures would only be considered if loan modification attempts failed. It seemed Wells Fargo is being very proactive in communicating with their mortgage clients who were in trouble during these difficult economic times. Most of the realtors who were attending the seminar were in agreement that the Wells Fargo  short sales division had been efficient in trying to clear hurdles to completing short sales with very good response times leading to timely closings. The other 3 major banks engaged in mortgage loans are also recognising that it is better for all involved to take the short sale route as opposed to foreclosures.
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