Cost of mortgage foreclosure: $60k
I missed the initial article but while reading an article on the Real Estate Bloggers today about politicians getting into the foreclosure fix, I came across a link to an article about the average cost of foreclosure. Freddie Mac indicates the average cost of a foreclosure is $60,000.00. Armed with this knowledge, it should come as no surprise that it is in the financial best interest of both the lender and the borrower to resolve potential foreclosure situations without the necessity of a foreclosure.