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Foreclosures Lower In 2011

admin — Thu, 09 Feb 2012 15:34:35 +0000

Homes in foreclosure decline by 130,000 homes in 2011 and it is thought to go lower this year.

Declining US Home Values Forecasted to Slow in 2012, Says Zillow
In the fourth quarter, the rate of homes foreclosed edged upward from eight out of every 10000 homes in November to 8.2 out of every 10000 in December. However, the rate was lower than at the end of the third quarter, when 8.6 out of every 10000 homes …

It is thought the new foreclosure deals can help the current marketplace.

Mortgage deal could bring billions in relief
The settlement settles potential state charges about allegations of improper foreclosures based on “robosigning,” seizures made without proper paperwork. Most of the relief will go to those who owe far more than their homes are worth, known as being …
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Foreclosures Avoided

admin — Mon, 02 Feb 2009 07:26:53 +0000

Hope Now recently said it completed a record-high 239,000 foreclosure prevention workouts in December 2008. This is the first time since HOPE NOW began to compile data in July 2007 that the number of workouts exceeded 200,000 in 4 consecutive months and is the latest indication that the mortgage lending industry is continuing to increase its foreclosure prevention efforts.December 2008 results show the mortgage lending industry is helping homeowners. The 122,000 modifications completed in December 2008 are 19 percent higher than the previous record set in October 2008.

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Paulson Calls For Massive Loan Modifications

admin — Tue, 23 Dec 2008 21:35:18 +0000

The Hope Now Alliance, a group created at the behest of Treasury Secretary Henry Paulson last year, expects to modify about 2 million mortgages next year, according to a report to be released today in Washington. The group, which includes JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp., also plans a new campaign to boost participation in the program.

Hope Now projects 950,000 loan modifications for 2008, including 208,000 for the month of November. Including repayment plans and other assistance, the group estimates that about 2.2 million foreclosures will have been prevented this year, bringing to 3 million the total averted since the program began in 2007. Bloomberg.com

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Loan Modifications to Help Struggling Homeowners

admin — Fri, 19 Dec 2008 18:10:33 +0000

Faced with a dramatic surge in defaults, both Freddie and its sibling company, Fannie Mae, are stepping up efforts to prevent foreclosures by increasing loan modifications.The federal agency that regulates the two companies anticipates they will modify about 75,000 troubled loans next year, up from about 60,000 this year. The program applies only to borrowers who have missed three months of payments and have not filed for bankruptcy and still live in their homes.

Most of the increase is expected to result from a mass loan modification program for loans owned by Fannie or Freddie that was launched this week. Loan servicing companies, which collect mortgage payments for Fannie and Freddie, are expected to send out thousands of letters to eligible borrowers in the coming weeks.

But for borrowers who are current on their mortgages, they can take advantage lower interest rates, refinance and save money.

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