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Foreclosure

Foreclosures Decrease in January: Report

According to statistics from Miami-based Bank Foreclosures Sale, an online listing service, foreclosure rates in states across the nation were significantly lower in January. The company reported that the number of foreclosures for sale fell to 315,710, marking a 10 percent decline from December. While these positive figures may have some thinking ""housing recovery,"" experts say it is important to note that January's numbers are still 15 percent higher than a year earlier.

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Americans Strongly Support Government Housing Initiatives: Survey

Americans remain strongly committed to federal support for homebuyers, and many believe the government should provide more protection against foreclosure, according to the results of a recent survey published by the National Association of Home Builders. Thirty-three percent of those surveyed say they are planning to buy a home in the near future. Personal financial concerns, as well as weakness in the housing market itself, were cited as reasons this statistic wasn't higher.

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DepotPoint and AssetPlanUSA Partner to Enable Short Sales

The U.S. government is encouraging short sales as a solution to the nation's still-growing foreclosure crisis, but insight from industry players indicates that borrowers and lenders alike are having trouble executing short sale transactions. To help lenders and servicers educate troubled borrowers on the benefits of opting for a short sale, DepotPoint and AssetPlanUSA have joined forces.

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Wachovia Awarded $10.5 Million in Foreclosure Judgment

Charlotte-based Wachovia Corp., the No. 1 bank in Raleigh-Durham market share, recently won a $10.5 million foreclosure judgment against a Homestead, Florida trailer park owner who planned to build an apartment complex on the property, Triangle Business Journal reported Monday.

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Administration’s Refinance Program Gets One-Year Extension

The Federal Housing Finance Agency (FHFA) is extending the Home Affordable Refinance Program (HARP) through June 30, 2011. HARP is a key component of the Obama administration's foreclosure prevention efforts. It provides mortgage refinancing to borrowers whose homes have lost value and now find themselves owing more than the home is worth. Several industry groups have been lobbying FHFA to extend the program, arguing that it keeps creditworthy, performing borrowers out of unnecessary foreclosure.

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HUD Launches Online Tool to Fight Loan Modification Scams

Loan modification scams are on the rise, but HUD is taking action to put these con artists out of business. Preventloanscams.org was recently launched by the federal agency in partnership with a national coalition of public and private enterprises. The new system allows for better analysis of fraud trends across jurisdictional lines, which HUD says will likely lead to an increase in private enforcement action filings. Officials estimate that this online tool will assist approximately 50,000 homeowners who've been victimized by loan modification scams.

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National Quick Sale Partners With Two New Companies

With short sales gaining in popularity, it comes as no surprise that two companies recently announced strategic partnerships with National Quick Sale, a short sale technology company based in Jacksonville, Florida. The company's two newest partners are REA Accelerated Marketing Group and Epic Real Estate Solutions.

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HOPE NOW Expands HOPE LoanPort

As part of a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes, HOPE NOW, the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, recently announced that it has expanded the HOPE LoanPort through its housing counselor partners in 25 states and more than 100 cities.

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Company Says Investors Earn High Returns Preventing Foreclosure

Moody's Investors Service projects the national rate of underwater homeowners could reach 50 percent by early 2011. Florida's All Statewide Property Corporation says it has found a solution to this dilemma by forming satellite limited partnerships to by bulk mortgages from lenders and reducing principal balances to current market values.

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