Foreclosure

In response to the influx of foreclosed homes on the market, the real estate auction firm Hudson & Marshall of Texas, Inc., is auctioning nearly 200 bank-owned homes this week in cities throughout Arizona, Colorado, and Nevada. This week's auctions started July 20 and will continue through July 24. The properties up for bid are valued from about $18,000 to more than $450,000, and all come with an insurable title and no back taxes or liens.

Bolstered by the big four banks' loss mitigation efforts, the total number of active permanent modifications completed under the Home Affordable Modification Program (HAMP) jumped to 389,198 as of the end of June. Servicers completed 51,205 permanent modifications during the month, and more than half - 26,525 - of these were initiated by the nation's four largest banks - Bank of America, Wells Fargo, JPMorgan Chase, and Citi.

New data from the Treasury shows that the redefault rate for the Home Affordable Modification Program (HAMP) is far lower than many critics have projected and well below typical industry averages. According to the July report, the re-default rate (90 or more days past due) for homeowners in permanent modifications for at least six months is 1.7 percent. The latest figures from the OCC put the redefault rate of mortgages modified by the nation's 11 largest servicers - incorporating proprietary mod programs - at 57 percent.

In an effort to further serve financially troubled homeowners in New England, Bank of America Home Loans has opened a new customer outreach center in Dedham, Massachusetts. The new help center will serve customers in the Boston area and surrounding region. These at-risk borrowers will be able to schedule face-to-face meetings with Bank of America homeownership retention specialists who will help determine customers' eligibility for the federal government's Making Home Affordable program or other Bank of America modification or foreclosure avoidance programs.

Banks took back an average of 4,000 South Florida properties each month during the first half of 2010, according to a new report from the locally based real estate consultancy Condo Vultures. At the current rate, the company says nearly 50,000 homes will be repossessed in South Florida this year alone. One key reason the number of REOs has spiked is the implementation of a new online auction technology being used by county circuit courts to clear the backlog of foreclosed properties.

RealtyTrac released its Midyear 2010 Foreclosure Report Thursday, which shows that 1,654,634 U.S. properties received a foreclosure filing during the first half of this year. That figure means that one in every 78 homes received at least one filing between January and June. RealtyTrac says at this pace, we're on track to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions. In the second quarter alone, bank repos hit a new record high.

The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by the locally based firm ForeclosureRadar. In total, 10,506 foreclosures were called off in California last month before reaching the auction sale phase. ForeclosureRadar characterized activity in the Golden State as ""mixed"" last month, with filings of new foreclosure notices on the rise and foreclosure sales down. That assessment follows two straight months of across-the-board declines.

In an effort to give investors and first-time homebuyers an opportunity to purchase a variety of homes at significant discounts, Hudson & Marshall of Texas, Inc., (H&M) is auctioning nearly 250 bank-owned homes this week in cities throughout Indiana, Illinois, Minnesota, and Wisconsin. This week's auctions started July 13 and will continue through July 17. The properties up for bid are valued from as little as $8,000 to more than $435,000.

Nielson & Sherry, PSC is expanding its footprint in Kentucky with the opening of a new office in Louisville on August 1, 2010, located on the city's east side in the recently renovated Hurstbourne Place office tower, just minutes from the state and federal courthouses. Nielson & Sherry's focus is on legal issues related to the banking, lending, and real estate industries, including REO, title, and foreclosure-related matters.

In just the first three months of operation, Fannie Mae's mortgage help center in South Florida has been able to provide assistance to more than 700 Miami-Dade metro area mortgage borrowers seeking to avoid foreclosure. The center, which offers free mortgage and financial counseling to homeowners at risk of foreclosure, was opened in late February through a partnership between Fannie Mae and Neighborhood Services of South Florida.