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Foreclosure

BofA Completes Nearly 21,000 Permanent HAMP Mods

Bank of America completed 20,666 permanent modifications under the Home Affordable Modification Program as of February 28, 2010, up from 12,761 a month earlier. The bank also has 22,303 additional permanent HAMP modifications that are pending and leads the mortgage servicing industry with more than 240,000 active trial modifications under HAMP.

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Wells Fargo Surpasses Half Million Modification Mark

As of February 28, 2010, Wells Fargo & Co. had 505,832 active trial and completed modifications through its own modification programs and the federal Home Affordable Modification Program (HAMP). According to the administration's February HAMP report card released Friday, Wells Fargo completed more permanent modifications than any other HAMP servicer.

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LPS Study Finds Pace of Delinquencies Is Slowing

While delinquency rates in the United States continue to reach new highs, the pace of deterioration has slowed, Lender Processing Services (LPS) said Monday. Still, company's analysts caution that the nation's housing market remains far from a full recovery. According to LPS' latest Mortgage Monitor report, nearly 7.5 million loans are in some stage of delinquency or foreclosure, with an additional one million properties in REO or post-sale foreclosure.

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REOs and Short Sales Account for 50% of California Home Sales

Foreclosed homes taken back by lenders and distressed short sales accounted for nearly half of all residential home sales in California in 2009, according to a market report released this week by the California Association of Realtors. As one of the hardest-hit states by the housing downturn, the Golden State is littered with bank-owned properties and homes facing foreclosure, but the lower prices and increasing buyer appetite for these deals are helping to reduce some of California's distressed inventory.

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Minority Real Estate Groups Introduce Plan to Address Housing Crisis

During the 2010 Multicultural Real Estate & Policy Conference last week in Washington D.C., the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America(AREAA), and the National Association of Real Estate Brokers (NAREB) introduced The Five-Point Plan: Creating a Sustainable Path to Minority Homeownership.

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Servicers Complete 170,000 Permanent HAMP Mods

It's been a year since the government's Home Affordable Modification Program (HAMP) was implemented and only 170,000 troubled homeowners have received permanent loan restructurings. The number of modifications in the permanent column did increase 45 percent from 116,297 in January, but it's still a mere drop in the bucket when you consider the Treasury's own estimate that there are currently 1.8 million borrowers who are behind on their payments and eligible for the program.

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Foreclosure Specialist Admonishes HAFA Program

President Obama's Home Affordable Foreclosure Alternative (HAFA) program has been under intense fire this week. On Monday, a coalition of appraisal groups sent a letter to the Treasury opposing the program's use of BPOs, and on Thursday, the chief foreclosure expert at Ushud.com warned that HAFA is ""rife with problems that will adversely impact real estate professionals and consumers alike.""

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Foreclosure Activity Drops 2%: RealtyTrac

Foreclosure filings issued to U.S. homeowners have fallen for the second straight month. According to new data released by RealtyTrac Thursday, default notices, scheduled auctions, and bank repossessions were reported on 308,524 properties in February. That's a 2 percent decrease from January, when foreclosure activity dropped by 10 percent. February's numbers are still 6 percent above the level reported one year earlier, but RealtyTrac says it's the smallest annual increase the company has tracked since January 2006.

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Nevada Foreclosure Mediation Program to Undergo Rule Changes

At a public hearing scheduled for Tuesday, March 16, 2010, the Nevada Supreme Court will consider amendments to the rules governing the state's Foreclosure Mediation Program (FMP). If the amendments are approved, this will be the third set of rule changes since the FMP was enacted on July 1, 2009.

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