Mortgage servicers have still been extremely active with efforts to contact borrowers regarding loss mitigation, despite a lengthy, sustained decline in the number of delinquencies and defaults, according to HOPE NOW. Approximately 319 thousand homeowners received a non-foreclosure solution in the form of either a permanent loan modification, short sale, deed-in-lieu of foreclosure, retention plan, or other liquidation plan during the first quarter of 2016.
Servicers are doing even more outreach to delinquent borrowers in the areas most affected by the foreclosure crisis after Treasury recently announced the allocation of the final 2 billion dollars in funding under the Hardest Hit Fund authorized by Congress. Also, Treasury’s Home Affordable Modification Program, which was created in response to the crisis to help delinquent borrowers remain in their homes is set to expire at the end of this year.
On Thursday, however, Fannie Mae announced it has sold its third Community Impact Pool of NPLS to New Jersey Community Capital, a non-profit Community Development Financial Institution that was the winner of Fannie Mae’s first two Community Impact Pool auctions. The pool contains 83 loans on properties in the Miami, Florida, area with an aggregate unpaid principal balance of approximately 19 point 7 million dollars. The loans are an average of 51 months delinquent.