Tag Archives: Foreclosure Prevention

HOPE NOW released its May loan modification data Monday, revealing that the month saw nearly 38,000 completed short sales. The May short sale total brings the organization's overall total (since December 2009) to nearly 906,000. In addition, HOPE NOW reported that an estimated 63,000 homeowners received permanent, affordable loan modifications during the month, 17,590 of which were completed under HAMP.

Once again, data compiled in the Obama administration's Housing Scorecard pointed to both signs of promise and reasons for concern. One positive indicator for housing was the 7.4 percent rise in home equity to $457.1 billion in the first quarter of 2012. On the downside, the impact of serious delinquencies and underwater mortgages continues to strain the housing market. One popular administration program for underwater borrowers is the Home Affordable Refinance Program (HARP). So far, HUD Acting Assistant Secretary Erika Poethig said almost half a million families have taken advantage of the program, and refinanced families save an average of $2,500 per year.

Following a CFPB report that linked foreclosures to confusion over reverse mortgages, the National Reverse Mortgage Lenders Association (NRMLA) is seeking to help seniors make responsible decisions about their mortgages. NRMLA announced that it has developed a series of tools designed to help seniors better understand the facts about reverse mortgages before they choose to use them. A common misconception about reverse mortgages, the CFPB revealed, is that they are a government benefit rather than a financial product.

The California Homeowner Bill of Rights is one step closer to becoming law as the Legislature sends some of its key provisions to the governor, state attorney general Kamala Harris announced Monday. AB 278 and SB 900 provide protection for borrowers and struggling homeowners, including a restriction of dual-track foreclosures (in which a lender forecloses on a borrower despite being in discussions to try and save the home). The bills passed 53-25 in the Assembly and 25-13 in the Senate. They will be sent to the desk of governor Jerry Brown for consideration.

The online foreclosure help center AvoidForeclosure.com announced that it has made available information for homeowners looking into short sale as a way to avoid foreclosure.

With high foreclosure rates still presenting a major hurdle to housing and economic recovery, GAO conducted a study to evaluate and find opportunities to enhance foreclosure mitigation efforts. The report asserts that government agencies participating in foreclosure mitigation programs need improve their existing strategies to help borrowers. The report specifically addressed loans modified by the Treasury (through HAMP), the United States Department of Agriculture (USDA), FHA, and the GSEs.

The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008. The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. Also, of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012's first quarter.

New York Attorney General Eric Schneiderman's proposed Foreclosure Fraud Prevention Act of 2012 passed in the state Assembly, the Office of the Attorney General announced Thursday. Schneiderman introduced the legislation as part of an effort to protect homeowners from foreclosure and crack down on fraudulent business practices. The Foreclosure Fraud Prevention Act defines ""residential mortgage foreclosure fraud"" and imposes criminal penalties-including jail time-for employees who engage in fraudulent conduct (like knowingly authorizing, preparing, executing, or filing false documents in a foreclosure action) or managers who knowingly tolerate such behavior.

At a Long Island Housing Partnership event Monday, New York Attorney General Eric Schneiderman announced the launch of the Homeowner Protection Program, a commitment of $60 million over three years to fund housing counseling and legal services for the state's homeowners.

The North Carolina Association of Realtors (NCAR) announced June 6 that the organization has allocated a total of $50,000 to counseling agencies in the state to help homeowners in danger of foreclosure. Through a grant from the National Association of Realtors, NCAR awarded five $10,000 fellowships to counseling agencies in Boone, Greensboro, Kannapolis, Fayetteville, and Wilmington.