Homeowner Assistance Increasing In February Foreclosure Prevention Report

Posted on May 14, 2009. Filed under: Finance, Foreclosure Defense, Housing, Loan Modification, Mortgage Law | Tags: , , , , , , |

Washington, DC – May 12, 2009 – (RealEstateRama) — Federal Housing Finance Agency (FHFA) Director James B. Lockhart today released FHFA’s latest Foreclosure Prevention Report detailing actions taken to prevent unnecessary foreclosures. The report, based on data from the Enterprises’ 30.2 million residential mortgages as of February 28, shows significant foreclosure prevention activity.

Foreclosure Prevention Actions:

* Completed foreclosure prevention actions increased by 9 percent in February with completed loan modifications growing by 26 percent. Repayment plans grew 38 percent.

* As the Enterprises intensified their loan modification efforts, loan modifications accounted for 43 percent of all completed foreclosure prevention actions in February, up from 38 percent in January. Approximately 70 percent of loan modifications completed in February involved both interest rate reductions and term extensions.

* Completed alternatives to foreclosure – short sales and deeds in lieu – accounted for approximately 9 percent of all completed foreclosure prevention actions.

via FHFA Reports Homeowner Assistance Increasing In February Foreclosure Prevention Report | RealEstateRama.

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