Beat And Battered

Archive for the ‘Loss Mitigation’ Category

Why Is It Taking So Long HUD?

Thursday, July 10th, 2008

It appears that HUD is trying to pilot a FHA Foreclosure Prevention but as simple as it appears, why has it taken so long?

The Department of Housing and Urban Development is starting a pilot program in Detroit to purchase Federal Housing Administration single family loans from lenders after all loss mitigation options have been exhausted and foreclosure is the next step.

“Under this program, we will create means for lenders or investors to sell their non-performing mortgages before foreclosure to HUD and a joint venture partner who will be responsible for servicing the loan and helping families stay in their homes,” HUD Secretary Steve Preston said.

HUD expects to purchase the FHA loans at a “significant discount” so the joint venture partner can modify the loans and make it more affordable for the homeowners.

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Posted in FHA, Foreclosure Market, Housing And Urban Development, Loss Mitigation, Misc, Mortgage News, Purchase, department of, department of housing, fed, fha foreclosure, foreclosure-prevention, hud secretary, lenders, mitigation options, mortgage, steve preston, venture | Comments Off

Foreclosure Filings Dip 3% But Still 51% Higher Than Same Time Last Year

Thursday, July 10th, 2008

Foreclosure filings declined 3% in June but were still 51% higher than the level recorded a year earlier, according to RealtyTrac.

The company’s U.S. Foreclosure Market Report indicates that foreclosure of 252,363 filings that consist of default notices, auction sale notices, and bank repossessions, were reported in June.

“June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,” said James J. Saccacio, RealtyTrac’s chief executive officer.

“Foreclosure activity slipped 3% lower from the previous month, but the year over year increase of more than 50% indicates we have not yet reached the top of this foreclosure cycle”.

Bank repossessions continued to increase much faster than default notices or auction notices in June, he said.

The company reported that Nevada, California, and Arizona again recorded the highest foreclosure rates in June.