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Fannie mae and Freddie mac implement over 450,000 HAMP modifications and refinance 4 million loans through November 2009

In its third quarter Foreclosure Prevention & Refinance Report, the Federal Housing Finance Agency (FHFA) said as of November 30, Fannie Mae and Freddie Mac implemented 405,700 trial and permanent loan modifications under the administration’s Home Affordable Modification Program (HAMP) and refinanced 4 million loans.

The report includes data on delinquencies, loan modifications, and refinance activity for both Fannie Mae and Freddie Mac and details the actions the GSEs have taken to prevent foreclosure and keep people in their homes.

In the third quarter, foreclosure starts on the GSEs’ loans declined by 15 percent, and loan modifications completed in the third quarter, excluding HAMP trial modifications, jumped 14 percent. Nearly half of these modifications resulted in borrowers’ payment decreasing by over 20 percent.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

In addition, loans modified in recent quarters performed slightly better six months after modification than did earlier modification, and short sales and deeds in lieu increased by 39 percent to 17,400. The report also said the volume of foreclosure starts in the third quarter decreased 15 percent from the second quarter to nearly 254,200, and completed foreclosure and third-party sales increased 23 percent to nearly 71,000.

HARP program stats

In addition to refinancing 4 million loans, Fannie Mae and Freddie Mac refinanced more than 155,700 loans through the HARP program, from January through November 2009. HARP grew to 9 percent of total refinancing volume in August and September, and in November it increased to 9.8 percent.

After the rate for a 30-year mortgage rose in June and remained above 5 percent throughout the third quarter, total refinance volume dropped during the third quarter. However, in November, total refinance volume rose in response to a sustained decline in rates.

Mortgage delinquencies continue to increase

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Foundation has renewed a $450,000 grant to Legal Aid of North Carolina for its Home Defense Project

Z. Smith Reynolds is based in Winston-Salem and funds projects across North Carolina, with a focus on community economic development, civic engagement, the environment, education and social justice.

Legal Aid’s Home Defense Project uses negotiation such as loan modification, litigation and education to help prevent home foreclosures, the Legal Aid organization said in its announcement. The program is a collaboration of seven nonprofits and has saved thousands of homes from foreclosure in the past three years.

Foreclosures are expected to exceed 50,000 in the state in 2010, said Hazel Mack, the project director and senior attorney for Legal Aid.

“The grant is recognition that creative legal strategies are essential if working families are to be kept from homelessness and if we are to stabilize our neighborhoods and our communities throughout the state in the wake of this crisis,” Mack said.
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Source: http://triad.bizjournals.com/triad/stories/2010/01/04/daily60.html

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

Click here to get proven help with your home loan modification

Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.

Stop Foreclosure Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney. Also get the latest foreclosure news around the country, read Q&As and other resources. Legally Restore Your Credit If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

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