More Seller Get Loan Modification and Seems to be Helping

In June, the Home Affordable Modification Program helped 657,044 home owners avoid foreclosure through permanent loan modifications — that’s up from 633,459 in May, according to Treasury Department statistics released Friday.

However, while the number has grown, the numbers still fall short of the initial goal to help 3 million to 4 million borrowers through HAMP, which since 2009 has reduced mortgage payments to help borrowers avoid foreclosure. For more information you can check out the Home Foreclosure Fighter program. Just Call Now: 877-846-2701

For underwater sellers, the ones who owe more on their mortgages than their home is currently worth — about 7000 have participated in a Load Modification, which is up from 4,911 last month, the Treasury Department reported late last week. For borrowers who qualified to have their loan balances reduced, they’ve seen median principal reductions of $67,751, or 30.7 percent. Many people are buying bank out property, you can give it a try free.Foreclosure.com - 7 Day FREE Trial


We continue to see a slight improvement in home prices and a decline in mortgage defaults as our foreclosure programs reach more borrowers upstream in the process,, Housing and Urban Development assistant secretary. “But we have much more work to do to help the market recover and to reach the many households there and across the nation who still face trouble."

Is this great news???

It seems the downward cycle in home prices broke in April after eight consecutive months of decline, according to a survey released Tuesday says CNN Money.

Home prices rose 0.7% compared with March, although they fell 0.1% when adjusted for the strong spring selling season. Prices were down 4% year-over-year. "In a welcome shift from recent months, this month is better than last April's numbers beat March," said David Blitzer, S&P's spokesman, in a statement. "However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season."

David Blitzer said "It is much too early to tell if this is a turning point or simply due to some warmer weather,"

Any hint of good news in the troubled housing market will likely bring cheer to the industry, and there are some signs that market conditions are not quite as dire as some of the other statistics may indicate. Foreclosures, for example have been falling.

That has translated in a decline of 16% in the sales volume of distressed properties this year, while volume of non-distressed sales rose 11%, according to Joseph LaVorgna, chief economist for Deutsche Bank.

That's good news because much of the price drop over the past year can be blamed on severe price slashing for homes in foreclosure, as Federal Reserve chairman Ben Bernanke pointed out in a press conference last Wednesday. Prices for homes sold by regular sellers have held up much better.

Source: CNNMoney July 5, 2011