The FHFA Reports Foreclosure Statistics That Will Effect loan Modification San Diego Homeowners
The Foreclosure Report From the Federal Housing Finance Agency released its November Foreclosure Prevention Report Friday which found the number of home modifications that will effect mortgage loan modification San Diego homeowner’s programs completed by Fannie Mae (FNM: 0.56 -6.67%) and Freddie Mac (FRE: 0.55 -9.84%) increased 67.6 percent in November compared to the monthly average of the first nine months of 2008.
In the report it showed that foreclosures started on 5.25% of the 30.6 million residential mortgages the G.S.E.’s jointly serve. This was a decrease from the prior month of October 2008.
During the month of November Fannie Mae and Freddie Mac changed the handling of defaults which will benefit of a home mortgage loan modification San Diego homeowners programs. They have suspended foreclosure sales and evictions on all single family homes. Which has now been extended throghthe end of February 2009. This cange is expected to have a greater impact on the December data numbers and into the month of January.
“Loan modifications for October and November, which were the first two full months of the converservatorship, increased by 50 percent from the previous two months,” said James Lockhart, director of the FHFA, suggesting the data reflected an increased commitment of the servicers and GSEs to help borrowers keep their homes through the home mortgage loan modification program, which will benefi homeowners that are in a foreclosure or near one
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November showed early signs of loss mitigation efforts by Fannie and Freddie, as they posted a 61.7 percent loss mitigation ratio, according to the report, a ratio which allows for comparison of loss mitigation performance over time — irrespective of delinquency rates. The problems of job losses continues to surge and economy continues to deteriorate . Which requires further modifications .This will help home loan modification San Diego homeowner’s efforts, as more Americans are turning delinquent on their homes.
The government is lookin for solutions through increasing mortgage loan modification. During the month of November 2008, loans 60+ and 90+ days delinquent were on the rise, reaching 2.73 percent and 1.8 percent of all loans, respectively.
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