Foreclosure Sales Have Declined For Two Months In A Row
According to Hope Now's (an industry-created alliance of mortgage servicers, investors, counselors, and other professionals) monthly mortgage data, foreclosure sales have declined for a second month in a row. Foreclosure sales nationwide decreased by 7 percent from 73,000 in April to 68,000 in May. However, foreclosure filings have increased 8 percent from 163,000 in April to 176,000 in May.
Hope Now has also reported that sixty plus day delinquencies have increased slightly at a rate of one percent to a total of 2.67 million for the month of May. Modifications completed under Home Affordable Modification Program (HAMP) increased in May by twelve percent from the previous month.
With the current state of the economy and unemployment rates over nine percent, it's hard to imagine the real estate market bouncing back any time soon. If you are in a house that is underwater (fair market value is less than the outstanding loan amount) your options may be limited. It will be almost impossible to sell the home without incurring a personal obligation to pay the remainder of the loan amount. However, some banks are offering principal reductions in some cases.
If you are having trouble making your mortgage payments or are behind already, contact a Florida Foreclosure Attorney to get more information.
Greg Gilbert
Keith Maynard
