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Bank and thrift servicers executed 680,000 loan modifications and payment plans in the third quarter of 2009, representing a 69 percent increase over the previous quarter, according to a government report released Monday. Mortgage servicers may be ramping up efforts to keep people in their homes, but regulators say redefaults continue to jeopardize their efforts, with more than half of all loans modified in the early part of the year 60 or more days delinquent or in foreclosure within six months.
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Short sales are becoming increasingly popular as a means to avoid foreclosure. Even the administration is encouraging both homeowners and servicers to pursue a short sale when loan modifications aren't a viable option. But HUD doesn't look as favorably on short sales for distressed homeowners. The agency has implemented a new policy that says borrowers in default at the time of a short sale or pre-foreclosure sale will not be eligible for a new Federal Housing Administration (FHA) -insured mortgage for three years.
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Selene Residential Mortgage Opportunity Fund LP has outbid two other firms to acquire a portfolio of foreclosed homes from the now-defunct Taylor Bean & Whitaker. A U.S. bankruptcy judge in Jacksonville, Florida has approved the sale, which includes 1,046 bank-owned residential properties and carries a price tag of $81 million.
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Fannie Mae, Freddie Mac, and Citigroup said last week that they were all suspending foreclosure actions to ensure struggling families don't find themselves on the streets during the holidays. As expected, other major lenders have followed suit, including Bank of America and JPMorgan Chase.
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