Administration Continues to Make Every Effort to Prevent Avoidable Foreclosures

The Department of Housing and Urban Development said it continues to focus on implementing programs to help responsible homeowners avoid the pain of foreclosure.

“The recent reports of problems in the foreclosure process underscore the importance of helping responsible homeowners avoid the pain of foreclosure,” said acting Assistant Secretary for Financial Stability Timothy Massad. “As we implement additional program enhancements to reach more homeowners, we continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners in HAMP and provide meaningful alternatives to avoidable foreclosures.”

According to the Obama Administration’s November scorecard, an additional 1 million families refinanced their mortgages in the last quarter.  As expected with the expiration of the Homebuyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

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More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010 –more than double the number of foreclosure completions during that time.  These modification arrangements included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now.

View a copy of the scorecard here.

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