Monday, April 5, 2010

King County Foreclosure Rates March 2010


Click on graphs to enlarge.
The King County Foreclosure rates for March 2010 show that homeowners are continuing to struggle with making their mortgage payments. March foreclosures were 339 homes. However the uptick in Notice of Trustee Sale filings (mortgages in default) may indicate that banks are starting to catch up with those that haven't been making their payments.

Banks have been struggling to keep up with demand on the Making Home Affordable Plan that modifies mortgages with lower interest rates for a more affordable monthly payment.

Banks have been scrambling to hire thousands of employees to help process the backup of loan modifications applications, as well as stream line their computerized systems to meet demand.

Their are several programs now available to help those in financial distress.

The HAMP Program. This program can reduce your interest rate to as low as 2%. As of March 26th, 2010, President Obama updated the plan to include those that are unemployed.

The HAFA Program. This program is available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.

Also be aware that all these programs are FREE. You should never pay anyone a cent for a loan modification. Your current mortgage holder processes your application for FREE.

If you need some guidance on these or other programs, give us a call, we can help.

2 comments:

Douglas said...

nice post!

Kelvin said...

Thinking in a positive way, large scale of foreclosure opens an opportunity to those who want to buy a low cost house. In Daytona Beach, foreclosures generate more business to brokers and of course shelter to others. Positive thoughts lead to positive results.