Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

Gainesville FL Foreclosure News reveals that foreclosures are on the rise while alternative modifications on these loans are declining. As of November 1, based on the Treasury Department data, about 10.6% of the 615,000+ abolished HAMP trials reached completion of the foreclosure process; this surpasses double the 4.4% of failed HAMP trials foreclosed on as of November of 2010.

Based on the Treasury data, about 39.7% of the cancelled HAMP trials have gone through the bank’s own private programs (we are seeing a sign here), dropping from 45.4% over the same time frame. As compared to last year, more of the Home Affordable Modification Program trials through foreclosure by Mortgage servicers have failed. It takes on average about 684 days in Gainesville Florida for a home to foreclose.

Although lower, foreclosure completions as a percentage of borrowers never accepted into HAMP trials are still on the rise. As of November 1, about 7.6% of 1.8 million borrowers denied a HAMP trial were able to finish the foreclosure process and this is a 5% increase from last year. Considered flat over the last year, about 26.5% of these borrowers were given alternative modifications.

The rising foreclosure completions on failed HAMP trials came about at almost every large servicing store taking part in the program and the highest increase has been observed by the Citigroup. About 13.5% of the 71,808 HAMP trials that Citigroup cancelled were able to complete the foreclosure process as of November 1, which is a 3.1% increase from the prior year.

As compared to 1.9% last year, about 9.3% of failed HAMP trials have gone through foreclosure at the Bank of America, they are the largest participant in the program. With an increase of 11.3% from 6.2% at JPMorgan Chase; and 12.8% increase from 6.4% at Ally Financial through the same time duration. OneWest Bank held the highest percentage in the program they are up by 10% from last year. OneWest foreclosed on more than 19% of the 20,000 failed HAMP trials. No wonder why Gainesville Florida homeowners are frustrated. At 6.7% – almost the same from last year – Wells Fargo obtained one of the lowest percentages of completed foreclosures on such modifications. This may indicate that the data is starting to rebound the higher re-default rates and that servicers are defining poorer performing private modification.

As compared to a 31% re-default rate for other private programs, 17% of the 108,000 HAMP modifications that started in the second quarter of 2010 have gone about 60 or more days behind through the year.

We will start seeing more Gainesville short sales and foreclosures on the market.

Other Articles to Read:

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Options To Prevent Gainesville Foreclosure when Unemployed

Real Estate Agents In Gainesville: Understanding FICO Scores

Gainesville Florida Lease Deposits During Foreclosure

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.


Stephanie Anson

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

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