Friday, October 2, 2009

Foreclosure Rates Rise

A report by the Office of Thrift Supervision and the Office of the Comptroller of the Currency released yesterday showed that the number of homes lost to foreclosures rose nearly 17 percent in the second quarter of this year, the Washington Post reported yesterday. Completed foreclosures reached 106,007 during the second quarter, compared with 90,696 during the first three months of the year, according to the quarterly report of the government agencies. Their report examines 64 percent of outstanding mortgages in the country. The level of foreclosure actions started during the quarter stayed steady, while the number of seriously delinquent borrowers -- those who had missed at least two payments -- increased 10 percent, according to the report. Efforts to keep borrowers in their homes increased during that same period, including the implementation of the Making Home Affordable Plan. Under that plan, lenders are paid to lower a borrower's monthly payments. The Obama administration aims to complete 500,000 loan modifications by November.  Source:  ABI.

Warmest Regards,

Bob Schaller

Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

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