NON-FORECLOSURE SOLUTIONS TO THE FORECLOSURE CRISIS IN FLORIDA AND THE U.S., THE NUMBERS

Joint efforts between the private and public sectors has resulted in eight (8) million non-foreclosure solutions completed for at-risk  families since 2007 throughout the country. Throughout these years Florida has been one of the hardest hit states in regards to the
foreclosure crisis. According to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors, over the last six years, the mortgage industry has completed more than 6.71 million permanent loan modifications, based on HOPE NOW’s data. A large portion of modifications were for mortgages secured by Florida properties. Of those loan modifications, more than 5.4 million were made through servicers’ proprietary programs and 1,268,635 were completed under the
federal government’s Home Affordable Modification Program (HAMP).

In addition, since December 2009, short sales total about 1.39 million. HOPE NOW reports approximately 181,000 homeowners received permanent loan modifications from mortgage servicers during the third quarter of this year—136,000 of which were proprietary and 45,136 HAMP mods. So, for those individuals who believe that modifications are not a likely result when working with your bank to resolve your mortgage issues, these numbers present a clear picture that modification due resolve mortgage problems.

Ray Garcia, Esq.

Board Certified in Real
Estate Law by the Florida Bar

www.raygarcialaw.com