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Foreclosure in the News
Foreclosure rates reach new low
Foreclosure has been in the news a few times lately. First, Black Knight Financial Services released a new report. They found that rates of foreclosure dropped to their lowest level in ten years last month. While this is certainly good news, and a reflection of the recovery we’ve seen in the real estate market since the great recession, it didn’t do much for the nearly 400,000 Americans currently facing foreclosure.
Suspension of foreclosure for hurricane victims
Of course, the big news story this past week has been hurricane Harvey, and the destruction our neighbors in Texas are facing. Fannie Mae and Freddie Mac have announced that they are placing a 90 day moratorium on all evictions and sales related to foreclosures in areas impacted by the storm. This applies to anyone whose home is in a FEMA designated disaster area. The story was reported by Inman News’ Andrea V. Brambila, who also wrote that the two mortgage companies back around 400,000 loans in the areas hit by the storm. Fannie Mae is encouraging their customers whose homes have been damaged to get in touch, as they may also qualify for forbearance – a temporary reduction or suspension of mortgage payments.
New mortgage scam popping up in New Mexico
Back home and earlier in the month, the state attorney general’s office warned New Mexicans of a scam involving callers who falsely claim to be from Nationstar. According to Ellen Marks, who reported the story in the Albuquerque Journal, the scammers then, “promise a loan modification after money is sent to an attorney in Florida.” (1) Unfortunately for the victims these people have swindled, that money is gone forever.
If you are behind on your mortgage payments and facing the possibility of foreclosure, remember that you still have options. Don Harris is a foreclosure expert with decades of experience. Give us a call today to set up a consultation.
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