Did you know that in Minnesota there are 15.5% of the homes that have negative equity and 4.9% have near negative equity? That means there are a number of homes-over 20%-that are at risk of default. Being underwater, doesn't necessarily mean that a borrower will default, but it does increase the risk.
According to a review of the data by the Minnesota Home Ownership Center, The Minnesota The Department of the Treasury has released its “Servicer Performance Report” for the Making Home Affordable (MHA) program through October, 2009. The report shows that Minnesota ranks 17th in the nation for the overall number of Trial Modifications initiated under the MHA program, with 12,933 modifications initiated through October. According to American CoreLogic (via LoanPerformance.com) there are just over 517,000 outstanding mortgages in the state of Minnesota (517,203 to be exact). If we look at the number of trial modifications (12,933) as a percentage of the total number of outstanding mortgages (517,203)… Minnesota then ranks THIRD IN THE NATION with 2.5% of all outstanding mortgages having entered into the trial phase of an MHA modification. This is great news. People are trying to work out of the problem.
What's NEW!!. To help matter along, when a modification isn't feasable or if you want to see other options, that are being put in place, click on the link below to download the info sheet from our government.
http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf
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