Financial institutions are addressing home foreclosures in the New York area. In April, the New York-New Jersey metro area posted the highest percentage of loan modification activity in the country, based on the Home Affordable Modification Program report released by the Treasury Department.
Among states, New York also posted a high HAMP rate. While most other states posted less than one percent, New York accounted for 4.5 percent of all HAMP activity in the country in April.
With a lot of nonprofits and government agencies helping contain the housing crisis in the city, the number of foreclosed homes for sale in New York, NY plunged sharply in April. A total of 1,583 housing units entered foreclosure, marking a steep decline of 21 percent from the total one year earlier.
The issue of New York foreclosed homes in the city is being addressed, as the city foreclosure rate of one in every 2,117 residential units is far better than the national rate of one in every 387 units.
Among the financial institutions with the highest total of active and trial mortgage modifications under HAMP as of April were Bank of America, JP Morgan Chase, Wells Fargo Bank, CitiMortgage, OneWestBank, GMAC Mortgage, Litton Loan, Saxon Mortgage, Select Portfolio and Aurora Loan. The top three banks had modified a total of 540,880 mortgages, preventing or delaying the same number of properties from becoming foreclosed houses.
However, the top banks lagged behind the smaller financial companies based on conversion rates – comparison between trials qualified to convert and permanent modifications. BofA, Wells Fargo, JPMorgan and CitiMortgage posted conversion rates that ranged only from 21 percent to 25 percent.
On the other hand, companies like HomeEq Servicing, Ocwen and Carrington posted rates that ranged from 74 percent to 83 percent, with HomeEq posting the highest rate. Among the bigger banks, GMAC posted the highest rate, which was 59 percent.
Starting June 1, all financial institutions have been ordered to use verified income to review HAMP applications in order to increase conversion rates.
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Original Post: Financial Institutions Addressing Foreclosures in New York on Foreclosure-Support.com.
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