Snohomish County April 8, 2010.
The Snohomish County foreclosures rates for March 2010 were 217 homes. The uptick in Notice of Trustee sales for March 2010 indicates many homeowners are still struggling to meet their mortgage obligations.
The Hamp Program (Making Home Affordable Program) specifically designed to help these homeowners is working for some. Banks are painfully slow in processing the applications, which can take 6 months to a year or more to complete.
New programs are being unrolled as well which will include mortgage balance reductions and Short Sales under the HAFA Program.
This area of the market is changing daily. Bank of America recently introduced a Principal Forgiveness Plan to enhance it's National Homeownership Retention Program. It will systematically lower the principal balance on some mortgages. More banks are likely to follow.
Last week, the Obama adminstration announced that the HAMP program should be extended to those that are unemployed. The Wall Street Journal's recent article states "The revisions, which will also include temporary help for unemployed borrowers, serve as a recognition that the administration 's foreclosure rescue plan hasn't kept pace with the rising number of souring loans."
Programs are constantly changing, sometimes daily. If you or someone you know is struggling to meet their mortgage obligations, give us a call and we can direct you to all the current resources that are available.