The Snohomish County foreclosure rates remain elevated for July 2010. The Notice of Trustee Sales remain near their highest levels for the year. As typical, only about 25% of the Notice of Trustee Sales turn into actual foreclosures. There are various reasons why a home won't be foreclosed on. Those could be homeowners who have entered into a loan modification, those that catch up on their late payments, and those that end up selling their home.
The Snohomish County foreclosure rates show us that homeowners are still struggling to meet their mortgage payments. However, what is most interesting is that the numbers show us that the banks are not aggressively foreclosing. We hope this is a result of banks working with homeowners on loan modifications through the government's Making Home Affordable Plan.
With the HAMP program there is really no need for someone to lose their home through foreclosure. This program not only helps those that have had income reductions, it will help those that have had a job loss.
"By August 1, all mortgage servicers participating in the Making Home Affordable Program will offer extra help for homeowners struggling to make their monthly mortgage payments because of unemployment. The Unemployment Program will offer homeowner's a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment"
If you know of someone who is struggling to meet their payments, have them give us a call. We would be more than happy to explain the Making Home Affordable Program and how it may help them stay in their home. We have already helped 2 families keep their homes after going through a home loan modification.
As Realtors, we find it is important to provide education to those in need - and we are here to help!