Nationwide only about 10,000 homeowners received permanent loan modifications under the Obama administration's mortgage relief plan. Bank of America Corp, the nation's largest lender had only completed 98 modifications for the 160,000 borrowers who had signed up by the end of November. GMAC Mortgage had the most of any lender, just 7,100. Millions of borrowers are still being evaluated for the Obama administration's foreclosure prevention effort. States are also trying to delay the foreclosure process, temporarily lowering foreclosure numbers. Foreclosure filings were still up 18 percent from a year ago. Nearly 307,000 households, received a foreclosure-related notice in November, down 8 percent from a month earlier, according to RealtyTrac Inc.
The Commerce Department said construction of new homes and apartments rose 8.9 percent in November. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected. Also applications for new building permits went up, rising 6 percent.
Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers. The suspension will run from Friday December 18 through January 17. It applies only to borrowers whose loans are owned by Citi. This suspension is speculated to help over 2,000 homeowners with scheduled foreclosures and 2,000 who have received a notice of foreclosures, this holiday season.
For more informtion on buying or selling a home contact the Andrea Crossman Group.