Are Foreclosure Levels Actually Dropping? And What’s Being Done to Help?

Actions are being taken from various organizations to help the cause and get the housing market back on track, as well as help homeowners themselves. 

Less Foreclosure Notices

RealtyTrac and Realtor Mag reported that default, auction and repossession notices are being delayed. The goal is to allow homeowners greater time to catch up on their mortgages.  Some say this may only delay the foreclosure issue looming across America, and not actually fix it.  But, the numbers still don’t lie.  The number of lender reprocessed homes has dropped by 30 percent in the beginning of the year.  So though it may just be a delay, maybe a delay is just what the doctor ordered, and is the beginning to a finite solution.

HUD has launched a new grant program in order to spend its $1 Billion by providing homeowners whom have fallen behind in their mortgage payments with $50,000 each in the form of a two-year interest free loan.  The Emergency Homeowner’s Loan Program aims to help 30,000 homeowners throughout 27 states.  The $1 Billion has to be spent by September 30th, 2011.  So you better act fast.

Fannie Mae’s “Know Your Options” campaign is doing its part by informing homeowners of their options to both staying in their homes, and leaving their homes.  Information is key, and knowledge is power, and this information helps people to make the best decision for them, their families and their financial situation. 

Many things are being done to help the foreclosure situation across the United States.  As Fannie Mae stated, an option to avoiding foreclosure is the Short Sale.  And this is true for Chapel Hill and Durham North Carolina Real Estate, but the opportunity is not limited to the homeowner.  If you are looking to purchase a home in Chapel Hill, Durham and surrounding areas, Bank Owned may also be an option for you.