Home Foreclosures Increase As Mortgage-Aid Program Fails To Meet Targets

Home Foreclosures

Home Foreclosures

Recent information released by the Treasury Department indicates that the proposed solution implemented by the Obama Administration to tackle the issue of rising numbers of foreclosures on homes has failed to meet its targets. A recent press release from the Treasury Department stated that “approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July.”

A recent report from RealtyTrac, a company that provides real estate data, included the following information: “Overall foreclosure activity, including notice of default, scheduled auction and repossession, rose 4 percent in July from June. Actions were taken on 325,229 properties, with one in every 397 housing units getting a foreclosure filing.”

With the rising number of foreclosures, many homeowners are now turning to companies which provide homeowners with information regarding alternatives to foreclosure. Aram Afshar, President of Housing Assist, said: “We have successfully helped hundreds of homeowners avoid foreclosure via a short sale. Loan modifications do not get rid of negative equity, so your property is still worth less than what you owe the banks. This is an opportunity for homeowners to get out of a bad investment.”