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List of Freddie Mac Foreclosures Grows Despite Modification Efforts

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By : John Cutts    99 or more times read
Despite U.S. government-supported loan modification efforts, the number of properties ending in bank foreclosures and list of Freddie Mac foreclosures continues to rise in most areas of the U.S., including Florida. Homeowners have stated that banks' modification systems lack coherence.

Some owners of properties under foreclosure list in Miami and under foreclosure listings in other areas of Florida who have sought to modify their loans have revealed that in most cases, banks are applying a two-faced mortgage modification system. On the one hand they provide hope that homeowners will be able to modify their mortgages, while on the other they continue to pursue foreclosure on homeowners' properties.

A number of legislators have criticized banks' alleged deficiencies in terms of providing help to homeowners facing foreclosure. They stated that failed oversight, insufficient staff and ineffective procedures have caused more homes to end in listing of Florida home foreclosures for sale.

In March of last year, the Making Home Affordable program was launched by the U.S. federal government in an effort to help troubled homeowners. The government initially estimated that around four million borrowers will be helped by the initiative until 2012. However, despite the modification program, the list of Freddie Mac foreclosures and bank foreclosures in various areas of the country continue to increase.

In South Florida, one can search homes in foreclosure listings and find that only a little over 22,000 households were able to get a permanent loan modification under the federal program. This number covers the period March 2009 to October 2010 and includes the South Florida counties of Miami-Dade, Broward and Palm Beach.

According to housing analysts, the program hardly makes a dent on the huge amount of foreclosures entering the market every month. In Palm Beach alone, over 30,000 foreclosure filings were made in 2009. From January to September 2010, 16,000 filings have already been submitted and the year still has three months remaining.

Since its inception, the government's modification program has spent a total of $600 million and assisted around 483,000 borrowers who are seeking loan modification nationwide. Analysts stated that, with the rate the program is going, the list of Freddie Mac foreclosures and bank foreclosures all over the U.S. will not show any significant decline even up to 2012.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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