In the fourth quarter of 2020, the Federal Housing Finance Agency (FHFA) took prevention actions on more than 52,000 mortgages. The number of seriously delinquent loans also decreased during this time.
The FHFA has several programs in place to help struggling homeowners, including the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). In the fourth quarter of 2020, the FHFA helped more than 9,000 homeowners through HAMP and nearly 10,000 homeowners through HARP.
The FHFA also offers the Home Affordable Foreclosure Alternatives (HAFA) program, which helps homeowners who are unable to keep their homes through a short sale or deed-in-lieu of foreclosure. In the fourth quarter of 2020, the FHFA helped more than 2,000 homeowners through HAFA.
The FHFA’s prevention actions have helped to reduce the number of seriously delinquent loans and foreclosures. In the fourth quarter of 2020, the number of loans that were 90 days or more delinquent decreased by nearly 21,000 from the previous quarter. The number of foreclosures also decreased by more than 4,000 from the previous quarter.
You can read this full article at: https://www.housingwire.com/articles/fhfa-prevention-actions-surpassed-52k-in-q4-2022/(subscription required)
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