Defaults and Foreclosure Filings Continue To Drop But Still Up From 2008; Loan Modification Program May Be The Reason

Defaults and foreclosure filings on homes are dropping again, which has become the trend for the end of this year. However, the numbers are still up from this time last year, but the Obama home loan modification program has been in the works over the last few months so many believe this is the cause of default and foreclosures.

However, the lower numbers for defaults, and foreclosures especially, is said to be the result of the Obama administration’s loan modification program, but not in the way expected. It is believed that many lenders are not foreclosing on homes because they are waiting to see if homeowners who are on the verge of foreclosure qualify for the loan modification program, thus the real numbers aren’t being reported.

Those who say these low numbers for foreclosures are the result of lenders waiting to see if a particular homeowner can qualify for a loan modification believe the true amount of foreclosures will be revealed in time, but the loan modification program is said to have only helped a small amount of those who qualify and many homes could be saved if homeowners would take advantage of the modification program.

With so much being done to boost the housing market on the side of the government and lenders it isn’t beyond the realm of possibility that these lower foreclosure numbers are a true reflection of the housing market but the number of foreclosures is still much higher than last year. Many worry that foreclosures may look to be falling but the overall homes that have been affected by the housing crisis are still outrageous and this small decrease in foreclosures is a tiny step when compared to how far the housing market has fallen.

As the economy gets a little bit better people are not searching for South Carolina installment loans as much but there are still a number of foreclosures every single month in the southern Carolina state.  Unfortunately, it is going to take several years to get the overall economy back on track and going full speed ahead.