Two states announced foreclosure prevention programs, and a mortgage technology company has automated the modification process.
eLynx announced the launch of an on-demand loan modification service that completes the entire process online in minutes. The service combines electronic distribution and signatures with an on-demand archiving option.
"We can help both the lenders and the borrowers to make an adjustment in loan terms quickly, securely, conveniently, without errors and at a low cost by moving the entire process online," eLynx President and Chief Executive Officer Sharon Matthews said in the statement.
New Hampshire Housing and the New Hampshire Bankers Association announced financial support for an advertising campaign in the state by Neighborworks. The television campaign will run from tomorrow until June 17 and promote the HOPE hotline.
The Tennessee Housing Development Agency announced a $1.3 million grant earmarked for foreclosure prevention counseling. The agency explained it reduces foreclosures through an outreach campaign, training of counseling staff and distribution of funds to certified counselors.
"The federal funds will be used provide funding to the organizations that have certified counselors to underwrite the cost of the actual counseling," the announcement stated.
FrontDoor.com has launched as a resource for understanding the foreclosure process. The Web site, powered by HGTV, said its helps borrowers avoid foreclosure and provides the top 10 factors that delinquent borrowers should know.
"Many homeowners who end up in foreclosure say they were unaware of some crucial pieces of information about their mortgage," the press release said.
California saw 16,931 foreclosure sales for $6.9 billion during February, down 15 percent from January, ForeclosureRadar.com reported. The state had 37,362 notices of default, down 8 percent. Notices of Trustee Sale numbered 18,636, off 20 percent. Opening bids discounted at least 30 percent occurred on nearly one-third of sales, compared to just 3 percent a year earlier.
ForeclosureRadar.com noted that 46 percent of foreclosed mortgages were originated in 2006 and 36 percent were originated in 2005.