Foreclosures were filed on 342,028 homes in April, the highest since RealtyTrac began keeping records in 2005. However, this figure was only 1% higher than March.  Filings jumped because Fannie Mae, Freddie Mac, some states and many banks lifted their moratoria on foreclosures. (Source: RealtyTrac, Foreclosure Activity Remains at Record Levels in March, May 13, 2009)

What It Means to You

Fannie and Freddie are working with the Treasury Department's MakingHomeAffordable.  This grew out of the HOPE NOW program to offer a streamlined loan modification process. All 1,600 lenders and 29,000 mortgage brokers using Fannie Mae's Desktop Underwriter® platform will quickly process any refinance applications for Fannie Mae loans. Even borrowers who are "upside down" in their mortgage can apply, as Fannie Mae will refinance loans up to 105% of a home's value.  Existing mortgages can also be modified by reducing interest rates or lengthening the payment time frame to bring monthly payments down to 31% of the borrower's income. For more information, see Fannie Mae.com, Fannie Mae Announces "Making Home Affordable" Program, March 3, 2009.

Best Moves Now

• Post Foreclosure Credit Repair
• Tax Consequences of Foreclosure
• The Basics of Canceled Debt