Foreclosures place despite the efforts of the aid program

foreclosures are accelerating - and more people lose their homes - more than a year after the government launched a program to help borrowers in financial difficulties.
Foreclosure filings rose to 367,056 in March, jumping nearly 19% from February and up almost 8% compared to March 2009, according to RealtyTrac.

It was the highest monthly total since January 2005, when RealtyTrac began issuing its reports.

Nearly 260,000 properties were seized by lenders in the first quarter - a record for a quarter and 35% from a year earlier, RealtyTrac said.

"We are at the highest peak in history," said Rick Sharga at RealtyTrac. "Now we see that banks face financial barriers to housing in the closing process was delayed. And compared to the first wave of outbreaks n were not eligible for the amending process, or dropped from the program."

More than a year after the Obama administration launched its Foreclosure Prevention, about 230,000 homeowners have permanent changes to reduce your monthly mortgage payments, according to a report Wednesday by the Treasury Department.

This represents 6% from 3 to 39 millones eligible homeowners who are 60 or more days late on your mortgage. 108,000 additional permanent changes have been offered to the owners and were still pending at the end of March.

More than 1.4 million homeowners have been offered amendments to the test, which usually last three months. If the owner is still current in their payments during this period, changes usually become permanent.

"(The effort) is improving, but I always thought it was a program Band-Aid," says Dean Baker, codirector of the Center for Economic and Policy Research. " We help people stay in their homes, homes, but have bought that cost much they can pay more rent. And in three or four years from now, are still under water. "

Meanwhile, the Obama administration's efforts to prevent seizures remains under strong criticism.

The affordable housing program editing (COPE) is well below the pace of the crisis, and most distressed homeowners will not receive assistance, according to a report released this week by a Congressional Oversight Committee.

For each borrower avoids foreclosure through the federal program last year, another 10 families lost their homes, according to the report.

Lenders participating in the COPE program say it does not capture the full picture, since many changes are being made to property owners in technical programs run by other than the HAMP.

Wells Fargo said it has more than 520,000 changes this year for homeowners, about 145,000 of them COPE changes, which require applicants to meet certain requirements.

Borrowers must have a monthly housing costs on income exceeding 31% of your gross monthly income, for example.

"The industry made a lot of work outside the COPE" said Mike Heid, Wells Fargo Home Mortgage Co-Chair.

Bank of America has 26% of eligible homeowners who are 60 days or more overdue, both in testing and permanent changes of Mars, 32,900 are permanent changes, an increase of 12,000 over February.
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