In Bell County, foreclosures for January 2009 are up 32 percent over the previous month, and also increased 32 percent over January 2008, according to Foreclosure Listing Service Inc., a company that tracks foreclosures. However, that is not as high as Williamson - up 50 percent - and McLennan - up 68 percent - for the same period.
Nationally, foreclosures are up 28 percent - comparing November 2008, to November 2009, the latest figures available from Realty Trac.
In a November press release, Fannie Mae said its program is a fast-track method for getting troubled borrowers into an affordable monthly payment by either reducing the interest rate, extending the life of the loan, or deferring payments. The plan is aimed at high-risk borrowers who have missed three or more payments.
George Roddy Sr., president of FSLI., said the continued uptick in foreclosures is surprising, considering action taken by Fannie and Freddie.
“January’s posting activity remained extremely high compared to this time last year. For the January foreclosures auctions, there has been no substantial easing in the filing of foreclosure notices,” Roddy said.
Fannie and Freddie’s percentage of total Bell County foreclosures dropped slightly, Roddy said, but not as much as could be expected, and not enough to stem the rising tide of foreclosure postings that saw a record year in 2008.
In Bell County, Fannie and Freddie loans posted for foreclosure in January 2009 comprise 23 percent of total foreclosures.
“For the most part, there was not a significant change in the share of postings filed regarding Fannie Mae-Freddie Mac loans,” Roddy said.
Looking back a little further here in Bell County, January 2009 foreclosures are up 64 percent over January 2007, and a whopping 77 percent over January 2006.
Some of that may be attributed to Fort Hood soldiers and their families enduring multiple deployments overseas.
Bonnie Brown, a foreclosure analyst with FSLI pointed out, “46 percent of the residential postings filed for the upcoming January foreclosure auction in Bell County were on delinquent VA loans.”
To protect homeowners facing foreclosure, Texas Attorney General Greg Abbott and Sen. Craig Estes, R-Wichita Falls, issued a legislative initiative they say will crack down on unlawful foreclosure rescue scams.
The Foreclosure Rescue Fraud Prevention Act, filed by Estes and drafted in coordination with the attorney general’s office, would require foreclosure prevention consultants to provide customers a written, plain language contract, and other protections.
