Chicago, IL (PRWEB) September 17, 2013
The national foreclosure rate is on decline; subsequently, The Federal Savings Bank has been encouraging its veteran lien holders to refinance. According to RealtyTrac's U.S. Foreclosure Market Report, overall foreclosure activity decreased 2 percent during August on a month-over-month basis as well as 34 percent on a year-over-year basis. This marked the 35th consecutive month of year-over-year foreclosure declines.
"The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile, foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline. This was the case with the jump in Nevada foreclosure starts in August."
Even though national figures are positive, certain areas of the country are still struggling.
While states like Colorado, Arizona, Washington, California, Michigan, Illinois, Massachusetts and Florida all saw declines; there were foreclosure increases in 17 states, including Nevada, Ohio and Maryland.
In addition to loan modification programs, one strategy homebuyers can use to avoid foreclosure is refinancing. As the popularity of the Home Affordable Refinance Program, along with FHA streamline refinance, has shown, plenty of homeowners are in the market to lower their monthly mortgage payments or otherwise change the terms of their loans.
A VA loan refinance is also an attractive option for mortgage holders who have previously taken out a VA home loan. Unlike other refinancing programs, a VA loan refinance requires no credit check or appraisal for eligible homeowners.
Contact The Federal Savings Bank, a veteran owned bank, to explore mortgage refinancing options.