In the last two years, the six programs currently funded by the Office of the Illinois Attorney General have helped 476 homeowners save their homes. Almost 100 more relinquished their homes voluntarily, allowing them to make a fresh start. Combined, this means that the programs helped about 1/3 of participating homeowners – and their communities – to avoid the negative consequences of foreclosure. (more…)
Posts Tagged ‘statistics’
Foreclosure Mediation Still Going Strong in Illinois
Jennifer Shack, March 4th, 2016Does It Matter If Your Home Loan Is Owned by Fannie Mae or Freddie Mac? RSI Is Set to Find Out
Jennifer Shack, March 26th, 2015Foreclosure mediation is proving to be a fruitful field for research. As part of the comprehensive evaluation I’m conducting of six foreclosure mediation programs in Illinois, I interviewed those involved in administering those programs. One of those administrators, who also is one of two mediators for a program in central Illinois, said he was seeing a difference in outcomes for cases based on the loan’s investor. Investor restrictions often dictate the outcomes that are available to homeowners facing foreclosure. Government-sponsored enterprises (GSE’s), Fannie Mae and Freddie Mac, have different restrictions than federal agencies, like FHA and VA. For example, FHA’s loss mitigation policies say that homeowners can’t be offered a loan modification if they had obtained one in the previous two years. The administrator believed those differences in outcomes was caused by the differences in regulations. (more…)
What Happens to Temporary Loan Modifications Reached in Foreclosure Mediation?
Jennifer Shack, January 26th, 2015A lot of the cases that go through RSI’s foreclosure mediation programs end with a temporary loan modification – a trial payment plan in which the homeowner pays a new mortgage amount for a few months. If the homeowner makes the payments on time and in full during the trial period, the homeowner and bank agree to make the modification permanent. This means that a temporary loan modification doesn’t necessarily mean that the homeowner has averted foreclosure. Because of this, I was interested to find out if homeowners in our programs were able to convert their temporary loan modification into a permanent one. Now that a significant number of temporary payment periods have come to an end, I have finally been able to delve into that question. (more…)
Foreclosure Mediation Programs Helping to Retain More Homes
Jennifer Shack, October 24th, 2014I’ve just completed the quarterly statistical report for foreclosure mediation programs in Illinois in the 16th, 17th, 19th, 20th and 21st Judicial Circuits. If you’re a regular reader of the blog, you might remember that I wrote about the first statistical report back in August. The latest report, which covers all cases opened through September 30, shows that the programs in the 16th, 19th, and 21st circuits now have significantly higher home retention rates than at the end of June. (more…)
Different Program Models Beginning to Show Different Strengths
Jennifer Shack, August 4th, 2014The Illinois Attorney General’s grant for foreclosure mediation has so far resulted in five programs with five different service delivery models. This has had me, as evaluator of the programs, anxious to find out how the differences will affect program outcomes. Having just completed the first statistical report for the foreclosure mediation programs, my initial impression is that program model really does matter when it comes to many performance measures. (more…)
