Home Foreclosure Reports for Maine Not Troublesome
by admin ~ November 18th, 2008.Maine reports home foreclosures increase in the second quarter. New mortgage data recently analyzed by the state indicated a slight increase in home foreclosures in Maine during the 2nd quarter of 2008, but officials say the number of foreclosures remains relatively small and poses no threat to the stability of state-chartered banks and credit unions. Activity rose for home loan modifications and FHA home loan refinancing yet few borrowers actually qualified to refinance mortgages with prime interest rates.
Superintendent Lloyd LaFountain III of the Bureau of Financial Institutions said Monday that 177 of the 86,669 mortgage loans from such institutions were in the process of foreclosure at the end of June. That’s up from 166 home loans three months earlier and amounts to one loan for every 490. According to Yahoo! Buzz, LaFountain said “That while each foreclosure represents an enormous hardship for those impacted, the totals remain nominal in terms of all home loans serviced by those institutions.”
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