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Foreclosure filings, including default notices and bank repossessions, were down 33 percent for the year to 2.7 million, according to RealtyTrac.
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Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.
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In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several months’ grace from or reduction in monthly mortgage payments.  The programs work best for temporary setbacks, like job loss, health problems, or natural disasters.
There are drawbacks to the forbearances though. The most-significant drawback is a larger total debt from the smaller payments.  The unpaid balance continues to increase during this time.
The new temporary mortgage payment is often set to 31 percent of the household income; in some cases lenders agree to accept no payments.  Fannie Mae’s extended unemployment program, first offered in the fall of 2010, limits any nonpayment or other forbearance plans to one year, with the second six months requiring approval by both Fannie Mae and the lender.
However, even with the program in place, the lender could still report a mortgage as delinquent, which could adversely affect the borrower’s credit score.
 
Because some agreements add onerous term and conditions, homeowners should also consult with a housing counselor certified by the Dept. of Housing and Urban Development.

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The number of loan servicers taking part in a state mortgage-aid program continues to grow roughly one year after its launch.  The Keep Your Home California program now has 55 participating mortgage servicers, up from 21 in June.
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Mobile devices are becoming a favorite target of scammers.  Malicious software that pretends to be games or other mobile apps could end up stealing your data or rack up bogus pay-er-text charges.  Android apps are a particular risk
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, since they undergo a less stringent approval process, but even Apple apps aren’t immune.
Advice: Pay $10 to $30 a year for a mobile security program like Lookout Mobile or Kaspersky Mobile Security and don’t download apps with carefully researching them first.  ”Go to the vendor’s website and follow the download link from there.  Read reviews for the app that are published outside the apps’ page in the market.  It may take a bit more time but it’s worth it!

Homeowners who had a mortgage loan on a primary residence and who believe were financially harmed during the mortgage foreclosure process by GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, or EMC Mortgage in 2009 or 2010 can request an independent review and potentially receive compensation.
The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. The servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.
A number of servicers supervised by the Office of the Comptroller of the Currency (OCC) are also required to conduct independent reviews.
Borrowers are eligible for an independent foreclosure review if 

the property securing the loan was the borrower’s primary residence;
the mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and  
the mortgage was serviced by one of the mortgage servicers listed here.

There are no costs associated with being included in the review; the review is a free program. Borrowers should beware of anyone who wants payment to assist with the independent foreclosure review or any other foreclosure assistance program.
Requests for review by the servicers’ independent consultants must be received by April 30, 2012.  Borrowers are encouraged to carefully consider the information about the review program to determine if they are eligible to participate.  
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