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Loan Modifications Fall in October
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You're Now Reading:
Loan Modifications Fall in October
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Loan Modifications Fall in October
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More homeowners received HAMP loan modifications in October but a larger decrease in proprietary loan modifications lead to an overall decline according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 49,990 homeowners received permanent loan modifications in October, down 5.1 percent from the 52,656 loan modifications completed in September.

The number of completed proprietary loan modifications fell from 39,772 in September to 33,607 in October, a decline of 15.5 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 12,884 in September to 16,383 in October.

Of the proprietary loan modifications completed in October, seventy-four percent (24,929) included reduced monthly principal and interest payments, with sixty-four percent (21,584) receiving a reduction of more than ten percent. In addition, ninety-two percent (30,795) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased slightly from 50,622 in September to 51,468 in October, a gain of 1.7 percent.

Monthly foreclosure starts also increased from September to October, climbing from 92,760 starts in September to 101,808 in October, an increase of 9.8 percent.

Short sales were little changed from the previous month as a total of 18,902 short sales were completed in October compared to 18,786 in September.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.080 million loans in September to 2.035 million in October.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

Source:
HOPE NOW

Reported by Shirley Allen

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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More homeowners received HAMP loan modifications in October but a larger decrease in proprietary loan modifications lead to an overall decline according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 49,990 homeowners received permanent loan modifications in October, down 5.1 percent from the 52,656 loan modifications completed in September.

The number of completed proprietary loan modifications fell from 39,772 in September to 33,607 in October, a decline of 15.5 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 12,884 in September to 16,383 in October.

Of the proprietary loan modifications completed in October, seventy-four percent (24,929) included reduced monthly principal and interest payments, with sixty-four percent (21,584) receiving a reduction of more than ten percent. In addition, ninety-two percent (30,795) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased slightly from 50,622 in September to 51,468 in October, a gain of 1.7 percent.

Monthly foreclosure starts also increased from September to October, climbing from 92,760 starts in September to 101,808 in October, an increase of 9.8 percent.

Short sales were little changed from the previous month as a total of 18,902 short sales were completed in October compared to 18,786 in September.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.080 million loans in September to 2.035 million in October.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

Source:
HOPE NOW

Reported by Shirley Allen

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

More homeowners received HAMP loan modifications in October but a larger decrease in proprietary loan modifications lead to an overall decline according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 49,990 homeowners received permanent loan modifications in October, down 5.1 percent from the 52,656 loan modifications completed in September.

The number of completed proprietary loan modifications fell from 39,772 in September to 33,607 in October, a decline of 15.5 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 12,884 in September to 16,383 in October.

Of the proprietary loan modifications completed in October, seventy-four percent (24,929) included reduced monthly principal and interest payments, with sixty-four percent (21,584) receiving a reduction of more than ten percent. In addition, ninety-two percent (30,795) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased slightly from 50,622 in September to 51,468 in October, a gain of 1.7 percent.

Monthly foreclosure starts also increased from September to October, climbing from 92,760 starts in September to 101,808 in October, an increase of 9.8 percent.

Short sales were little changed from the previous month as a total of 18,902 short sales were completed in October compared to 18,786 in September.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.080 million loans in September to 2.035 million in October.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

Source:
HOPE NOW

Reported by Shirley Allen

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.