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Foreclosure Starts and Sales Decline but Delinquencies Are Up
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Foreclosure Starts and Sales Decline but Delinquencies Are Up
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Receive Multiple Offers. Save Money.
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Foreclosure Starts and Sales Decline but Delinquencies Are Up
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September 1, 2011 (Shirley Allen)

The number of proprietary loan modifications rebounded in July after a 7.5 percent decline in June according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts and sales declined and mortgage delinquencies climbed upwards.

The organization reports that 55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent. Almost 4.8 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Of the proprietary loan modifications completed, 80 percent (44,413) included reduced monthly principal and interest payments, with 60 percent (33,302) receiving a reduction of more than 10 percent. In addition, 87 percent (44,402) received fixed interest rate loans of five years or more.

The number of loan modifications completed under the federal government’s Home Affordable Modification Program (HAMP) for July had not been reported yet, but based on current trends, about 30,000 modifications were probably completed.

Total proprietary modifications and HAMP modifications for July were about 85,000, exceeding the 81,903 modifications in June.

Monthly foreclosure starts declined in July with 185,076 starts recorded, compared to 194,310 in June, a decline of 5 percent. Completed foreclosure sales dropped from 72,570 in June to 64,578 in July, a decline of 11 percent.

Mortgage delinquencies that are at least 60 days past due increased from 2.75 million properties in June to 2.81 million in July.

July’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. This was the fifth consecutive month that 90 days past due loan performance has remained at that level.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are happy to see an increase in permanent proprietary loan modifications for the month of July. More encouraging is the significant drop in foreclosure sales and starts, which is directly related to the extraordinary amount of work that is being done to educate at-risk homeowners about their options. Loan modifications continue at a steady rate, and in cases where that option is not possible mortgage servicers and housing counselors have the ability to offer a wide range of other solutions.”

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

Source:
HOPE NOW

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September 1, 2011 (Shirley Allen)

The number of proprietary loan modifications rebounded in July after a 7.5 percent decline in June according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts and sales declined and mortgage delinquencies climbed upwards.

The organization reports that 55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent. Almost 4.8 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Of the proprietary loan modifications completed, 80 percent (44,413) included reduced monthly principal and interest payments, with 60 percent (33,302) receiving a reduction of more than 10 percent. In addition, 87 percent (44,402) received fixed interest rate loans of five years or more.

The number of loan modifications completed under the federal government’s Home Affordable Modification Program (HAMP) for July had not been reported yet, but based on current trends, about 30,000 modifications were probably completed.

Total proprietary modifications and HAMP modifications for July were about 85,000, exceeding the 81,903 modifications in June.

Monthly foreclosure starts declined in July with 185,076 starts recorded, compared to 194,310 in June, a decline of 5 percent. Completed foreclosure sales dropped from 72,570 in June to 64,578 in July, a decline of 11 percent.

Mortgage delinquencies that are at least 60 days past due increased from 2.75 million properties in June to 2.81 million in July.

July’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. This was the fifth consecutive month that 90 days past due loan performance has remained at that level.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are happy to see an increase in permanent proprietary loan modifications for the month of July. More encouraging is the significant drop in foreclosure sales and starts, which is directly related to the extraordinary amount of work that is being done to educate at-risk homeowners about their options. Loan modifications continue at a steady rate, and in cases where that option is not possible mortgage servicers and housing counselors have the ability to offer a wide range of other solutions.”

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

Source:
HOPE NOW

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.

September 1, 2011 (Shirley Allen)

The number of proprietary loan modifications rebounded in July after a 7.5 percent decline in June according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts and sales declined and mortgage delinquencies climbed upwards.

The organization reports that 55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent. Almost 4.8 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Of the proprietary loan modifications completed, 80 percent (44,413) included reduced monthly principal and interest payments, with 60 percent (33,302) receiving a reduction of more than 10 percent. In addition, 87 percent (44,402) received fixed interest rate loans of five years or more.

The number of loan modifications completed under the federal government’s Home Affordable Modification Program (HAMP) for July had not been reported yet, but based on current trends, about 30,000 modifications were probably completed.

Total proprietary modifications and HAMP modifications for July were about 85,000, exceeding the 81,903 modifications in June.

Monthly foreclosure starts declined in July with 185,076 starts recorded, compared to 194,310 in June, a decline of 5 percent. Completed foreclosure sales dropped from 72,570 in June to 64,578 in July, a decline of 11 percent.

Mortgage delinquencies that are at least 60 days past due increased from 2.75 million properties in June to 2.81 million in July.

July’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. This was the fifth consecutive month that 90 days past due loan performance has remained at that level.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are happy to see an increase in permanent proprietary loan modifications for the month of July. More encouraging is the significant drop in foreclosure sales and starts, which is directly related to the extraordinary amount of work that is being done to educate at-risk homeowners about their options. Loan modifications continue at a steady rate, and in cases where that option is not possible mortgage servicers and housing counselors have the ability to offer a wide range of other solutions.”

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

Source:
HOPE NOW

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.