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You're Now Reading:
Foreclosure Starts Surge while Foreclosure Sales Outpace Loan Mods
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You're Now Reading:
Foreclosure Starts Surge while Foreclosure Sales Outpace Loan Mods
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:
Foreclosure Starts Surge while Foreclosure Sales Outpace Loan Mods
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About Mortgages
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March 12, 2012 (Shirley Allen)

The first month of the New Year saw a surge in foreclosure starts with over 31,000 more homeowners seeing their properties fall into the foreclosure process in January than in December, and for the first time since October 2009, foreclosure sales outpaced loan modifications.

Monthly foreclosure starts jumped 18.7 percent from December to January, climbing from 168,853 to 200,447, according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Completed foreclosure sales increased from 69,616 in December to 78,734 in January, outpacing proprietary loan modifications and HAMP loan modifications which posted a 6.7 percent decline, falling from 79,061 loan modifications completed in December to 73,767 in January.

A total of 55,775 homeowners received permanent, proprietary loan modifications in January virtually unchanged from the 55,687 in December.

Of the proprietary loan modifications completed, 67 percent (37,547) included reduced monthly principal and interest payments, with 63 percent (35,106) receiving a reduction of more than 10 percent. In addition, 89 percent (49,845) received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program declined from December to January with government agencies completing 17,992 loan modifications in January compared to 23,374 in December.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”

Mortgage delinquencies that were at least 60 days past due declined from 2.793 million loans in December to 2.768 million in January.

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 MortgageLoanRateUpdate 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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
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Calculator
Mortgage
Rates

March 12, 2012 (Shirley Allen)

The first month of the New Year saw a surge in foreclosure starts with over 31,000 more homeowners seeing their properties fall into the foreclosure process in January than in December, and for the first time since October 2009, foreclosure sales outpaced loan modifications.

Monthly foreclosure starts jumped 18.7 percent from December to January, climbing from 168,853 to 200,447, according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Completed foreclosure sales increased from 69,616 in December to 78,734 in January, outpacing proprietary loan modifications and HAMP loan modifications which posted a 6.7 percent decline, falling from 79,061 loan modifications completed in December to 73,767 in January.

A total of 55,775 homeowners received permanent, proprietary loan modifications in January virtually unchanged from the 55,687 in December.

Of the proprietary loan modifications completed, 67 percent (37,547) included reduced monthly principal and interest payments, with 63 percent (35,106) receiving a reduction of more than 10 percent. In addition, 89 percent (49,845) received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program declined from December to January with government agencies completing 17,992 loan modifications in January compared to 23,374 in December.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”

Mortgage delinquencies that were at least 60 days past due declined from 2.793 million loans in December to 2.768 million in January.

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.

March 12, 2012 (Shirley Allen)

The first month of the New Year saw a surge in foreclosure starts with over 31,000 more homeowners seeing their properties fall into the foreclosure process in January than in December, and for the first time since October 2009, foreclosure sales outpaced loan modifications.

Monthly foreclosure starts jumped 18.7 percent from December to January, climbing from 168,853 to 200,447, according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Completed foreclosure sales increased from 69,616 in December to 78,734 in January, outpacing proprietary loan modifications and HAMP loan modifications which posted a 6.7 percent decline, falling from 79,061 loan modifications completed in December to 73,767 in January.

A total of 55,775 homeowners received permanent, proprietary loan modifications in January virtually unchanged from the 55,687 in December.

Of the proprietary loan modifications completed, 67 percent (37,547) included reduced monthly principal and interest payments, with 63 percent (35,106) receiving a reduction of more than 10 percent. In addition, 89 percent (49,845) received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program declined from December to January with government agencies completing 17,992 loan modifications in January compared to 23,374 in December.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”

Mortgage delinquencies that were at least 60 days past due declined from 2.793 million loans in December to 2.768 million in January.

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.