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Foreclosures Up, Loan Modifications Down in 3Q
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You're Now Reading:
Foreclosures Up, Loan Modifications Down in 3Q
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:
Foreclosures Up, Loan Modifications Down in 3Q
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December 31, 2010 (Shirley Allen)
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In a report released by the Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision, the number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms.

Loan servicers started 470,321 modification or payment plans in the three months ended Sept. 30, down 17 percent from the previous quarter and 32 percent from a year earlier according to Third Quarter Mortgage Metrics Report released on Wednesday.

Additionally, the report revealed that nearly 187,000 homes were lost to foreclosure in the third quarter of 2010, up 14.7 percent from the second quarter and an annual increase of 57.5 percent from the third quarter of 2009. Total foreclosure activity was up 4.5 percent from the previous quarter, with 1.2 million homes in the foreclosure process, reflecting a 10.1 percent annual increase.

Add in the short sales, in which a bank accepts less than a mortgage balance, together with the foreclosures, and the number rose to 244,840 in the third quarter, up 63 percent from a year earlier and 11 percent from the previous three months

At the same time, the overall mortgage picture remains stable, with 87.4 percent of all mortgages current and performing, unchanged from the second quarter and slightly higher than one year ago.

Early stage delinquencies, those 30-59 days past due, increased for the second consecutive quarter, rising by 4.3 percent. However, at 3.2 percent of the total mortgage portfolio, they remain within the range of 2.8-3.4 percent they have occupied since the last quarter of 2008.

Serious mortgage delinquencies, those more than 60 days past due or to bankrupt borrowers, fell by 6.4 percent, to 1.9 million loans, primarily due to these mortgages moving into foreclosure, rather than borrowers becoming current on their loans. This is the third consecutive quarterly decline and its lowest mark in five quarters.

The Treasury Department’s Mortgage Metrics Report examines data on 33.3 million home loans valued at about $6 trillion, representing 64 percent of all first-lien mortgages in the country.

Tags: foreclosures, loan modifications, treasury department, mortgage metrics, payment plans, current mortgages, delinquencies, borrowers, mortgage loans

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.
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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

December 31, 2010 (Shirley Allen)
arrow-two-directions-image
In a report released by the Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision, the number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms.

Loan servicers started 470,321 modification or payment plans in the three months ended Sept. 30, down 17 percent from the previous quarter and 32 percent from a year earlier according to Third Quarter Mortgage Metrics Report released on Wednesday.

Additionally, the report revealed that nearly 187,000 homes were lost to foreclosure in the third quarter of 2010, up 14.7 percent from the second quarter and an annual increase of 57.5 percent from the third quarter of 2009. Total foreclosure activity was up 4.5 percent from the previous quarter, with 1.2 million homes in the foreclosure process, reflecting a 10.1 percent annual increase.

Add in the short sales, in which a bank accepts less than a mortgage balance, together with the foreclosures, and the number rose to 244,840 in the third quarter, up 63 percent from a year earlier and 11 percent from the previous three months

At the same time, the overall mortgage picture remains stable, with 87.4 percent of all mortgages current and performing, unchanged from the second quarter and slightly higher than one year ago.

Early stage delinquencies, those 30-59 days past due, increased for the second consecutive quarter, rising by 4.3 percent. However, at 3.2 percent of the total mortgage portfolio, they remain within the range of 2.8-3.4 percent they have occupied since the last quarter of 2008.

Serious mortgage delinquencies, those more than 60 days past due or to bankrupt borrowers, fell by 6.4 percent, to 1.9 million loans, primarily due to these mortgages moving into foreclosure, rather than borrowers becoming current on their loans. This is the third consecutive quarterly decline and its lowest mark in five quarters.

The Treasury Department’s Mortgage Metrics Report examines data on 33.3 million home loans valued at about $6 trillion, representing 64 percent of all first-lien mortgages in the country.

Tags: foreclosures, loan modifications, treasury department, mortgage metrics, payment plans, current mortgages, delinquencies, borrowers, mortgage loans

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.

December 31, 2010 (Shirley Allen)
arrow-two-directions-image
In a report released by the Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision, the number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms.

Loan servicers started 470,321 modification or payment plans in the three months ended Sept. 30, down 17 percent from the previous quarter and 32 percent from a year earlier according to Third Quarter Mortgage Metrics Report released on Wednesday.

Additionally, the report revealed that nearly 187,000 homes were lost to foreclosure in the third quarter of 2010, up 14.7 percent from the second quarter and an annual increase of 57.5 percent from the third quarter of 2009. Total foreclosure activity was up 4.5 percent from the previous quarter, with 1.2 million homes in the foreclosure process, reflecting a 10.1 percent annual increase.

Add in the short sales, in which a bank accepts less than a mortgage balance, together with the foreclosures, and the number rose to 244,840 in the third quarter, up 63 percent from a year earlier and 11 percent from the previous three months

At the same time, the overall mortgage picture remains stable, with 87.4 percent of all mortgages current and performing, unchanged from the second quarter and slightly higher than one year ago.

Early stage delinquencies, those 30-59 days past due, increased for the second consecutive quarter, rising by 4.3 percent. However, at 3.2 percent of the total mortgage portfolio, they remain within the range of 2.8-3.4 percent they have occupied since the last quarter of 2008.

Serious mortgage delinquencies, those more than 60 days past due or to bankrupt borrowers, fell by 6.4 percent, to 1.9 million loans, primarily due to these mortgages moving into foreclosure, rather than borrowers becoming current on their loans. This is the third consecutive quarterly decline and its lowest mark in five quarters.

The Treasury Department’s Mortgage Metrics Report examines data on 33.3 million home loans valued at about $6 trillion, representing 64 percent of all first-lien mortgages in the country.

Tags: foreclosures, loan modifications, treasury department, mortgage metrics, payment plans, current mortgages, delinquencies, borrowers, mortgage loans

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.