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Loan Modification Completions Higher in August
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You're Now Reading:
Loan Modification Completions Higher in August
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.
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Loan Modification Completions Higher in August
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The number of completed proprietary loan modifications fell in August but total modifications were up due to a hefty increase in completed government loan modifications 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 67,275 homeowners received permanent loan modifications in August, up 6.3 percent from 63,298 loan modifications in July.

The number of completed proprietary loan modifications fell from 50,115 in July to 48,206 in August, a decline of 3.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 13,183 in July to 19,069 in August.

Of the proprietary loan modifications completed in August, eighty-two percent (39,602) included reduced monthly principal and interest payments, with 71 percent (34,288) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (42,387) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased from 58,930 in July to 59,064 in August, an increase of 0.2 percent.

Monthly foreclosure starts fell slightly from July to August, declining from 101,802 starts in July to 101,405 in August, a decline of only 397 starts.

Short sales fell by 10.6 percent from the previous month as a total of 23,183 short sales were completed in August compared to 25,942 in July.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.239 million loans in July to 2.182 million in August.

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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The number of completed proprietary loan modifications fell in August but total modifications were up due to a hefty increase in completed government loan modifications 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 67,275 homeowners received permanent loan modifications in August, up 6.3 percent from 63,298 loan modifications in July.

The number of completed proprietary loan modifications fell from 50,115 in July to 48,206 in August, a decline of 3.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 13,183 in July to 19,069 in August.

Of the proprietary loan modifications completed in August, eighty-two percent (39,602) included reduced monthly principal and interest payments, with 71 percent (34,288) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (42,387) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased from 58,930 in July to 59,064 in August, an increase of 0.2 percent.

Monthly foreclosure starts fell slightly from July to August, declining from 101,802 starts in July to 101,405 in August, a decline of only 397 starts.

Short sales fell by 10.6 percent from the previous month as a total of 23,183 short sales were completed in August compared to 25,942 in July.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.239 million loans in July to 2.182 million in August.

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.

The number of completed proprietary loan modifications fell in August but total modifications were up due to a hefty increase in completed government loan modifications 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 67,275 homeowners received permanent loan modifications in August, up 6.3 percent from 63,298 loan modifications in July.

The number of completed proprietary loan modifications fell from 50,115 in July to 48,206 in August, a decline of 3.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 13,183 in July to 19,069 in August.

Of the proprietary loan modifications completed in August, eighty-two percent (39,602) included reduced monthly principal and interest payments, with 71 percent (34,288) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (42,387) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased from 58,930 in July to 59,064 in August, an increase of 0.2 percent.

Monthly foreclosure starts fell slightly from July to August, declining from 101,802 starts in July to 101,405 in August, a decline of only 397 starts.

Short sales fell by 10.6 percent from the previous month as a total of 23,183 short sales were completed in August compared to 25,942 in July.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.239 million loans in July to 2.182 million in August.

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.