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Loan Modifications Continue to Decline
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You're Now Reading:
Loan Modifications Continue to Decline
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 Modifications Continue to Decline
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The number of homeowners in need of a loan modification continued to dwindle in November 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 44,320 homeowners received permanent loan modifications in November, down 11.3 percent from the 49,990 loan modifications completed in October.

The number of completed proprietary loan modifications fell from 33,607 in October to 31,324 in November, a decline of 6.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) declined from 16,383 in October to 12,996 in November.

Of the proprietary loan modifications completed in November, seventy-four percent (23,284) included reduced monthly principal and interest payments, with sixty-eight percent (21,370) receiving a reduction of more than ten percent. In addition, ninety-three percent (29,143) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales declined from 51,468 in October to 41,295 in November, a decrease of 19.8 percent.

Monthly foreclosure starts also declined from October to November, falling from 101,808 starts in October to 84,238 in November, a decrease of 17.3 percent.

Short sales also experienced a sizeable drop from the previous month as a total of 14,783 short sales were completed in November compared to 18,902 in October.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.036 million loans in October to 2.025 million in November.

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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
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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.
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The number of homeowners in need of a loan modification continued to dwindle in November 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 44,320 homeowners received permanent loan modifications in November, down 11.3 percent from the 49,990 loan modifications completed in October.

The number of completed proprietary loan modifications fell from 33,607 in October to 31,324 in November, a decline of 6.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) declined from 16,383 in October to 12,996 in November.

Of the proprietary loan modifications completed in November, seventy-four percent (23,284) included reduced monthly principal and interest payments, with sixty-eight percent (21,370) receiving a reduction of more than ten percent. In addition, ninety-three percent (29,143) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales declined from 51,468 in October to 41,295 in November, a decrease of 19.8 percent.

Monthly foreclosure starts also declined from October to November, falling from 101,808 starts in October to 84,238 in November, a decrease of 17.3 percent.

Short sales also experienced a sizeable drop from the previous month as a total of 14,783 short sales were completed in November compared to 18,902 in October.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.036 million loans in October to 2.025 million in November.

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 homeowners in need of a loan modification continued to dwindle in November 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 44,320 homeowners received permanent loan modifications in November, down 11.3 percent from the 49,990 loan modifications completed in October.

The number of completed proprietary loan modifications fell from 33,607 in October to 31,324 in November, a decline of 6.8 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) declined from 16,383 in October to 12,996 in November.

Of the proprietary loan modifications completed in November, seventy-four percent (23,284) included reduced monthly principal and interest payments, with sixty-eight percent (21,370) receiving a reduction of more than ten percent. In addition, ninety-three percent (29,143) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales declined from 51,468 in October to 41,295 in November, a decrease of 19.8 percent.

Monthly foreclosure starts also declined from October to November, falling from 101,808 starts in October to 84,238 in November, a decrease of 17.3 percent.

Short sales also experienced a sizeable drop from the previous month as a total of 14,783 short sales were completed in November compared to 18,902 in October.

The average number of homeowners that were at least 60 days or more past due over the previous three months declined from 2.036 million loans in October to 2.025 million in November.

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.