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Loan Modifications Decline in February According to HOPE NOW
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You're Now Reading:
Loan Modifications Decline in February According to HOPE NOW
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:
Loan Modifications Decline in February According to HOPE NOW
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April 8, 2011 (Shirley Allen)
mortgage-hopenow-image
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its February 2011 loan modification report, which shows approximately 61,000 proprietary loan modifications and 26,147 Home Affordable Modification Program (HAMP) modifications were completed, for an estimated total of 87,000 completed modifications. The total completed modifications were down from 100,000 in January of 2011.

Approximately 49,000 of the proprietary modifications included reduced monthly principal and interest payments, with 36,000 of those by being reduced by more than 10 percent.

Fixed rate loan modifications of 5 years or more dominated the choices available to borrowers with 81 percent (49,000) of all proprietary modifications completed choosing the fixed rate mortgage loan option.

Additionally, the report said there were 180,000 foreclosure starts for the month of February, down from the 204,000 reported in January 2011. The number of foreclosure sales for the month was approximately 73,000, which was virtually unchanged from the month before.

Faith Schwartz, Executive Director, stated, “Despite the numerous issues surrounding the loan servicing industry which have caused some delays in process, servicers and non-profit housing counselors continue to make progress in reaching at-risk homeowners, counseling at-risk homeowners, and offering alternatives to families facing foreclosure.”

The report also revealed that 60+ days delinquencies for the month were 2.78 million, down from 2.95 million in January 2011.

“While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months,” added Schwartz.

Tags: HOPE NOW, mortgage servicers, investors, loan modifications, HAMP, principal and interest payments, foreclosure starts, foreclosure sales, at-risk homeowners

Sources:
HOPE NOW

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Rates

April 8, 2011 (Shirley Allen)
mortgage-hopenow-image
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its February 2011 loan modification report, which shows approximately 61,000 proprietary loan modifications and 26,147 Home Affordable Modification Program (HAMP) modifications were completed, for an estimated total of 87,000 completed modifications. The total completed modifications were down from 100,000 in January of 2011.

Approximately 49,000 of the proprietary modifications included reduced monthly principal and interest payments, with 36,000 of those by being reduced by more than 10 percent.

Fixed rate loan modifications of 5 years or more dominated the choices available to borrowers with 81 percent (49,000) of all proprietary modifications completed choosing the fixed rate mortgage loan option.

Additionally, the report said there were 180,000 foreclosure starts for the month of February, down from the 204,000 reported in January 2011. The number of foreclosure sales for the month was approximately 73,000, which was virtually unchanged from the month before.

Faith Schwartz, Executive Director, stated, “Despite the numerous issues surrounding the loan servicing industry which have caused some delays in process, servicers and non-profit housing counselors continue to make progress in reaching at-risk homeowners, counseling at-risk homeowners, and offering alternatives to families facing foreclosure.”

The report also revealed that 60+ days delinquencies for the month were 2.78 million, down from 2.95 million in January 2011.

“While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months,” added Schwartz.

Tags: HOPE NOW, mortgage servicers, investors, loan modifications, HAMP, principal and interest payments, foreclosure starts, foreclosure sales, at-risk homeowners

Sources:
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.

April 8, 2011 (Shirley Allen)
mortgage-hopenow-image
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its February 2011 loan modification report, which shows approximately 61,000 proprietary loan modifications and 26,147 Home Affordable Modification Program (HAMP) modifications were completed, for an estimated total of 87,000 completed modifications. The total completed modifications were down from 100,000 in January of 2011.

Approximately 49,000 of the proprietary modifications included reduced monthly principal and interest payments, with 36,000 of those by being reduced by more than 10 percent.

Fixed rate loan modifications of 5 years or more dominated the choices available to borrowers with 81 percent (49,000) of all proprietary modifications completed choosing the fixed rate mortgage loan option.

Additionally, the report said there were 180,000 foreclosure starts for the month of February, down from the 204,000 reported in January 2011. The number of foreclosure sales for the month was approximately 73,000, which was virtually unchanged from the month before.

Faith Schwartz, Executive Director, stated, “Despite the numerous issues surrounding the loan servicing industry which have caused some delays in process, servicers and non-profit housing counselors continue to make progress in reaching at-risk homeowners, counseling at-risk homeowners, and offering alternatives to families facing foreclosure.”

The report also revealed that 60+ days delinquencies for the month were 2.78 million, down from 2.95 million in January 2011.

“While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months,” added Schwartz.

Tags: HOPE NOW, mortgage servicers, investors, loan modifications, HAMP, principal and interest payments, foreclosure starts, foreclosure sales, at-risk homeowners

Sources:
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.