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Loan Modifications Increase in May, Foreclosure Starts Jump
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You're Now Reading:
Loan Modifications Increase in May, Foreclosure Starts Jump
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 Increase in May, Foreclosure Starts Jump
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Home Selling Tips
About Mortgages
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Mortgage Rates

July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month 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 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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
Mortgage
Calculator
Mortgage
Rates

July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month 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 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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.

July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month 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 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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.