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Monthly Loan Mods Unchanged, Foreclosure Starts Jump 18 Percent
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You're Now Reading:
Monthly Loan Mods Unchanged, Foreclosure Starts Jump 18 Percent
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:
Monthly Loan Mods Unchanged, Foreclosure Starts Jump 18 Percent
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September 29, 2011 (Shirley Allen)

The number of proprietary loan modifications remained virtually the same from July to August according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts jumped up almost 18 percent from the previous month.

The organization reports that 55,828 homeowners received permanent, proprietary loan modifications in August compared to 55,687 in July. Almost 4.86 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Through the end of July, 4.06 million proprietary loan modifications have been completed while 791,399 loan modifications have been completed under HAMP.

Of the proprietary loan modifications completed, 83 percent (46,314) included reduced monthly principal and interest payments, with 68 percent (37,730) receiving a reduction of more than 10 percent. In addition, 83 percent (46,608) received fixed interest rate loans of five years or more.

Total proprietary modifications and HAMP modifications for August were about 82,000, likely falling below the 84,015 total loan modifications in July. Freddie Mac reported 8,639 HAMP modifications in August while Fannie Mae has yet to report their August totals, but through July has been averaging about 17,000 HAMP loan modifications per month.

Monthly foreclosure starts jumped up in August with 217,955 starts recorded, compared to 185,076 in July, an increase of 17.7 percent. Completed foreclosure sales also increased from 64,578 in July to 67,663 in August, a gain of 4.8 percent.

Mortgage delinquencies that are at least 60 days past due decreased from 2.810 million properties in July to 2.796 million in August.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We understand that unemployment, medical hardships and other financial issues have deeply affected the nation’s homeowners, said Schwartz. “Many people have fallen behind on their mortgage payments. But it is important to continue to convey the message that mortgage servicers are working tirelessly with their customers. Whether it is through localized outreach events or regional bricks and mortar centers, there are opportunities for homeowners to get one on one mortgage assistance.”

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

Source:
HOPE NOW

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ADVANTAGES OF USING
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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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Tips
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Tips
About
Mortgages
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Calculator
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Rates

September 29, 2011 (Shirley Allen)

The number of proprietary loan modifications remained virtually the same from July to August according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts jumped up almost 18 percent from the previous month.

The organization reports that 55,828 homeowners received permanent, proprietary loan modifications in August compared to 55,687 in July. Almost 4.86 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Through the end of July, 4.06 million proprietary loan modifications have been completed while 791,399 loan modifications have been completed under HAMP.

Of the proprietary loan modifications completed, 83 percent (46,314) included reduced monthly principal and interest payments, with 68 percent (37,730) receiving a reduction of more than 10 percent. In addition, 83 percent (46,608) received fixed interest rate loans of five years or more.

Total proprietary modifications and HAMP modifications for August were about 82,000, likely falling below the 84,015 total loan modifications in July. Freddie Mac reported 8,639 HAMP modifications in August while Fannie Mae has yet to report their August totals, but through July has been averaging about 17,000 HAMP loan modifications per month.

Monthly foreclosure starts jumped up in August with 217,955 starts recorded, compared to 185,076 in July, an increase of 17.7 percent. Completed foreclosure sales also increased from 64,578 in July to 67,663 in August, a gain of 4.8 percent.

Mortgage delinquencies that are at least 60 days past due decreased from 2.810 million properties in July to 2.796 million in August.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We understand that unemployment, medical hardships and other financial issues have deeply affected the nation’s homeowners, said Schwartz. “Many people have fallen behind on their mortgage payments. But it is important to continue to convey the message that mortgage servicers are working tirelessly with their customers. Whether it is through localized outreach events or regional bricks and mortar centers, there are opportunities for homeowners to get one on one mortgage assistance.”

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.

September 29, 2011 (Shirley Allen)

The number of proprietary loan modifications remained virtually the same from July to August according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Meanwhile, foreclosure starts jumped up almost 18 percent from the previous month.

The organization reports that 55,828 homeowners received permanent, proprietary loan modifications in August compared to 55,687 in July. Almost 4.86 million proprietary loan modifications and Home Affordable Modification Program (HAMP) loan modifications have been completed since 2007.

Through the end of July, 4.06 million proprietary loan modifications have been completed while 791,399 loan modifications have been completed under HAMP.

Of the proprietary loan modifications completed, 83 percent (46,314) included reduced monthly principal and interest payments, with 68 percent (37,730) receiving a reduction of more than 10 percent. In addition, 83 percent (46,608) received fixed interest rate loans of five years or more.

Total proprietary modifications and HAMP modifications for August were about 82,000, likely falling below the 84,015 total loan modifications in July. Freddie Mac reported 8,639 HAMP modifications in August while Fannie Mae has yet to report their August totals, but through July has been averaging about 17,000 HAMP loan modifications per month.

Monthly foreclosure starts jumped up in August with 217,955 starts recorded, compared to 185,076 in July, an increase of 17.7 percent. Completed foreclosure sales also increased from 64,578 in July to 67,663 in August, a gain of 4.8 percent.

Mortgage delinquencies that are at least 60 days past due decreased from 2.810 million properties in July to 2.796 million in August.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We understand that unemployment, medical hardships and other financial issues have deeply affected the nation’s homeowners, said Schwartz. “Many people have fallen behind on their mortgage payments. But it is important to continue to convey the message that mortgage servicers are working tirelessly with their customers. Whether it is through localized outreach events or regional bricks and mortar centers, there are opportunities for homeowners to get one on one mortgage assistance.”

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.