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Proprietary Loan Modifications Decline in August
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You're Now Reading:
Proprietary Loan Modifications Decline 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.
You're Now Reading:
Proprietary Loan Modifications Decline in August
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October 24, 2012 (Shirley Allen)

Mortgage servicers completed less proprietary loan modifications in August than they did in July but still remained at elevated levels 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 59,459 homeowners received permanent, proprietary loan modifications in August, down 9.9 percent from the 66,002 loan modifications in July.

Of the proprietary loan modifications completed in August, eighty-two percent (48,524) included reduced monthly principal and interest payments, with 71 percent (42,388) receiving a reduction of more than 10 percent. In addition, ninety-three percent (55,531) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications through the federal government’s Home Affordable Modification Program (HAMP) remained at about the same levels seen for the previous two quarters.

Short sales climbed higher than the previous month as a total of 39,559 short sales were completed in August compared to a revised 36,230 in July.

Monthly foreclosure starts jumped during August following July’s 4.9 percent increase. Foreclosure starts increased 14.2 percent from July, climbing from 164,593 to 187,941.

Completed foreclosure sales also jumped, increasing from 63,527 in July to 71,149 in August.

The number of homeowners that were at least 60 days or more past due continued to decline, falling from 2.471 million loans in July to 2.421 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

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
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Calculator
Mortgage
Rates

October 24, 2012 (Shirley Allen)

Mortgage servicers completed less proprietary loan modifications in August than they did in July but still remained at elevated levels 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 59,459 homeowners received permanent, proprietary loan modifications in August, down 9.9 percent from the 66,002 loan modifications in July.

Of the proprietary loan modifications completed in August, eighty-two percent (48,524) included reduced monthly principal and interest payments, with 71 percent (42,388) receiving a reduction of more than 10 percent. In addition, ninety-three percent (55,531) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications through the federal government’s Home Affordable Modification Program (HAMP) remained at about the same levels seen for the previous two quarters.

Short sales climbed higher than the previous month as a total of 39,559 short sales were completed in August compared to a revised 36,230 in July.

Monthly foreclosure starts jumped during August following July’s 4.9 percent increase. Foreclosure starts increased 14.2 percent from July, climbing from 164,593 to 187,941.

Completed foreclosure sales also jumped, increasing from 63,527 in July to 71,149 in August.

The number of homeowners that were at least 60 days or more past due continued to decline, falling from 2.471 million loans in July to 2.421 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

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.

October 24, 2012 (Shirley Allen)

Mortgage servicers completed less proprietary loan modifications in August than they did in July but still remained at elevated levels 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 59,459 homeowners received permanent, proprietary loan modifications in August, down 9.9 percent from the 66,002 loan modifications in July.

Of the proprietary loan modifications completed in August, eighty-two percent (48,524) included reduced monthly principal and interest payments, with 71 percent (42,388) receiving a reduction of more than 10 percent. In addition, ninety-three percent (55,531) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications through the federal government’s Home Affordable Modification Program (HAMP) remained at about the same levels seen for the previous two quarters.

Short sales climbed higher than the previous month as a total of 39,559 short sales were completed in August compared to a revised 36,230 in July.

Monthly foreclosure starts jumped during August following July’s 4.9 percent increase. Foreclosure starts increased 14.2 percent from July, climbing from 164,593 to 187,941.

Completed foreclosure sales also jumped, increasing from 63,527 in July to 71,149 in August.

The number of homeowners that were at least 60 days or more past due continued to decline, falling from 2.471 million loans in July to 2.421 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

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.