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Proprietary Loan Modifications Decline Slightly in January
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Proprietary Loan Modifications Decline Slightly in January
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
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The Easy Way to Shop For a Mortgage Loan
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You're Now Reading:
Proprietary Loan Modifications Decline Slightly in January
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The number of proprietary loan modifications completed by the nation’s mortgage servicers declined slightly from December to January according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors while foreclosure starts moved higher for the third consecutive month.

Using a three month rolling average, a total of 78,397 homeowners received permanent, proprietary loan modifications in January, down 2.5 percent from the 80,398 loan modifications in December.

Of the proprietary loan modifications completed in January, eighty-five percent (52,113) included reduced monthly principal and interest payments, with 76 percent (48,595) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (55,698) of the loan modifications received fixed interest rate loans of five years or more.

Short sales fell by more than 13 percent from the previous month as a total of 29,244 short sales were completed in January compared to 34,909 in December.

Monthly foreclosure starts continued to climb for the third consecutive month. Foreclosure starts increased by 8.8 percent from December, climbing from 129,139 to 140,482 in January.

Completed foreclosure sales jumped from 49,835 in December to 60,412 in January.

The number of homeowners that were at least 60 days or more past due declined slightly during the month, falling from 2.566 million loans in December to 2.529 million in January.

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

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The number of proprietary loan modifications completed by the nation’s mortgage servicers declined slightly from December to January according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors while foreclosure starts moved higher for the third consecutive month.

Using a three month rolling average, a total of 78,397 homeowners received permanent, proprietary loan modifications in January, down 2.5 percent from the 80,398 loan modifications in December.

Of the proprietary loan modifications completed in January, eighty-five percent (52,113) included reduced monthly principal and interest payments, with 76 percent (48,595) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (55,698) of the loan modifications received fixed interest rate loans of five years or more.

Short sales fell by more than 13 percent from the previous month as a total of 29,244 short sales were completed in January compared to 34,909 in December.

Monthly foreclosure starts continued to climb for the third consecutive month. Foreclosure starts increased by 8.8 percent from December, climbing from 129,139 to 140,482 in January.

Completed foreclosure sales jumped from 49,835 in December to 60,412 in January.

The number of homeowners that were at least 60 days or more past due declined slightly during the month, falling from 2.566 million loans in December to 2.529 million in January.

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 proprietary loan modifications completed by the nation’s mortgage servicers declined slightly from December to January according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors while foreclosure starts moved higher for the third consecutive month.

Using a three month rolling average, a total of 78,397 homeowners received permanent, proprietary loan modifications in January, down 2.5 percent from the 80,398 loan modifications in December.

Of the proprietary loan modifications completed in January, eighty-five percent (52,113) included reduced monthly principal and interest payments, with 76 percent (48,595) receiving a reduction of more than 10 percent. In addition, eighty-eight percent (55,698) of the loan modifications received fixed interest rate loans of five years or more.

Short sales fell by more than 13 percent from the previous month as a total of 29,244 short sales were completed in January compared to 34,909 in December.

Monthly foreclosure starts continued to climb for the third consecutive month. Foreclosure starts increased by 8.8 percent from December, climbing from 129,139 to 140,482 in January.

Completed foreclosure sales jumped from 49,835 in December to 60,412 in January.

The number of homeowners that were at least 60 days or more past due declined slightly during the month, falling from 2.566 million loans in December to 2.529 million in January.

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.