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loan modifications: Loan modifications and short sales are gaining traction in California - 05/16/10 10:59 PM
ForeclosureRadar: Cancellations up 174% year-over-year Foreclosure cancellations in California skyrocketed 174 percent year-over-year in April, according to a report by foreclosure data company ForeclosureRadar.
At the same time, foreclosure filings in the Golden State fell month-to-month for the first time since January. Notices of default fell 41.2 percent year-over-year and 16 percent month-to-month, while notices of trustee sale were down 3.1 percent year-over-year and 10.3 percent month-to-month.
Cancellations jumped 11.4 percent month-to-month and 174.4 percent since April 2009.
“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” said Sean O’Toole, … (1 comments)
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loan modifications: Non-HAMP Modifications Accounted for Two-Thirds of Loan Mods in February - 04/02/10 10:42 AM
HOPE NOW announced Wednesday that its members completed an estimated 95,586 proprietary loan modifications in February 2010, which is almost double the 52,905 modifications completed under the government’s Home Affordable Modification Program (HAMP) during the same month.
Of the proprietary loan modifications completed in February, approximately 78 percent included a reduction of principal and interest payments. HOPE NOW’s data also showed that foreclosure starts and sales dropped 17 percent for the month, along with a 4 percent decrease in the number of 60-plus day delinquencies.
“Our data shows that mortgage servicers are continuing a strong effort on proprietary and … (1 comments)
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loan modifications: The HAMP Loan Modification Evaluator Tool and Questionnaire - 03/28/10 04:17 AM
The Administration's Making Home Affordable Program has put a couple of great tools on their website that can help answer your questions about a possible Loan Modification. ( Part of HAMP - the Home Affordable Modification Program.)
There is an Evaluator Tool and a Questionnaire.
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible. To see if you may … (3 comments)
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loan modifications: Bank of America Makes a Bold Move – Principal Forgiveness - 03/24/10 03:21 PM
Today, Bank of America announced that it will introduce “principal forgiveness” which will look to reduce loan balances of qualifying distressed homeowners with adjustable rate mortgages or subprime loans in an effort to make their payments more affordable.
While smaller banks have already began taking this position, B of A is one of the first large banks to attempt this highly criticized loan modification option.
The Obama administration has been pushing to improve their Home Affordability Modification Program, but rather than push for principal reduction, HAMP was simply extended. This program has been gaining momentum in the past 4 months.
With … (3 comments)
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loan modifications: HOPE NOW Modifies Almost Twice as Many Mortgages as HAMP - 03/18/10 12:37 PM
Wednesday, March 17th, 2010, 9:51 am, from HousingWire.com
HOPE NOW, an alliance between mortgage service professionals and non-profit counselors, reported 99,499 modifications in January, compared to 50,364 new permanent modifications under the Home Affordable Modification Program (HAMP).
January HOPE NOW modification numbers dropped only slightly from 104,423 non-HAMP modifications in December, compared to roughly 35,000 permanent modifications under HAMP in that same month. The US Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure.
Through February 2010, the 113 participating servicers provided 170,000 permanent modifications. HOPE NOW reported … (0 comments)
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loan modifications: Loan modifications are increasingly gaining traction - 03/17/10 08:54 AM
Friday, March 12th, 2010, 1:01 pm - From HousingWire.com
A year into the Home Affordable Modification Program (HAMP), servicers converted 170,207 permanent modifications through February, up from 116,297 in January, according to the US Treasury Department.
The Treasury launched HAMP in March 2009 to provide capped incentives to servicers for the modification of loans on the verge of foreclosure. To address critics that claim HAMP isn’t having the effect of reaching its target 3m to 4m borrowers, a House Committee on Oversight and Government Reform in February began an investigation of HAMP on concerns of the “effectiveness and efficiency” of the … (5 comments)
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loan modifications: Saving Face, If Not the House. Alternatives are expanding. - 02/25/10 01:53 PM
Saving Face, If Not the House ( From Tuesday’s American Banker Internet.)
After years of talking about "preserving homeownership," the mortgage servicing industry has a new buzzword: finding a "graceful exit" for seriously delinquent homeowners who do not qualify for loan modifications.
To move these borrowers out of their homes with a minimum of delay, friction or embarrassment, Fannie Mae and Freddie Mac are telling servicers to increase the use of alternatives to foreclosure such as short sales and deeds-in-lieu.
"Some people just are unwilling or unable to be helped," Eric Schuppenhauer, a Fannie senior vice president, said Wednesday at … (0 comments)
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loan modifications: Servicers Face Penalties, Ill Repute as Administration Rallies for More Modifications - 12/01/09 10:48 AM
Here's an article by Carrie Bay, from today's DSNews.com
Many critics argue that the pace of modifications under the federal Making Home Affordable (MHA) program isn't keeping stride with the nation's raging foreclosure problem, so the Obama administration announced Monday that it is taking a new approach to pressure servicers into converting more trial modifications to "permanent" status.
The government says that from now on, servicers failing to meet performance obligations under the federal program will face punishment, "subject to consequences which could include monetary penalties and sanctions."
The Treasury is also instituting new procedures and additional paperwork that will … (0 comments)
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loan modifications: What It Means When More Than Half Of The Delinquent Homeowners Go Delinquent Again - 12/09/08 10:17 AM
Earlier this year and under pressure from the government, mortgage lenders made more than 200,000 loan modifications to delinquent homeowners.
The modifications came in one of three forms, or a combination:
Interest rate reduction Loan term extension Principal forgiveness But despite the modifications, as of October 1, more than half of the homeowners that received assistance were already two months behind on their modified monthly payments.
This late-pay statistic was a focal point on Capitol Hill yesterday as the government admitted delinquencies "were larger than [they] thought they'd be". Loan modifications are proving inadequate at slowing foreclosures and yesterday's session opened the … (0 comments)
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Bob Phillips, CDPE, SFR South Orange Co., CA
Coto de Caza,
CA
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Realty ONE Group
Address: 25910 Acero, #100, Mission Viejo, CA, 92691
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