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hamp modifications: 228,000 helped to keep homes through loan modifications in March 2010 - 04/14/10 01:31 PM
President Obama's foreclosure prevention plan has helped nearly 228,000 delinquent borrowers keep their homes, the administration said Wednesday. That's up from a month ago, when roughly 168,000 people received long-term mortgage modifications.
Another 781,000 troubled homeowners were in trial modifications, through March, officials said. Of these, 108,000 have been approved for permanent modification by servicers and are awaiting borrowers' acceptance. So far, some 19.8% of trial modifications have become permanent, up from 15.5% a month ago.
Overall, some 6.7% of the estimated 3.4 million eligible borrowers have received long-term help.
While the number of people receiving permanent modifications is steadily growing, … (0 comments)
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hamp modifications: Housing Counselors in Maryland Initiate HOPE LoanPort - 04/09/10 04:59 AM
In an effort to expedite loan modifications several states have begun to use an automated portal to lenders participating in the HOPE NOW program. Last week Maryland inaugurated the service with 8 lenders and 100 non-profit loan modification counselors. Maryland is the first state to endorse the program.
The servicers participating in the streamlined loan program are American Home Mortgage Servicing, Inc., Chase, Bayview Loan Servicing, Ocwen, GMAC, Saxon Mortgage Services, SunTrust, and PNC Mortgage.
The program is designed to make submission of paperwork more efficient in order to eliminate the concern that modifications are frequently delayed because of lost files.
… (1 comments)
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hamp modifications: As of April 5 - HAFA is Here - 04/08/10 05:48 AM
The Home Affordable Foreclosure Alternatives program debuted April 5. Lenders have been ramping up for a deluge of Short Sales for the past several months and the government’s latest program will probably boost the numbers even though there are flaws in the program. HAFA may help individuals who qualified for a trial loan modification, but didn’t make the final cut for a permanent loan change. The same paperwork prepared for HAMP will apply to HAFA as well.
Bank of America and other servicers have more than doubled the number of Short Sales they are handling in recent months. There is real … (4 comments)
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hamp modifications: HOPE NOW Provides Non-HAMP Loan Modifications - 04/03/10 09:38 AM
The loan industry’s proprietary loan modification program, HOPE NOW, maintains that it had completed almost twice as many loan modifications as the HAMP program as of January. The total for HOPE NOW during that month was just under 100,000, while HAMP program modifications completed in January numbered 50,364. Of the HOPE NOW loan modifications completed in January, 74 percent included reductions of principal and interest payments.
HOPE NOW has been proactive in gathering paperwork from homeowners to complete permanent modifications. This pro-activity may be one reason for the relative success of this program compared to the government-run loan modification program.
Recently, … (0 comments)
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hamp modifications: Loan Modifications Fail to Stem Tide of Foreclosure - 04/02/10 05:43 AM
The government’s Mortgage Metrics Report by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) reveals that half of the loans modified under HAMP at the beginning of 2009 were once again delinquent by the fourth quarter of 2009.
Fully 14% of all mortgage loans were delinquent by the end of 2009 according to this report. There were twice the modifications in the fourth quarter as occurred the same quarter a year before. Most payments were reduced by at least 20%.
New foreclosure filings fell 15% in the fourth quarter as mortgages remained delinquent … (21 comments)
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hamp modifications: Government Official Says HAMP is Not Working - Now what? - 03/31/10 05:50 AM
Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), admitted that far fewer homeowners will receive assistance under the HAMP program and other government efforts to ease foreclosure than originally estimated. Barofsky estimates that only 1.5 million to 2 million homeowners will be helped as opposed to the 4 million originally expected to receive foreclosure help from the government.
Barofsky does not believe offering modifications is a meaningful goal of the foreclosure program, since so few have actually been helped and many who have received modifications are redefaulting.
Herbert M. Allison, assistant Treasury secretary for financial stability said … (1 comments)
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hamp modifications: Private Loan Modification Agencies are Outpacing HAMP - 03/28/10 09:22 AM
The Hope Now Alliance is the private sector loan modification alliance of mortgage servicing companies, mortgage insurers and non-profit counseling agencies who are dealing with non-HAMP qualified loans. Primarily these are vacant and investor-owned homes that no longer have a resident owner. According to Faith Schwartz, Executive Director of Hope Now Alliance, approximately 25% of single family homes are owned by Investors who do not qualify for the HAMP program.
Hope Now Alliance closed almost 100,000 proprietary loan modifications during the month of February compared to the Treasury Department’s HAMP Program which closed 50,364. Between the two programs nearly 150,000 loans … (0 comments)
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hamp modifications: Delinquencies Appear to be on a Downward Trend, maybe.... - 03/25/10 06:29 AM
The pace of new delinquencies has slowed during the winter months, according to a report by the valuation company, Lender Processing Services (LPS). The company believes that the trend is a reflection of the slowed pace of foreclosures due to HAMP and private loan modification programs.
With 7.5 million loans still in some stage of delinquency, we are far from economic recovery, even though the pace of new defaults seems to be slowing.
Further, the pipeline appears to be clogged as Lenders try to work out alternatives to foreclosure and deal with a growing number of delinquencies. Of loans delinquent for … (0 comments)
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hamp modifications: Only 170,000 Permanent Loans Under HAMP - 03/24/10 06:08 AM
The HAMP program issued one bit of good news: permanent loan mods were up 45% in January. The bad news is, this is just a miniscule amount of the 1.8 million homeowners who are behind in their payments in the U.S.
The total HAMP permanent loans processed during the month of January Were 170,000 according to the Treasury Department.
There are nearly another 92,000 awaiting the homeowner’s signature to move from trial to permanent loan.
Lenders have sent offers to 1.3 million homeowners to start the program, which is less than the government’s goal of reaching out to 3 to 4 … (3 comments)
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hamp modifications: HAMP Participants Find Credit Scores are Dropping - 03/23/10 05:17 AM
Many homeowners who tried to do the right thing by saving their home through a loan modification under the Home Affordable Modification Program are being startled by the news that their credit score has fallen by 100 points or so as a result.
What credit counselors say causes this drop is that during the three month trial period lenders mark payments as only partially made. This drops credit because the status is lower than that of someone who continued to make payments as originally agreed upon. Credit counselors and their clients say this is unfair, and certainly creates a surprise result … (2 comments)
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hamp modifications: HAMP Workouts Double in December - 01/22/10 05:56 AM
Apparently displeased with the lack of modifications completed by the end of November, the feds made house calls to Lenders in December to make sure the people who could be helped with loan modifications were being helped. As a result, completed permanent modifications doubled to 66,465 with another 46,056 final modifications just lacking Homeowner signature. A total of 902,620 Homeowners have applied for HAMP modifications since last March.
In addition to looking over the shoulders of Lenders the government extended the review period for Homeowners until January 31st so that all Homeowners are given a fair amount of time for evaluation.
… (2 comments)
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Dave Rosenmarkle
Arlington,
VA
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Highland Realty
Address: 5317 Lee Highway, Arlington, VA, 22207
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