mortage deliquency: 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.
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mortage deliquency: Government’s New Foreclosure Prevention Plan - 04/01/10 05:55 AM
The Obama Administration revealed on Friday a new plan to stem foreclosure. Assistant Secretary of the Treasury Herbert M. Allison contends that the nature of the foreclosure crisis has shifted from one of sub-prime mortgages to one of helping the unemployed and under-water to survive bad times.
For loans above 115% of market value mortgage write-downs will be considered in order to bring the homeowner’s payment to 31% of income. In response to concerns that the mortgage write-down program would encourage people to default who might have otherwise continued to pay, the government has held firm that this program will impact … (1 comments)
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mortage deliquency: 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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