Happy Holidays so far! Hope you're having a great month so far! I've been working hard on my business plan for next year. We all have a lot of planning to do, adjustments in response to upcoming government regulations and also learning to adapt in a new housing environment. I heard on NPR radio yesterday am that 2009 has the highest rate of foreclosures ever (duh!). Also it was indicated that there has been a dip in foreclosures for the 3rd quarter - that is attributed to the banks doing temp. loan mods - we'll see come first quarter of 2010 how that is working out. I'm sure you will agree with me that we can only expect foreclosures to go up again when the loan mods don't work out (as the ole adage goes - you can't get blood from a turnip). One of my best friends has not made a mtg pmt in a year! Her home was due to be foreclosed on a few months ago but it was postponed - it's due to go up for auction in March. She has her head in the sand and I'm begging her to contact a foreclosure counseling agency (a list can be located on the HUD website for your state) - please refer anyone you know that is 31 days late on their mtg to immediately contact a foreclosure counseling agency. The Making Home Affordable folks put out a news release last week on what is being done at this point - below the rates is a clip from their website (http://makinghomeaffordable.gov/). DON'T let your clients get suckered into other websites or companies that try to pass themselves off as "agencies" that want to help - they're money grubbers who are in it for the bucks - probably previous sub prime mtg reps making the switch to sell their services as "loan mod" specialists. I've been involved with non profit housing agencies since 1999 (as a teacher, as a board member, as head of committees putting together legitimate down payment assistance programs etc) and I've just about seen it all from clients that come in with their stories about how they've been reeled in by unscrupulous loan reps and companies. I work closely with the state of Oregon Dept of Consumer and Business Services and have and will turn in anyone that I feel is not ethical - my husband says I would have made a great detective due to my interrogation tactics, ha! But my technique must pay off: I take complete applications and therefore have a high success rate of closing applications (I just closed on an investment property purchase. The application date was 12-3 and docs went to title co on 12-10 - amazing!) If you have any questions or need a variety of resources pertaining to helping clients in trouble with their mtg payment or have any first time buyers that need a recommendation on a state approved homebuyer education class please let me know - I'll be happy to provide the information. In the meantime have a great weekend - if you have any resources that you feel would be valuable for Oregon or SW Washington please pass along the info - together we can thrive in 2010 and truly make a difference. Can I hear an Amen?
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December 10, 2009
OBAMA ADMINISTRATION RELEASES NEW DATA ON MODIFICATION PROGRAM
WASHINGTON -- Today, the Obama Administration released the latest monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes for the first time the number of modifications that have transitioned from the trial to permanent phase as well as a break-out of the 15 metropolitan areas with the highest program activity. With more than 728,000 modifications under way across the country, the program is on track to meet its goals over the next several years. Modifications are providing real benefits to homeowners - borrowers in modifications are saving an average of over $550 per month. However, the report shows that servicers have only converted 31,382 modifications to the permanent phase. According to servicer reports, most borrowers in modifications are meeting their responsibilities to make their payments. Servicers need to do their part to help borrowers complete the process and get to the finish line. Top Administration officials met with servicers in Washington DC this week to urge a faster pace in converting borrowers to permanent modifications.
"As this report illustrates, struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes," said Chief of Treasury's Homeownership Preservation Office (HPO) Phyllis Caldwell. "Our focus now is on working with servicers, borrowers and organizations to get as many of those eligible homeowners as possible into permanent modifications."
"Our challenge now is to keep the pressure on," said HUD Senior Advisor for Mortgage Finance William Apgar. "HUD approved counselors are working with borrowers to ensure they are doing their part to transition into sustainable permanent modifications and we will ensure that servicers convert as many of those modifications by the end of the year as scheduled as they are scheduled to."
The Monthly Report is available here: http://www.financialstability.gov/docs/MHA%20Public%20121009%20Final.pdf
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