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.
The government estimates that of 850,000 who have been processed for at least a temporary loan modification the average drop in loan amount has been $500.
GMAC leads the pack with the most permanent loan modifications with 9,872. Wells Fargo reported the next highest number of permanent modifications at 8,424, while JP Morgan Chase was in third place with 7,139. Other financial institutions reporting permanent loan modifications through December were Ocwen with 5,232, CitiMortgage with 4,999, Aurora Loan Services with 4,682 and Bank of America with 3,183.
Dave Rosenmarkle
Broker/Owner
Highland Realty
Arlington, VA 22007
703-538-2566
davidrose@mris.com
www.HighlandAgents.com
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