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Topic: Loan Modification
RealtyTrac credits the drop to “Foreclosure prevention policies and government legislation [which] are artificially distorting supply and demand equilibrium in the housing market.”
Mortgage applications rebounded last week, particularly refis. Purchase activity remains subdued,
By Paul M. J. Suchecki
Tags: Loan Mod, Loan Modification, Obama Homeowner Affordability and Stability Plan, ...
No CommentsAn additional 76,000 borrowers have been offered permanent loan mods where the paperwork still has to be signed and returned. The program passed a milestone, with more than one million trial three month loan mods granted, up from 902,620 the month before.
In Nevada, California, Michigan, Florida and Arizona; average home prices have dropped more than 20%. The money will be shared based on a formula that factors in the number of unemployed residents and the net drop in home prices.
The deterioration in performance is really the combination of two things going on: rising unemployment that took place throughout 2009 as well as our estimate that about a third of all jumbo loans that are current are underwater in terms of the value
Nevada topped the states in foreclosure rate for the 37th straight month with one in every 95 homes getting a foreclosure notice, more than four times the national average
At the top of the list was Saxon Mortgage modifying half of its 72,709 eligible home loans. Of these 7.6% were made permanent with 9.1% washing out of the plan. Saxon was followed closely by CitiMortgage
Yesterday the Federal Trade Commission, in a unanimous 4-0 vote sought to protect distressed mortgage borrowers from one of the biggest sources of fraud in the loan modification business, charging homeowners upfront fees. Under the proposed rule, mortgage relief companies could only collect after providing services.
“Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t [...]
By Paul M. J. SucheckiTags: loan modifications, Obama Homeowner Affordability and Stability Plan, ...No CommentsThe Obama Administration’s Home Affordable Program, HAMP, had been heavily criticized for not doing enough to forestall foreclosures, which hit 2.8 million homeowners in 2009.
This past week, mortgage giant Freddie Mac’s survey showed that the average interest on a 30 fixed mortgage had inched up to 4.94%. Across the board, expect rates to then head up pushed by the expanding budget deficit, and inflation pressures caused by a rebounding economy
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan Uncategorized mortgage first time home buyer tax credit Loan to Value Real Life Stories unemployment Upside Down Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
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