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Loan Modifications Decline in First Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Loan Modifications Decline in First Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Loan Modifications Decline in First Quarter

May 4, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in the first quarter of 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 209,806 homeowners received permanent, proprietary loan modifications compared to 261,445 in the fourth quarter of 2010.

Of the proprietary loan modifications completed, 81 percent included reduced monthly principal and interest payments, with 57 percent of those receiving a reduction of more than 10 percent.

For the month of March, a total of 76,675 loan modifications were completed which was an increase of 26 percent from February’s 60,903 completed loan modifications.

HOPE NOW also reports that fixed rate mortgages (fixed for a period of 5 years or more) accounted for 76 percent of the completed proprietary modifications.

Although there was a reduction in 60+ days delinquencies for the month of March, 2.63 million compared to February’s 2.78 million, the number of foreclosure starts increased 21 percent to 217,000, which was up from 180,000 in February.

Completed foreclosure sales were also up 35 percent for the month of March as 85,000 foreclosure sales were counted compared to 62,000 in February.

Faith Schwartz, Executive Director, issued this statement:

“We were pleased to see the increase in proprietary loan modifications from the previous month, despite the challenges facing the industry. This reversed a downward trend in proprietary modifications seen in the previous few months.

While it’s encouraging to see a continued decline in 60 day delinquency we realize many homeowners continue to be at risk of foreclosure, as evidenced by the increase in foreclosure sales in March. Homeowners need the ongoing focus and support of loan servicers and non-profit housing counselors as they continue to move through the resolution process. This includes explaining all options, which may include a short sale or deed-in-lieu of foreclosure.

HOPE NOW and its partners remain committed to ramping up their efforts to reach struggling families and working together to use all tools at their disposal, including aggressive local and regional outreach and leading-edge technology, such as HOPE LoanPort® to help these families find alternatives to foreclosure.”

You can read the entire report on the HOPE NOW website.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 4, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in the first quarter of 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 209,806 homeowners received permanent, proprietary loan modifications compared to 261,445 in the fourth quarter of 2010.

Of the proprietary loan modifications completed, 81 percent included reduced monthly principal and interest payments, with 57 percent of those receiving a reduction of more than 10 percent.

For the month of March, a total of 76,675 loan modifications were completed which was an increase of 26 percent from February’s 60,903 completed loan modifications.

HOPE NOW also reports that fixed rate mortgages (fixed for a period of 5 years or more) accounted for 76 percent of the completed proprietary modifications.

Although there was a reduction in 60+ days delinquencies for the month of March, 2.63 million compared to February’s 2.78 million, the number of foreclosure starts increased 21 percent to 217,000, which was up from 180,000 in February.

Completed foreclosure sales were also up 35 percent for the month of March as 85,000 foreclosure sales were counted compared to 62,000 in February.

Faith Schwartz, Executive Director, issued this statement:

“We were pleased to see the increase in proprietary loan modifications from the previous month, despite the challenges facing the industry. This reversed a downward trend in proprietary modifications seen in the previous few months.

While it’s encouraging to see a continued decline in 60 day delinquency we realize many homeowners continue to be at risk of foreclosure, as evidenced by the increase in foreclosure sales in March. Homeowners need the ongoing focus and support of loan servicers and non-profit housing counselors as they continue to move through the resolution process. This includes explaining all options, which may include a short sale or deed-in-lieu of foreclosure.

HOPE NOW and its partners remain committed to ramping up their efforts to reach struggling families and working together to use all tools at their disposal, including aggressive local and regional outreach and leading-edge technology, such as HOPE LoanPort® to help these families find alternatives to foreclosure.”

You can read the entire report on the HOPE NOW website.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 4, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in the first quarter of 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 209,806 homeowners received permanent, proprietary loan modifications compared to 261,445 in the fourth quarter of 2010.

Of the proprietary loan modifications completed, 81 percent included reduced monthly principal and interest payments, with 57 percent of those receiving a reduction of more than 10 percent.

For the month of March, a total of 76,675 loan modifications were completed which was an increase of 26 percent from February’s 60,903 completed loan modifications.

HOPE NOW also reports that fixed rate mortgages (fixed for a period of 5 years or more) accounted for 76 percent of the completed proprietary modifications.

Although there was a reduction in 60+ days delinquencies for the month of March, 2.63 million compared to February’s 2.78 million, the number of foreclosure starts increased 21 percent to 217,000, which was up from 180,000 in February.

Completed foreclosure sales were also up 35 percent for the month of March as 85,000 foreclosure sales were counted compared to 62,000 in February.

Faith Schwartz, Executive Director, issued this statement:

“We were pleased to see the increase in proprietary loan modifications from the previous month, despite the challenges facing the industry. This reversed a downward trend in proprietary modifications seen in the previous few months.

While it’s encouraging to see a continued decline in 60 day delinquency we realize many homeowners continue to be at risk of foreclosure, as evidenced by the increase in foreclosure sales in March. Homeowners need the ongoing focus and support of loan servicers and non-profit housing counselors as they continue to move through the resolution process. This includes explaining all options, which may include a short sale or deed-in-lieu of foreclosure.

HOPE NOW and its partners remain committed to ramping up their efforts to reach struggling families and working together to use all tools at their disposal, including aggressive local and regional outreach and leading-edge technology, such as HOPE LoanPort® to help these families find alternatives to foreclosure.”

You can read the entire report on the HOPE NOW website.

Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS