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Loan Modifications Increase in May, Foreclosure Starts Jump
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 Increase in May, Foreclosure Starts Jump
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 Increase in May, Foreclosure Starts Jump

July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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

Source:
HOPE NOW

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.
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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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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.
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July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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

Source:
HOPE NOW

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

July 10, 2012 (Shirley Allen)

Proprietary loan modifications increased by five percent in May while foreclosure starts saw a jump of almost fifteen percent during the month according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Using a three month rolling average, a total of 45,127 homeowners received permanent, proprietary loan modifications in May, up 5.0 percent from the 42,962 loan modifications in April.

Of the proprietary loan modifications completed in May, 81 percent (36,756) included reduced monthly principal and interest payments, with 73 percent (32,795) receiving a reduction of more than 10 percent. In addition, 90 percent (40,803) of the loan modifications received fixed interest rate loans of five years or more.

Loan modifications under the federal government’s HAMP program increased from April to May with government agencies completing 17,590 loan modifications in May compared to 15,167 in April.

Short sales also saw their numbers increase as a total of 38,273 short sales were completed in May compared to 34,643 in April.

Faith Schwartz, Executive Director of HOPE NOW, stated, “HOPE NOW, and its partners, continues to engage in aggressive borrower outreach, with an emphasis on streamlining processes through technology such as HOPE LoanPort®, better communication among stakeholders, education on borrower options and improving customer experience.”

Monthly foreclosure starts jumped during May following a slight decline in April. Foreclosure starts increased 14.9 percent from April to May, climbing from 177,259 to 203,590.

Completed foreclosure sales also increased, growing from 59,643 in April to 64,979 in May.

Mortgage delinquencies that were at least 60 days past due also felt the pain, increasing from 2.517 million loans in April to 2.527 million in May.

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

Source:
HOPE NOW

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