Loan Modifications Tumble in June

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Loan Modifications Tumble in June

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.

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Loan Modifications Tumble in June

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.

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Loan Modifications Tumble in June

Proprietary loan modifications tumbled in June according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors with completed loan modifications falling by nearly twenty-four percent.

Using a three month rolling average, a total of 61,366 homeowners received permanent loan modifications in June, down 16.4 percent from the 73,431 loan modifications in May.

The number of completed proprietary loan modifications fell from 57,860 in May to 44,043 in June, a decline of 23.9 percent, while the number of loan modifications made under the federal government’s Home Affordable Modification Program (HAMP) increased from 15,571 in May to 17,323 in June.

Of the proprietary loan modifications completed in June, eighty percent (35,298) included reduced monthly principal and interest payments, with 80 percent (35,211) receiving a reduction of more than 10 percent. In addition, ninety-eight percent (43,198) of the loan modifications received fixed interest rate loans of five years or more.

Completed foreclosure sales increased from 47,689 in May to 51,654 in June, an increase of 8.3 percent.

Meanwhile, monthly foreclosure starts fell for the second consecutive month from May to June, declining from 115,452 starts in May to 96,730 in June, a drop of 16.2 percent.

Short sales fell by 7.3 percent from the previous month as a total of 26,104 short sales were completed in June compared to 28,148 in May.

The average number of homeowners that were at least 60 days or more past due over the previous three months fell from 2.231 million loans in May to 2.216 million in June.

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

Source:
HOPE NOW

Reported by Shirley Allen

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Using a three month rolling average, a total of 61,366 homeowners received permanent loan modifications in June, down 16.4 percent from the 73,431 loan modifications in May.

Completed foreclosure sales increased from 47,689 in May to 51,654 in June, an increase of 8.3 percent.

Meanwhile, monthly foreclosure starts fell for the second consecutive month from May to June, declining from 115,452 starts in May to 96,730 in June, a drop of 16.2 percent.

Short sales fell by 7.3 percent from the previous month as a total of 26,104 short sales were completed in June compared to 28,148 in May.

The average number of homeowners that were at least 60 days or more past due over the previous three months fell from 2.231 million loans in May to 2.216 million in June.

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

Source:
HOPE NOW

Reported by Shirley Allen

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

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.

BUYING VS LEASING

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.

DEALER OR BANK FINANCING

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 ON THE INTERNET

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.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

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.