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Mortgage Modifications Drop; Mod Defaults to Rise
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 TAKE IT TO THE NEXT LEVEL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Mortgage Modifications Drop; Mod Defaults to Rise
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
Mortgage Modifications Drop; Mod Defaults to Rise

February 8, 2011 (Chris Moore)
mortgage-modification-image
Credit rating agency Fitch Ratings reported that mortgage servicers modified 36,500 mortgages through government and proprietary programs in December 2010, down 57% from the peak of 86,500 in April 2009. Fitch also stated that based on current and expected inventory, it will take four years to remove the backlog of properties and return the market to balance, echoing a similar statement made by Standard & Poor last week.

While efforts by both Hope Now and HAMP resulted in about 1.75 million modifications in 2010, Fitch’s report claims the amount of modifications has been on the decline each month since the April 2009 peak.

And yet despite the efforts by both Hope Now and HAMP, foreclosure sales still exceeded the one million mark with that number expected to increase in 2011.

Adding to the misery, Fitch is also projecting that between 60 percent and 70 percent of sub-prime loans modified will re-default within a year. Prime loans won’t fare much better. More than half of these mortgages are expected to re-default in one year after modification as well.

“The combined efforts of HAMP and other mortgage loan modification programs have made little more than a dent in the large volume of outstanding distressed loans,” said Diane Pendley, Head of U.S. RMBS Operational Risk, in a release.

But the amount of short sales and deeds in lieu of foreclosure could be on the rise. Fitch looked into the amount of loans that were liquidated as of December 2010 and found that 53 percent of prime loans, 34 percent of Alt-A and 32 percent of sub-prime sales were conducted before reaching the REO, or repossessed stage.

Less loan modifications, increased existing mortgage loan modification default rates, and an expected record year in foreclosures makes us wonder if four years is long enough.

Tags: mortgage servicers, mortgage loans, fitch ratings, mortgages, distressed properties, loan modifications, hamp, hope now, short sales, reo

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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.
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February 8, 2011 (Chris Moore)
mortgage-modification-image
Credit rating agency Fitch Ratings reported that mortgage servicers modified 36,500 mortgages through government and proprietary programs in December 2010, down 57% from the peak of 86,500 in April 2009. Fitch also stated that based on current and expected inventory, it will take four years to remove the backlog of properties and return the market to balance, echoing a similar statement made by Standard & Poor last week.

While efforts by both Hope Now and HAMP resulted in about 1.75 million modifications in 2010, Fitch’s report claims the amount of modifications has been on the decline each month since the April 2009 peak.

And yet despite the efforts by both Hope Now and HAMP, foreclosure sales still exceeded the one million mark with that number expected to increase in 2011.

Adding to the misery, Fitch is also projecting that between 60 percent and 70 percent of sub-prime loans modified will re-default within a year. Prime loans won’t fare much better. More than half of these mortgages are expected to re-default in one year after modification as well.

“The combined efforts of HAMP and other mortgage loan modification programs have made little more than a dent in the large volume of outstanding distressed loans,” said Diane Pendley, Head of U.S. RMBS Operational Risk, in a release.

But the amount of short sales and deeds in lieu of foreclosure could be on the rise. Fitch looked into the amount of loans that were liquidated as of December 2010 and found that 53 percent of prime loans, 34 percent of Alt-A and 32 percent of sub-prime sales were conducted before reaching the REO, or repossessed stage.

Less loan modifications, increased existing mortgage loan modification default rates, and an expected record year in foreclosures makes us wonder if four years is long enough.

Tags: mortgage servicers, mortgage loans, fitch ratings, mortgages, distressed properties, loan modifications, hamp, hope now, short sales, reo

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

February 8, 2011 (Chris Moore)
mortgage-modification-image
Credit rating agency Fitch Ratings reported that mortgage servicers modified 36,500 mortgages through government and proprietary programs in December 2010, down 57% from the peak of 86,500 in April 2009. Fitch also stated that based on current and expected inventory, it will take four years to remove the backlog of properties and return the market to balance, echoing a similar statement made by Standard & Poor last week.

While efforts by both Hope Now and HAMP resulted in about 1.75 million modifications in 2010, Fitch’s report claims the amount of modifications has been on the decline each month since the April 2009 peak.

And yet despite the efforts by both Hope Now and HAMP, foreclosure sales still exceeded the one million mark with that number expected to increase in 2011.

Adding to the misery, Fitch is also projecting that between 60 percent and 70 percent of sub-prime loans modified will re-default within a year. Prime loans won’t fare much better. More than half of these mortgages are expected to re-default in one year after modification as well.

“The combined efforts of HAMP and other mortgage loan modification programs have made little more than a dent in the large volume of outstanding distressed loans,” said Diane Pendley, Head of U.S. RMBS Operational Risk, in a release.

But the amount of short sales and deeds in lieu of foreclosure could be on the rise. Fitch looked into the amount of loans that were liquidated as of December 2010 and found that 53 percent of prime loans, 34 percent of Alt-A and 32 percent of sub-prime sales were conducted before reaching the REO, or repossessed stage.

Less loan modifications, increased existing mortgage loan modification default rates, and an expected record year in foreclosures makes us wonder if four years is long enough.

Tags: mortgage servicers, mortgage loans, fitch ratings, mortgages, distressed properties, loan modifications, hamp, hope now, short sales, reo

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