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Proprietary Loan Modifications Decline in April
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
Proprietary Loan Modifications Decline in April
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
Proprietary Loan Modifications Decline in April

June 3, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in April 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 57,000 homeowners received permanent, proprietary loan modifications in April compared to 77,000 in March, a reduction of 26 percent.

Of the proprietary loan modifications completed, 82 percent (47,000) included reduced monthly principal and interest payments, with 53 percent (30,000) receiving a reduction of more than 10 percent. In addition, 78 percent (45,000) received fixed interest rate loans of five years or more.

Proprietary loan modifications include Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), US Department of Veterans Affairs (VA) and does not include loans modified under the Home Affordable Modification Program (HAMP).

Foreclosure starts and sales also dropped in April as approximately 163,000 foreclosure starts were recorded, which was down from 217,000 in March, a decline of 25 percent. Completed foreclosure sales dropped from 85,000 in March to 73,000 in April, a decline of 14 percent.

Mortgage delinquencies that are at least 60 days past due increased slightly from 2.63 million properties in March to 2.69 million in April.

April’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. Unfortunately that also means approximately 20 percent have re-defaulted, however, those figures very closely mirrored those seen in March.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are particularly encouraged by stable trends in recidivism, or re-defaults, on loan modifications. This is very significant since it illustrates that servicers have used more tools at their disposal than ever before – lower rate, extended terms and principal forbearance or write down – to create sustainable modifications for homeowners at risk.”

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

Source:
HOPE NOW

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.
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A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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HOME BUYING TIPS
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 SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
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.
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

June 3, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in April 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 57,000 homeowners received permanent, proprietary loan modifications in April compared to 77,000 in March, a reduction of 26 percent.

Of the proprietary loan modifications completed, 82 percent (47,000) included reduced monthly principal and interest payments, with 53 percent (30,000) receiving a reduction of more than 10 percent. In addition, 78 percent (45,000) received fixed interest rate loans of five years or more.

Proprietary loan modifications include Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), US Department of Veterans Affairs (VA) and does not include loans modified under the Home Affordable Modification Program (HAMP).

Foreclosure starts and sales also dropped in April as approximately 163,000 foreclosure starts were recorded, which was down from 217,000 in March, a decline of 25 percent. Completed foreclosure sales dropped from 85,000 in March to 73,000 in April, a decline of 14 percent.

Mortgage delinquencies that are at least 60 days past due increased slightly from 2.63 million properties in March to 2.69 million in April.

April’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. Unfortunately that also means approximately 20 percent have re-defaulted, however, those figures very closely mirrored those seen in March.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are particularly encouraged by stable trends in recidivism, or re-defaults, on loan modifications. This is very significant since it illustrates that servicers have used more tools at their disposal than ever before – lower rate, extended terms and principal forbearance or write down – to create sustainable modifications for homeowners at risk.”

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

Source:
HOPE NOW

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
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
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 SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
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.
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

June 3, 2011 (Shirley Allen)

The number of proprietary loan modifications declined in April 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 57,000 homeowners received permanent, proprietary loan modifications in April compared to 77,000 in March, a reduction of 26 percent.

Of the proprietary loan modifications completed, 82 percent (47,000) included reduced monthly principal and interest payments, with 53 percent (30,000) receiving a reduction of more than 10 percent. In addition, 78 percent (45,000) received fixed interest rate loans of five years or more.

Proprietary loan modifications include Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), US Department of Veterans Affairs (VA) and does not include loans modified under the Home Affordable Modification Program (HAMP).

Foreclosure starts and sales also dropped in April as approximately 163,000 foreclosure starts were recorded, which was down from 217,000 in March, a decline of 25 percent. Completed foreclosure sales dropped from 85,000 in March to 73,000 in April, a decline of 14 percent.

Mortgage delinquencies that are at least 60 days past due increased slightly from 2.63 million properties in March to 2.69 million in April.

April’s data also shows that 80 percent of previous permanent proprietary loan modifications remained less than 90 days past due in the last year. Unfortunately that also means approximately 20 percent have re-defaulted, however, those figures very closely mirrored those seen in March.

Faith Schwartz, Executive Director of HOPE NOW, stated, “We are particularly encouraged by stable trends in recidivism, or re-defaults, on loan modifications. This is very significant since it illustrates that servicers have used more tools at their disposal than ever before – lower rate, extended terms and principal forbearance or write down – to create sustainable modifications for homeowners at risk.”

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

Source:
HOPE NOW

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
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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.
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
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.
SEARCH FOR A HOME
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

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