Loan Modification Approvals Increase
In December the amount of homeowners receiving permanent Loan modifications using the Obama HAMP program outnumbered those dropped from the program.
The Treasury Department stated that 30,030 homeowners received permanent loan modifications in December under the Home Affordable Modification Program, or HAMP, slightly above the 29,972 that received permanent modifications in November.
A total of 18,448 borrowers were cut from both permanent and trial modifications in December about the same level as in November and less than the month’s tally of new permanent modifications.For much of 2010, dropouts had outnumbered new permanent modifications as documentation requirements became more stringent.
However, 792,529 borrowers had been dropped from the program through December, or about 54 percent of the 1.47 million modifications that had been started since the program was launched in 2009.
The Treasury data showed that there were about 521,630 borrowers that had received a permanent modification at the end of December, compared to about 505,000 at the end of November and 483,000 at the end of October.
But this was far short of the administration’s initial goals of helping 3 million to 4 million homeowners, a goal that has since been scaled back. Under the tougher guidelines put in place last year, about 1.42 million borrowers were eligible for the program.
The Treasury also released new data about the borrowers who are receiving loan modifications under the program. The median gross annual income for a homeowner entering a trial modification was $46,344, while the median loan balance for those starting a trial modification was $223,283.
The top five metropolitan areas for active permanent modifications were Los Angeles, with 6.9 percent of the total volume, New York with 6.1 percent, Riverside-San Bernardino with 5.4 percent, Chicago with 5.3 percent and Miami-Fort Lauderdale with 4.6 percent.
you can read more @
http://www.reuters.com/article/2011/01/31/us-usa-housing-workouts-idUSTRE70U68K20110131
Admin
Categories: HAMP, Loan Modification, Obama plan Tags: diy loan modification, DIYLoanmodkit, diyloanmodkit.com, do it yourself loan modification, HAMP program, Obama plan
The Obama Foreclosure Dance
We love this dance!!!!!!!!!!!!!!!
And yes we do think that the government is dancing around the issue of loan modifications. Until the administration embraces principle reduction this is will still remain a problem.
Categories: Loan Modification, Obama plan Tags: diy loan modification, DIYLoanmodkit, diyloanmodkit.com, do it yourself loan modification, Loan Modification, Obama Dancing, Obama loan modification dance
Programs to help troubled homeowners to start in January
California is one of 18 states with money from the Treasury Department’s fund for states hardest hit by the mortgage crisis. Four states have programs up and running, and four others, including California, are running pilot programs, according to the Treasury Department.
The program would make money available to help low- and moderate-income homeowners avoid foreclosure, catch up on overdue mortgage payments, reduce the amount they owe, or, as a last resort, help them transition to rental housing.
CalHFA expects to help about 100,000 Californians, but there are 2.2 million California homeowners underwater on their mortgages.
The program has four components:
- Help making mortgage payments for homeowners who have lost their jobs. Up to six months of benefits as high as $3,000 a month.
- Up to $15,000 to help borrowers who have fallen behind on their payments become current.
- Principal reduction for borrowers whose homes are worth a lot less than they owe. The goal is to reduce principal to market levels so the homeowner can qualify for a mortgage modification.
- Financial help for people who have decided to give up their homes. There’s up to $5,000 per homeowner to help them make that transition.
Shawn
