A recent post on Housing Wire touted the benefits of using “high-touch” servicing in dealing with homeowners who are behind on their mortgage and headed towards foreclosure.
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Homeowners’ Emergency Mortgage Assistance Act (HEMA), the dumbest idea in the history of foreclosure legislation, is working its way through Congress.
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“A loan modification is just one piece of the puzzle.”
I’ve been saying this for quite some time, but first posted it in a post I made on the proposed Foreclosure Prevention Czar in October of 2008.
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Fitch Ratings, a financial rating and advisory firm, issued a recent report predicting that 55-75% of all HAMP loan modification recipients will re-default, or fall behind again on their mortgage payments after their loans are modified.
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I’m constantly amazed at how long it takes for an institution to figure out the obvious.
For a few years now, I’ve been saying that the mortgage industry is typically 24-36 months behind the curve. The problems they’re addressing today should have been dealt with 2-3 years ago.
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In another answer to “How successful are loan modifications?” First Federal of California reported its loan modification statistics. According to Housing Wire, “The national average for a 30-day delinquency rate on modified loans is 63.3%, whereas First Federal is 29.8% on loans adjusted in the Q108.”
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For quite some time, there have been complaints that the reason why so many homeowners have defaulted, and foreclosure levels are so high, is because “they don’t have enough skin in the game.” The theory is that homeowners who have put little-to-nothing down on their home purchase are more likely to default than those who’ve contributed a substantial down payment, because they have less to lose if their home goes to foreclosure. By extension, it is believed that those with larger down payments will exert more effort to avoid foreclosure and keep their homes.
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HOPE NOW reported loan modification numbers just recently, and there’s been an interesting change. What’s been nice in the past is they’ve been relatively consistent in the numbers that they report, as well as how they report them. Previously, it’s been fairly easy to see if loan modification numbers were increasing, decreasing, or treading water.
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President Obama’s senior adviser David Axelrod was apparently on “Fox New Sunday” saying that his housing plan is “solid.” It’s unclear whether this plan will lead to permanent loan modifications, or if it’s a stopgap measure.
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“HOPE NOW is a waste of time!” she exclaimed. Now granted, I don’t get calls from any of HOPE NOW’s satisfied “customers.” She goes on to tell me the usual story about HOPE NOW, and how they did very little to help her solve her problems. “All they did was take down my monthly budget numbers and pass them on to the lender. I never heard from them again.”
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