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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Already, Dick Durbin is backpedalling on his plans to allow mortgage cramdowns in bankruptcy to prevent foreclosure. Today, Housing Wire reports that “Durbin said he may limit the bill to existing subprime loans.”
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A very important consideration when you’re trying to prevent foreclosure is your loan-to-value ratio. This is the measure of what you owe on the home, versus what it’s worth.
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Three Columbia professors recently issued a proposal to prevent foreclosures through loan modifications. Their idea: pay the servicers an incentive to do them.
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I’m on hold with a smaller servicer, checking the progress of three Fannie Mae files I’m working on to prevent foreclosure. They just informed me that one of the borrowers had just been approved in July for the Homesaver Advance (HSA).
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The U.S. Department of Housing and Urban Development will shut down the FHA Secure Refinance program at the end of this year. The program, which was supposed to help 240,000 sub-prime borrowers to refinance into fixed rate FHA loans, fell just a little short of its foreclosure prevention goal.
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John Dugan, head of the Office of Comptroller of the Currency (OCC) recently delivered a speech outlining a “new” set of metrics they’ve been tracking on homeowners who obtain a loan modification to prevent foreclosure. While the big news in the popular press is, “How many loan modifications took place this month?” and while most politicians keep poking lenders in the ribs to do more of them, the question is, just how effective are loan modifications in preventing foreclosure?
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As a person who specializes in helping homeowners to get a loan modification and prevent foreclosure, I have the good fortune of providing a service that offers REAL value to my clients. My goal has always been to leave my clients much better off as a result of working with me than they were before they found me. And while there’s plenty to complain about when it often seems like you’re trying to prevent foreclosure in spite of EVERYONE involved (including the clients themselves in some cases), there are a lot of things for which I’m grateful.
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I’ve looked at the overview of the latest Fannie Mae and Freddie Mac loan modification/foreclosure bailout/trial balloon of the month. Let’s take a look at a few details to see what we have….
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I recently attended a Chicago Fed conference on “Saving the American Dream.” The agenda was primarily designed for third-party organizations who assist homeowners in preventing foreclosure.
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