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.”
If you enjoyed this post, make sure you subscribe to my RSS feed!
One of the requirements of the President Obama “Making Home Affordable” Plan is that homeowners who want to apply for this foreclosure prevention program must sign IRS form 4506T, which allows the mortgage company to get a copy of past tax returns.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.”
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
“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.”
If you enjoyed this post, make sure you subscribe to my RSS feed!
I don’t often comment on topics like this, but I just saw Shepard Fairey on the “Colbert Report,” and learned that he was the artist who created the iconic Obama Hope poster.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Three Columbia professors recently issued a proposal to prevent foreclosures through loan modifications. Their idea: pay the servicers an incentive to do them.
If you enjoyed this post, make sure you subscribe to my RSS feed!