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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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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For all the talk of “we want to keep people in homes” and “we’re expanding the American Dream,” for all the big talk of the bozos in Congress who provide “oversight” of the GSE’s, numbers recently reported indicate that Fannie Mae is doing FEWER loan modifications, according to Housing Wire.
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