According to a recent government report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), 800,000 homeowners who received loan modifications during the financial crisis will begin to see their monthly payments go up by about $200 a month. About 30,000 homeowners will experience their first set of higher […]
The total amount of loan modifications completed by Freddie Mac decreased in September, according to the agency’s Monthly Volume Summary. There were 6,685 loan modifications in September, a 12.9% decrease from the previous month. Despite the decline, Freddie Mac has completed an average of 6,715 loan modifications per month this year, while in 2012, the […]
Fannie Mae reported that the number of loan modifications completed during the month of June was less than May’s figure. During the month of June, the agency modified 12,967 loans, down from 13,650 the previous month. That is lower than this year’s monthly average and last year’s monthly average: so far this year, Fannie Mae […]
Sigtarp, a report from the Troubled Asset Relief Program, showed that borrowers who had their mortgage payments reduced under the Home Affordable Modification Program (HAMP) are still having trouble keeping up with their payments, despite having their payments reduced on average by more than $400 a month. During the third quarter of 2009, forty-six percent […]
Hope Now, a consortium of mortgage servicers, investors, insurers and housing non-profits, recently released a report showing that 850,034 mortgages were modified in 2012 as the number of foreclosures and delinquencies declined. That is a decrease from 2011, when there were 1.05 million loan mods. Of the modifications that were completed last year, 661,362 were […]
The Treasury Department recently released a report showing that, as of June 30, more than 1 million temporary and permanent loan modifications have failed since the start of the Home Affordable Modification Program (HAMP) took effect three years ago. According to the report, had the larger servicers were better-equipped to handle the crushing caseload of […]
The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that […]
The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, […]
The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers […]
April was one of the cruelest months for homeowners seeking aid from the federal government to pay their mortgages. The Washington Post reported yesterday that 280,000 borrowers — or 20% of homeowners — were dropped from the Making Home Affordable program, raising questions about the effectiveness of stemming the tide of foreclosures. Treasury data showed […]