Tag Archives: Loan Modification

Freddie Mac Completes Fewer Loan Modifications in September

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 […]

GSE Sees Foreclosures Drop 11% in Q2 2013

Reports have shown that Foreclosures and delinquencies have continued to drop within government-sponsored enterprises such as Fannie Mae and Freddie Mac after second-quarter reviews from the Federal Housing and Finance Agency’s (FHFA) Foreclosure Prevention Report. Interestingly, third-party sales and foreclosures fell 10% from last quarter and foreclosure starts decreased by 11%. This is the result […]

Foreclosures in Long Island Stay Above National Average

According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]

Report Says Almost Half of Homeowners in HAMP Default Again

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 […]

More Than 850,000 Loan Modifications Completed in 2012

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 […]

Treasury Says HAMP Didn’t Really Help Homeowners

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 […]

Feds Launch Broader Mortgage Aid Program

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 […]

More Homeowners Leaving Government Loan Program

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, […]

Who’s Defaulting Now? The Rich

This blog has previously reported on those who have strategically defaulted on their mortgages — that is, they have stopped paying their mortgages altogether, knowing they can no longer afford to pay them. Now, it’s not just middle-class and lower-middle-class folks throwing in the towel in their struggle to make payments; it seems the rich […]

Housing Crisis May Ruin Your Credit Score

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 […]