Posted by 101livescan on 3/6/12 8:27am
Msg #414046

75000 modifications in January 2012?

75,000 Loan Mods Reported Completed in January
Mon, 2012-03-05 15:56 — NationalMortgag...
HOPE NOW has released its January 2012 loan modification data, which shows that an estimated 74,000 homeowners received permanent, affordable loan modifications from mortgage servicers in the first month of 2012. The reported data for January shows that mortgage servicers completed approximately 56,000 proprietary loan modifications for homeowners and 17,992 Home Affordable Modification Program (HAMP) modifications (as reported by U.S. Department of the Treasury). Proprietary loan modifications continued to show characteristics of sustainability, which the majority having lower principal and interest monthly payments as well as fixed interest rates of five years or more. This trend has been consistent with data from previous months.

The January data also showed that foreclosure sales slightly outpaced loan modifications for the first time since October of 2009. For the month of January, there were approximately 79,000 completed foreclosure sales. Delinquencies of 60 days or more continued to remain flat at about 2.77 million, or approximately six percent of all loans.

“HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners," said Faith Schwartz, executive director of HOPE NOW. "Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery."

Highlights of the January 2012 data includes:

►Total permanent loan modifications were approximately 74,000
►Approximately 56,000 were proprietary
►17,992 were completed under HAMP
►Completed foreclosure sales were approximately 79,000.
►Loan modifications with reduced principal and interest payments accounted for approximately 67 percent (38,000) of all proprietary modifications.
►Fixed-rate modifications (initial fixed period of five years or more) accounted for 89 percent (50,000) of all proprietary modifications.
►60-plus days delinquencies for January 2012 were 2.77 million.

Reply by MW/VA on 3/6/12 8:33am
Msg #414047

Interesting. How many are actually seeing these? The

only one's I've seen are on 2nd homes or investment properties. I still haven't seen this
great increase in loan mods. Maybe it's this area--where there are a lot of VA or FHA, and have seen a lot of streamline refi's over the last year or so.

Reply by mwm143 on 3/6/12 8:34am
Msg #414050

Doesn't necessarily mean Signing Agents will be required

to complete them. So many are already mailed to the borrowers and only require 1 notarization.

Reply by Shoshana/AZ on 3/6/12 8:50am
Msg #414057

I find that hard to believe. All of a sudden, the banks are being benevolent and giving permanent loan mods?

Reply by MW/VA on 3/6/12 1:46pm
Msg #414094

That's my thoughts, too. I'm thinking it sounds like

some good PR, but I wonder if it's more fiction than fact.

Reply by 101livescan on 3/6/12 8:54am
Msg #414058

I wonder if they aren't concentrated in areas like Nevada and Florida where foreclosures are higher,or in Riverside and San Bernardino counties. I don't get many calls for modifications, I had only one in January. I performed it for $50 for NREIS, two copies of the loan modification, two signatures, 13 pages, two copies. I was in and out in five minutes.

I do hear about offers of $20 to do this work. I won't go any where for $20 with the cost of gas here on the Central Coast.