Larger Permanent Reductions Exhibit Stronger Performance
* Homeowners whose housing payment was cut by more than 50% through a HAMP permanent modification performed significantly better that those with a payment reductions of 20% or less. After one year, fewer that 12% of borrowers with a payment reduction greater that 50% were 60+ days delinquent.
* At 12 months, more that 84% of homeowners remain in HAMP permanent modifications. The remaining 16% have been disqualified from the program for missing three consecutive payments.
* HAMP permanent modifications continue to be sustained at better rates than industry modifications.
More than 1.5 million homeowners have entered trial modifications since program inception. These results are stated in HAMP Program Performance Report Through March 2011. Posted: www.makinghomeaffordable.gov/news/latest/Pages/Obama-Administration-Releases-April-Housing-Scorecard.aspx
You want to be a part of this program but are not sure if you qualify contact us now!
For a free loan modification consultation go to http://www.jdssaysyes.com
Friday, May 13, 2011
Monday, March 28, 2011
Making Home Affordable - January HAMP Servicer Performance Report
Making Home Affordable Program Update
Report Highlights More Than 600,000 Permanent Modifications Started
•Homeowners in permanent modifications realize real savings, with aggregate reductions in monthly mortgage payments estimated to total nearly $5.0 billion, program to date. Homeowners in active permanent modifications realize median monthly savings of more than $527, or 37% of the median before-modification monthly payment.
•New permanent modifications have averaged nearly 29,000 per month for the last six months. New trial modifications have averaged 27,000 per month over the same period.
•Nearly 1.5 million homeowners have entered trial modifications since program inception.
New This Month: Post-6/1 Conversion Rates
•Most servicers significantly improved conversion rates upon accepting verified income documentation from homeowners.
•Servicers average a 61% conversion rate for all eligible trials started with verified documentation on or after June 1, 2010. As servicers continue to convert their eligible trial modifications, the conversion rates will increase. For trial modifications that started in June 2010, 73% of them have converted through January 2011. For trial modifications begun before June 1, 2011 the conversion rate averages 41%.
Posted: http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports
For a free loan modification consultation go to http://www.jdssaysyes.com/
Report Highlights More Than 600,000 Permanent Modifications Started
•Homeowners in permanent modifications realize real savings, with aggregate reductions in monthly mortgage payments estimated to total nearly $5.0 billion, program to date. Homeowners in active permanent modifications realize median monthly savings of more than $527, or 37% of the median before-modification monthly payment.
•New permanent modifications have averaged nearly 29,000 per month for the last six months. New trial modifications have averaged 27,000 per month over the same period.
•Nearly 1.5 million homeowners have entered trial modifications since program inception.
New This Month: Post-6/1 Conversion Rates
•Most servicers significantly improved conversion rates upon accepting verified income documentation from homeowners.
•Servicers average a 61% conversion rate for all eligible trials started with verified documentation on or after June 1, 2010. As servicers continue to convert their eligible trial modifications, the conversion rates will increase. For trial modifications that started in June 2010, 73% of them have converted through January 2011. For trial modifications begun before June 1, 2011 the conversion rate averages 41%.
Posted: http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports
For a free loan modification consultation go to http://www.jdssaysyes.com/
Monday, February 21, 2011
UPDATE 1-U.S. close to punishing banks over foreclosures
Washington, Feb16, 2011 (Reuters) - US bank regualtors are finalizing punishments against mortgage servicers after a probe found "critical deficiencies" with the industry's foreclosure processes. John Walsh, acting head of the Office of the Comptroller of the Currency, said a national probe of foreclosure paperwork and procedures found that mortgage servicers broke laws, and that a small number of homeowners were wrongly evicted. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations, or rules and have had a adverse affect on the function of the mortgage markets and the US economy as a whole." Walsh did not identify any servicers but his testimony noted that the probe included Bank of America, Citibank, JPMorgan and Wells Fargo, among others. In a separate testimony David Stevens, the commissioner of the FHA saide the penalties could range from fines paid to the govenment to loan modifications to banks forgiving some of the principal balance on the loan. "There are a variety of discussions. There are different views," Stevens told lawmakers on the House Financial Services Subcommittee on Insurance, House and Community Opportunity, noting that no final decisions have been made. Pressed on the timing of any announcement, Stevens replied: "I would say a month time frame is probably in the reasonable range if we are to reach some sort of conclusion."
To read more www.cnbc.com/id/41636144
For a free loan modification consultation go to http://www.jdssaysyes.com/
To read more www.cnbc.com/id/41636144
For a free loan modification consultation go to http://www.jdssaysyes.com/
Wednesday, January 5, 2011
Fannie and Freddie’s Regulator Opposes Reducing Mortgages for Struggling Homeowners
I was having a conversation with a colleague of mine asking who is the biggest problem when it comes to solving this mortgage crisis for homeowners. I was referred to an article found written by Karen Weise at ProPublica.org. It was an interesting read so I thought I would share some of it with you. Read on....
The Obama administration has been pushing for banks and investors to cut mortgage balances for homeowners who owe more than their home is worth. But the regulator for the biggest investors of them all -- the government-controlled Fannie Mae and Freddie Mac -- won't let the two do it.
The administration and some banks themselves have increasingly seen reducing the size of a borrower's loan -- what's known as principal reduction -- as an important tool for helping the quarter of all homeowners who are underwater on their mortgages. The Treasury Department told ProPublica that the imbalance between what borrowers owe and what their homes are worth is one of the "main causes" of homeowners defaulting on their loans.
The administration sees principal reduction as a win-win, keeping families in their homes and allowing owners of the mortgages to recoup more money than they would through foreclosures. The logic is that if homeowners owe closer to what their home is actually worth, it decreases the likelihood they will default on the loan even after its modified.
Fannie and Freddie would seem to be the perfect players to promote principal reduction to prevent foreclosures. They're under government control, and they own or guarantee about half of the country's mortgages, meaning they pay the loss if a homeowner defaults. Because of that dominance, they also set the tone for how companies manage, or "service" in industry parlance, delinquent loans.
Who owns seriously delinquent Mortgages?
Fred and Fannie 1,390,000
Private Investors 1,320,000
Banks 880,000
Other 810,000
Federal Housing Admin & Veterans Admin. 660,000
John Taylor, the head of the nonprofit National Community Reinvestment Coalition, says Fannie and Freddie could easily and quickly affect the overall housing market. "They have the greatest authority and portfolio to make an impact," said Taylor. There are tens of thousands of loans "they can take care of tomorrow," he said.
But data show that Fannie and Freddie don't reduce principal, even if it might save them money in the long term. The reason: Their regulator won't let them. (The regulator, the Federal Housing Finance Agency, declined to comment.)
As Posted in and to read more go to www.propublica.org/article/Fannie and Freddie's Regulator Opposes Reducing Mortgagees for Struggling Homeowners
So the bottom line is we need the FHFA to allow Fannie and Freddie to reduce the principal and join in some of these programs and to start communicating with our Congressional Republicans who have been particularly vocal in pressuring the FHFA against doing principal reduction! Stop fighting the Adminstration who are trying to help and start working for the struggling homeowners!
If you are in need for assistance with your loan modification or need some questions answered contact us.
For a free loan modification consultation go to http://www.jdssaysyes.com/
The Obama administration has been pushing for banks and investors to cut mortgage balances for homeowners who owe more than their home is worth. But the regulator for the biggest investors of them all -- the government-controlled Fannie Mae and Freddie Mac -- won't let the two do it.
The administration and some banks themselves have increasingly seen reducing the size of a borrower's loan -- what's known as principal reduction -- as an important tool for helping the quarter of all homeowners who are underwater on their mortgages. The Treasury Department told ProPublica that the imbalance between what borrowers owe and what their homes are worth is one of the "main causes" of homeowners defaulting on their loans.
The administration sees principal reduction as a win-win, keeping families in their homes and allowing owners of the mortgages to recoup more money than they would through foreclosures. The logic is that if homeowners owe closer to what their home is actually worth, it decreases the likelihood they will default on the loan even after its modified.
Fannie and Freddie would seem to be the perfect players to promote principal reduction to prevent foreclosures. They're under government control, and they own or guarantee about half of the country's mortgages, meaning they pay the loss if a homeowner defaults. Because of that dominance, they also set the tone for how companies manage, or "service" in industry parlance, delinquent loans.
Who owns seriously delinquent Mortgages?
Fred and Fannie 1,390,000
Private Investors 1,320,000
Banks 880,000
Other 810,000
Federal Housing Admin & Veterans Admin. 660,000
John Taylor, the head of the nonprofit National Community Reinvestment Coalition, says Fannie and Freddie could easily and quickly affect the overall housing market. "They have the greatest authority and portfolio to make an impact," said Taylor. There are tens of thousands of loans "they can take care of tomorrow," he said.
But data show that Fannie and Freddie don't reduce principal, even if it might save them money in the long term. The reason: Their regulator won't let them. (The regulator, the Federal Housing Finance Agency, declined to comment.)
As Posted in and to read more go to www.propublica.org/article/Fannie and Freddie's Regulator Opposes Reducing Mortgagees for Struggling Homeowners
So the bottom line is we need the FHFA to allow Fannie and Freddie to reduce the principal and join in some of these programs and to start communicating with our Congressional Republicans who have been particularly vocal in pressuring the FHFA against doing principal reduction! Stop fighting the Adminstration who are trying to help and start working for the struggling homeowners!
If you are in need for assistance with your loan modification or need some questions answered contact us.
For a free loan modification consultation go to http://www.jdssaysyes.com/
Tuesday, November 23, 2010
Foreclosure Crisis Solutions Addressed at the Senate's Banking Committee Hearing
At November 16, 2010 Senate's Banking Committee hearing lawmakers asked experts for foreclosure crisis solutions. There were three experts in the law which consisted of a state attorney general, a legal services attorney, and a law professor all agreed on this about the mortgage service industry: The problems aren't just technical, and they aren't just with robosigning.(http://banking.sentate.gov/public index.cfm?FuseAction)
Diane Thompson, a legal services attorney with the National Consumer Law Center, told the panel that errors in foreclosures are "a widespread problem throughout the country." She estimated that, in the cases she's seen, about half of the defaults were caused by fees that banks themselves stacked on struggling homeowners. A small percentage, she estimated, were cases in which homeowners were not in default at all. We've tracked the problems with banks servicing of mortgage loans, both in the foreclosure process and in the loan-modification process. Banks-confronted with employee depositions that show proper processing procedures were not followed - have said that they believe no wrongful foreclosures have occurred because regardless of the procedural errors, the underlying facts in the documents were accurate. Some have stated in calls with investors that they hope for a quick resolution to the controversy and are refiling the questionable documents. Read more on what the Senate Committee lawmakers asked the three experts about the best possible solutions to the problems as posted in http://www.propublica.org/blog/item/at-hearing
For a free loan modification consultation go to http://www.jdssaysyes.com/
Diane Thompson, a legal services attorney with the National Consumer Law Center, told the panel that errors in foreclosures are "a widespread problem throughout the country." She estimated that, in the cases she's seen, about half of the defaults were caused by fees that banks themselves stacked on struggling homeowners. A small percentage, she estimated, were cases in which homeowners were not in default at all. We've tracked the problems with banks servicing of mortgage loans, both in the foreclosure process and in the loan-modification process. Banks-confronted with employee depositions that show proper processing procedures were not followed - have said that they believe no wrongful foreclosures have occurred because regardless of the procedural errors, the underlying facts in the documents were accurate. Some have stated in calls with investors that they hope for a quick resolution to the controversy and are refiling the questionable documents. Read more on what the Senate Committee lawmakers asked the three experts about the best possible solutions to the problems as posted in http://www.propublica.org/blog/item/at-hearing
For a free loan modification consultation go to http://www.jdssaysyes.com/
Tuesday, November 9, 2010
Loan Modifications HAMP Performance Report
Making Home Affordable Program Servicer Performance Report Through September 2010
Nearly 500,000 Permanent Modifications Granted to Homeowners
Nearly 28,000 permanent modifications reported in September.
Homeowners in active permanent modifications realize a median monthly payment reduction of 36%, or more than $500 per month.
For homeowners in permanent modifications, their median first-lien housing expense falls from 45% of their monthly income to 31%.
Homeowners who do not complete the trial modification phase of HAMP are likely to find an alternative solution such as a proprietary modification or a short sale. Fewer than 16% have gone to foreclosure.
Posted in http://www.financialstability.gov/
Do you need some assistance with your loan modification? Have you been denied? We have a 95% success rate contact us now!
For a free loan modification consultation go to http://www.jdssaysyes.com/
Nearly 500,000 Permanent Modifications Granted to Homeowners
Nearly 28,000 permanent modifications reported in September.
Homeowners in active permanent modifications realize a median monthly payment reduction of 36%, or more than $500 per month.
For homeowners in permanent modifications, their median first-lien housing expense falls from 45% of their monthly income to 31%.
Homeowners who do not complete the trial modification phase of HAMP are likely to find an alternative solution such as a proprietary modification or a short sale. Fewer than 16% have gone to foreclosure.
Posted in http://www.financialstability.gov/
Do you need some assistance with your loan modification? Have you been denied? We have a 95% success rate contact us now!
For a free loan modification consultation go to http://www.jdssaysyes.com/
Tuesday, October 12, 2010
Foreclosure Probe Widened!
JPMorgan Chase has expanded its review of foreclosure documents to all 50 states, up from the original 23 states with judicial oversight of foreclosures, according to reports at CNN-Money.com and the Wall Street Journal. Chase had no comment Monday. Chase has asked the judges in the 23 states to delay issuing judgments until it finishes the audits. None of the homes may be sold until after a court ruling.
Chase, GMAC Mortgage and Bank of America stopped foreclosure cases after judges in Florida and elsewhere started tossing out foreclosures because of disclosures that employees of mortgage servicers had signed hundred of affidavits each day without reviewing the foreclosure documents. Attorneys general in several states, including Illinois, have said they are investigating bank procedures.
(Posted today in Chicago Sun-Times)
Have you been denied a loan modification? Call us or refer to our website. Let us help! We'll discuss your situation and explain which modfication fits your situation.
For a free loan modification consultation go to http://www.jdssaysyes.com/
Chase, GMAC Mortgage and Bank of America stopped foreclosure cases after judges in Florida and elsewhere started tossing out foreclosures because of disclosures that employees of mortgage servicers had signed hundred of affidavits each day without reviewing the foreclosure documents. Attorneys general in several states, including Illinois, have said they are investigating bank procedures.
(Posted today in Chicago Sun-Times)
Have you been denied a loan modification? Call us or refer to our website. Let us help! We'll discuss your situation and explain which modfication fits your situation.
For a free loan modification consultation go to http://www.jdssaysyes.com/
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