More troubled homeowners have fallen out of trial mortgage modifications than have received long-term help, a new government report released Monday shows.
But nearly half of these borrowers received alternate help, while only 7% have fallen into foreclosure, according to the latest report on the administration’s signature housing-rescue plan, Home Affordable Modification Program, known as HAMP.
Also, [...]
Posts Tagged ‘homeowners’
Troubled borrowers get help outside Obama mortgage plan
June 22nd, 2010 by Mortgage Writer
Tags: borrowers, financial crisis, foreclosures, home loans, homeowners, housing market, loan, mortgage, mortgage modification, Obama administration, subprime mortgages
more...Reverse Mortgage: Late on taxes? Face foreclosure
June 19th, 2010 by Mortgage Writer
The Federal Housing Administration, also known as the FHA, may be toughening up their stance on seniors with a reverse mortgage who fail to pay their local property tax or hazard insurance premiums.
Fannie Mae has already started the process of contacting reverse mortgage lenders and servicing companies, asking them to keep an eye out for [...]
Tags: economic recovery, fannie mae, foreclosures, homeowners, housing market, interest rates, loans, money, mortgage lenders, mortgages, The Federal Housing Administration, US Economy
Wells Fargo Mortgage Modification Options For Lower Mortgage Payments
June 15th, 2010 by Mortgage Writer
Wells Fargo homeowners may be able to obtain a mortgage modification in order to get a lower mortgage payment on their home. Many homeowners need a lower home loan payment in order to make ends meet since various individuals are still struggling financially due to a variety of economic factors.
Homeowners have been seeking home loan [...]
Tags: foreclosures, home loans, homeowners, lenders, mortgage modification, Obama administration
BofA to pay $108M for Countrywide mortgage abuses
June 8th, 2010 by Mortgage Writer
Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial.
The Federal Trade Commission said two mortgage-servicing units of Countrywide, which BofA acquired in 2008, “deceived homeowners who were behind [...]
Tags: bank of america, borrower, business, financial, homeowners, housing market, interest rates, mortgage market, mortgage servicer, real estate, subprime mortgages
Bank of America Becomes Largest Mortgage Servicer to Join HOPE LoanPort
June 4th, 2010 by Mortgage Writer
HOPE LoanPort(TM), the groundbreaking new web-based housing counselor tool that streamlines submission of completed loan modification applications, announced today that Bank of America, the nation’s largest mortgage servicer, has agreed to use its proprietary technology to partner with non-profit housing counselors to assist homeowners with loan modifications.
Bank of America becomes the 11th mortgage servicer to [...]
Tags: bank of america, economic recovery, financial, homeowners, housing market, interest rates, loan modifications, loan services, mortgage brokers, mortgage servicer
BofA: Mortgage Walkaways Have Huge Incentive
June 3rd, 2010 by Mortgage Writer
This morning executives at Bank of America [BAC 15.922 0.032 (+0.2%) ] rolled out their new “Principal Reduction Enhancement” program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent underwater in value.
The plan is in conjunction with the government’s Home Affordable Modification [...]
Tags: bank of america, customer financial, foreclosures, homeowners, interest rates, mortgage market, mortgage rates, US Economy
The Home Loan Modification Program Brings Mortgage Aid To Struggling Homeowners
May 31st, 2010 by Mortgage Writer
There have been many complaints about lenders and the home loan modification program as a whole from homeowners who are very upset with their experience in seeking a loan modification on their home. Many people have been using mortgage modifications as a way to get a more affordable mortgage payment during these tough economic times.
Many [...]
Tags: economic recovery, financial, homeowners, investors, mortgage, mortgage market, mortgage payments, Treasury Department
Mortgage Interest Rate News and More
May 29th, 2010 by Mortgage Writer
In yet another report designed to help determine the state of the U.S. economy, the Mortgage Bankers Association has released their weekly mortgage report. The results are out on home purchase rates, mortgage interest rates, and refinance rates, and the news is not very positive.
While applications from homeowners who are trying to refinance their mortgages [...]
Tags: homeowners, housing market, interest rates, Mortgage Bankers Association, mortgage market, mortgage rates, tax credit
One in 25 mortgage holder in arrears
May 28th, 2010 by Mortgage Writer
ONE IN every 25 Irish residential mortgage holders is more than three months in arrears on repayments, according to figures published yesterday by the financial regulator. And almost 22,000 people are struggling with arrears of more than six months on their home loans.
However, the number of repossessions and court proceedings against homeowners fell in the [...]
Tags: economy, financial, financial crisis, home loans, homeowners, housing market, mortgage, real estate, us central bank, US Economy
Nationwide Home Loans Fall 37% on Contracting British Market
May 26th, 2010 by Mortgage Writer
Nationwide Building Society, the U.K.’s largest customer-owned lender, said gross residential mortgage lending dropped 37 percent to 12 billion pounds ($17.2 billion) in the last fiscal year as housing transactions slumped.
British house prices will be “flat” this year, the Swindon, England-based company said in a statement today. Nationwide’s residential mortgage customers repaid 3.6 billion pounds [...]
Tags: borrower, economy, financial, financial crisis, home loans, homeowners, interest rates, mortgage lenders, mortgage lending, mortgage market
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