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trial modifications

BofA Provides $4.75 Billion in Assistance in First Five Months Under Servicer Settlement

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Bank of America has completed or approved more than $4.75 billion in principal reduction offers on first mortgages under terms of the Nationwide Mortgage Servicing Settlement in the five months since the settlement was approved by the court. As of Sept. 30, 30,000 homeowners were approved for trial modifications or had made the required three monthly payments during the trial period and converted to permanent modifications under the principal reduction program.Click to continue

OCC: Overall Mortgage Performance Remains Stable During Q4

Keys to Homeownership Pic

The performance of first-lien mortgages serviced by large national and federal savings banks changed very little during the fourth quarter of 2011 and showed improvement from the previous year, according to a report released by the Office of the Comptroller of the Currency (OCC). The OCC Mortgage Metrics Report for the Fourth Quarter of 2011 showed that delinquencies remained elevated, but have declined from a year earlier.Click to continue

Latest Obama Housing Scorecard Shows 5.6 Million Loan Mods to Date


The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the January edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. Data in the January Housing Scorecard underscore fragility as the overall outlook remains mixed. Inventories of existing homes for sale and the overhang of homes held off market improved over the last two quarters and foreclosure starts continued to fall in December.Click to continue

Housing Scorecard Shows HAMP Modified Loans Saving Borrowers an Average of $525 Monthly

House Atop Money/Credit: Creatas

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the September edition of the Obama Administration's Housing Scorecard. The latest housing data indicates continued mixed signals, as home prices improved for the fourth consecutive month, but showed continued strain from foreclosures and distressed sales. Also, mortgage defaults and foreclosure completions continued a downward trend as more homeowners were able to secure mortgage relief.Click to continue

56,000 Loan Mods Completed in the Month of August


Date from the month of August released by HOPE NOW shows that proprietary loan modifications continued at a steady pace compared with the previous month. Data showed that proprietary loan modifications have characteristics consistent with loans that support greater affordability and sustainability as the majority of these modifications have lower principal and interest payments and fixed interest rates of more than five years. Permanent proprietary loan modifications for August 2011 were approximately 56,000.Click to continue

Firm Files Class Action Suit Against Ocwen and Saxon for HAMP Denials

Cherry Red Gavel/Credit: Comstock

The Philadelphia-based law firm of Berger & Montague PC has filed a class action complaint on behalf of all Michigan homeowners whose mortgage loans have been serviced by Saxon Mortgage Services Inc. and/or Ocwen Loan Servicing LLC, and who, since April 13, 2009, have entered into a trial period plan (TPP) contract with defendants and made all payments as required by their TPP contract and complied with defendants’ requests for documentation, and have not received or have been denied a permanent Home Affordable Modification Agreement that complied with the U.S.Click to continue

Loan Mods on the Rise as Foreclosures Drop in July


HOPE NOW has released its July 2011 data, showing an increase in proprietary loan modifications for the month, as well as decreases in both foreclosure sales and starts since June. Permanent proprietary loan modifications for the July 2011 were approximately 56,000, representing an 11 percent increase over the 50,000 estimated totals for June.Click to continue

HOPE LoanPort Now Live in All 50 States


HOPE LoanPort, the proprietary, Web-based tool used by non-profit housing counselors, housing finance agencies, investors and major mortgage servicers, has announced that it has completed its first full year of operation. The non-profit organization recently added The Village Family Service Center of Fargo, North Dakota to its roster. The addition of this counseling agency now gives HOPE LoanPort coverage in all 50 states, the District of Columbia and Puerto Rico.Click to continue

HOPE NOW Reports 25 Percent Month-Over-Month Drop in Foreclosure Starts


HOPE NOW has announced the release of its April 2011 mortgage industry data, which estimates declines in foreclosure sales, foreclosure starts, and modification activity for the month of April. Foreclosure starts nationwide were approximately 163,000, down from 217,000 in the month of March, a decrease of 25 percent. Completed foreclosure sales dropped to 73,000 for April, compared with 85,000 in March, representing a decrease of 14 percent.Click to continue