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Tag Archives: Foreclosure Prevention

Foreclosures Prevented with 850K Mods, 422K Short Sales in 2012

For all of 2012, servicers completed more than 850,000 loan modifications, while the industry also continued to push for another foreclosure alternative--short sales, according to recent data from HOPE NOW. As of 2007, the number of completed mods now stands at 6.06 million. Since 2009, the industry has seen 1.15 million short sales, with 422,605 of the short sales occurring in 2012 alone. In 2011, completed short sales reached 372,168. ""In the past year, there has been unprecedented work from the industry with respect to short sales as a viable mortgage solution,"" said Eric Selk, executive director of HOPE NOW.

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Administration Reports on Mods, Foreclosures in January

During the month of January, 14,500 homeowners received permanent mortgage modifications through the Home Affordable Modification Program (HAMP), while 53,100 homeowners lost their homes to foreclosure, according to the latest Housing Scorecard from the Obama administration. At the same time, 14,500 homeowners entered into trial modifications through HAMP, and 72,500 homes entered the foreclosure process. Proprietary modifications continue to outpace HAMP. HOPE Now reported 62,200 mortgage modifications completed in January.

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MortgageKeeper Teams Up with GreenPath

MortgageKeeper Referral Services broadened its subscriber base with the addition of GreenPath Debt Solutions. GreenPath counselors can access MortgageKeeper's online database of 7,000 nonprofits and government services located nationwide.

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Lawmakers Ask for More Details on Abandoned Foreclosure Review

Although the Independent Foreclosure Review (IFC) has concluded after regulators reached an $8.5 billion foreclosure settlement with 10 banks, questions still remain concerning the abandoned foreclosure review process and the terms for the current settlement. In the search for more answers, three lawmakers recently wrote letters to the Office of the Comptroller (OCC) and the Federal Reserve. Sen. Elizabeth Warren (D-Massachusetts) and Rep. Elijah Cummings (D-Maryland) sent a joint letter dated January 31 to the OCC and the Fed requesting specific information, including the results of all performance reviews.

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San Bernardino County Rejects Eminent Domain Proposal

After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday by the Joint Powers Authority (JPA) board. According to a release from San Bernardino County, the board decided against proposals that would consider the use of eminent domain.

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Fitch: Potential Impact of CFPB’s New Servicing Rules

The new servicing rules recently issued by the Consumer Financial Protection Bureau (CFPB) will benefit the mortgage servicing industry by creating uniform standards, but it will also increase compliance costs for the servicers, which will put pressure on smaller-sized entities, according to a report from Fitch Ratings. ""[S]imilar to other servicing-focused initiatives, the CFPB rules will further increase compliance costs for the industry, extend timelines, and potentially drive further consolidation within mid to smaller servicers,"" Fitch stated.

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Fitch: U.S. RMBS Delinquencies Improve in Q4

Serious delinquencies for U.S. RMBS improved across all sectors in the fourth quarter of 2012, according to a new mortgage market index from Fitch Ratings. Furthermore, the agency expects RMBS delinquencies to continue declining this year. According to Fitch, the improvement ""reflects positive selection in the remaining pools, loan modification efforts by servicers, and positive home price trends.""

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The Rise and Fall of REO Sales

REO sales no longer play the dominant role they once did in real estate transactions. The recent decline in REO sales, along with the decrease in inventory, is helping the market see an improvement in prices, according to a report from Corelogic. REO sales showed a 35 percent year-over-year decline in October 2012 and a 60 percent decrease from the April 2009 peak, CoreLogic revealed. Meanwhile, overall home sales increased 6 percent in 2012 to 4.2 million, with non-distressed sales seeing an 11 percent increase, CoreLogic reported.

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