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Tag Archives: Loan Modification

State of the Foreclosure Market

Here’s what an OCC report on the disclosure of mortgage loan data of some of the largest banks in the U.S. revealed about the number of foreclosures initiated by them.

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BofA Fulfills Settlement Ahead of Schedule

The implementation of the settlement was successful in directing most of the consumer relief to those who needed it the most. The majority of consumer relief came in the form of mortgage loan modifications, 53 percent of which were in areas identified by the U.S. Department of Housing and Urban Development as part of Distressed Census Tracts, or Hardest Hit Areas. The settlement agreement also provided for resources to be directed to local organizations and legal assistance programs to help stabilize neighborhoods and provide foreclosure-prevention assistance and other housing-counseling activities.

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More Consumers Seek Loan Modifications

Consumers sought more non-foreclosure solutions, such as loan modifications, short sales, deed in lieu, and workout plans, for January 2017. These approximated 102,000, compared to 26,000 foreclosure sales.

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Could Housing Counseling Use an Upgrade?

Housing counseling as a resource to reduce the need for loan modification and foreclosures has been shown to be very beneficial since the housing crisis, but is there still more housing counseling can do to further impact homeowners?

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