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Tag Archives: Loan Modification

CFPB Issues Ruling to keep Heirs from Falling into Foreclosure

The Consumer Financial Protection Bureau (CFPB) issued guidance Tuesday aimed at making it easier for surviving family members who have inherited a property due the death of a loved one to be added to the mortgage, allowing them to seek modification or refinance and avoid foreclosure.

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HOPE NOW Completes 768,000 Modifications

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released a press release Thursday outlining its loan modification data from 2013. In total, 768,000 homeowners received loan modifications from HOPE NOW in 2013.

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New App Looks to Hasten Short Sale Process

ShortSave, Inc., announced Tuesday a new application aimed at shortening the time for a one-lien short sale or loan modification transaction. The average short sale takes 165 days, a time period ShortSave anticipates being able to cut to a paltry 36 days. The application is projected to save a non-performing note investor $1,200-1,800 in lost interest on an average loan.

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Business Ticks Up at Freddie Mac

According to Freddie Mac's December volume summary, the GSE's total mortgage portfolio grew at an annualized rate of 0.4 percent for the month, bringing 2013's average rate to -2.6 percent. The portfolio grew in four out of last year's 12 months and shrank in eight, including a streak of declines from July through November. As of the end of the year, the portfolio was valued at approximately $1.91 trillion.

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Decline in Foreclosures Outpaces Decline in Loan Modifications

Mortgage Debt Relief

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

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