Nearly 1M Loan Modifications So Far in 2010
Nearly 1M Loan Modifications Means Nearly 1M Fewer Foreclosures!
Our much maligned Lending Industry is finally rewriting loan terms to head off foreclosures rather than just being concerned about selling foreclosures the lenders were forced to take back. This will have the effect of stabilizing neighborhoods, communities, home values and our economy.
HOPE NOW Reports Close to One Million Permanent Loan Modifications Completed in 2010
975,000 permanent loan modifications have been completed so far in 2010 and that is 975,000 fewer foreclosures we avoided.
More than 174,000 Loan Modifications finalized in the month of June reflects an increase in the rate of loan modifications as Lenders become more proficient in processing loan modifications.
From January 2010 through June 2010, about 78% of mortgage servicers’ proprietary loan modifications included principal and interest reductions. These are real modifications that make homes affordable in this economy where so many are unemployed or worse – underemployed and underpaid.
In June, the industry completed about 123,000 proprietary loan modifications ~ a 10% increase from the previous month while another 51,205 HAMP Modifications were completed.
Since June 2007, nearly 3.4 million homeowners have saved their homes via permanent loan modifications.
Other June 2010 highlights:
- Foreclosure Starts decreased from 205,479 in May to 191,764 in June, a decrease of 7%.
- Complete Foreclosure Sales decreased from 98,963 in May to 90,350 in June, a decrease of 9%.
- Proprietary loan modifications completed increased from 112,088 in May to 123,150 in June, an increase of 10%.
- Principal and interest reduction modifications completed increased from 86,908 in May to 98,336 in June, an increase of 13%.
- Other retention plans completed increased from 74,004 in May to 83,222 in June, an increase of 12%.
While these statistics show progress is being made in avoiding Phoenix foreclosures AZ, the expiration of the Bush Tax Cuts at the end of 2010 is going to make it more difficult for people to pay for basic expenses and will slow job growth.
Contact your Congressmen and demand they extend Tax Cuts until our economy is back on track and growing again!
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
7 Comments to Nearly 1M Loan Modifications So Far in 2010
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