Permanent Loan Modifications Rise Higher in Q2

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save About Author: Kendall Baer Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 17, 2016 1,179 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articlescenter_img HOPE NOW recently released its Q2 2016 data, and it reported over 100,000 permanent modifications completed during the past quarter.From April through June 2016, 100,198 permanent loan modifications signified a 16 percent increase from Q1 2016. Of these loan modifications, approximately 69,000 homeowners received proprietary loan modifications as well as 31,684 homeowners received loan modifications completed under the Home Affordable Modification Program (HAMP).“The Q2-2016 data report confirms the continuous decline of serious delinquency rates across the country. With the lowest reported total to date (1.54 million), markets continue to make recovery from the housing crisis,” said Eric Selk, Executive Director for HOPE NOW. “For those homeowners who still face struggles with affording their mortgage, there are a plethora of options available to them. HOPE NOW servicers remain committed to assisting homeowners avoid foreclosure. The 335,000 non-foreclosure solutions that servicers offered in Q2 is a testament to the assistance that is still being offered. Completed foreclosure sales remain on a consistent decline and the 150,000 homeowners that entered foreclosure in April – June is the lowest quarterly reported total. Despite starting foreclosure, these borrowers will be reviewed for numerous retention and non-retention options before foreclosure is completed.”Additionally, approximately 335,000 homeowners received non-foreclosure solutions from mortgage servicers in Q2. Other non-foreclosure solutions included modifications, short sales repayment plans, deeds in lieu, other retention plans, and liquidation plans. The report states that in situations where a homeowner does not qualify for long term permanent loan modification, mortgage servicers continue to look for short term options that could potentially lead to a permanent solution. Sited by the report is the note that some families will be able to come back from delinquency with a short term repayment plan.“While home retention options are the desired outcome for most homeowners, there is an impressive number of solutions at the industry’s disposal for handling cases in which a HAMP modification or proprietary modification is not viable,” said Selk. “Often these short term alternatives and liquidation options are in the best interest of the homeowner and many times at their request in the case of short sales and deeds in lieu. HOPE NOW’s members have always taken a collaborative approach to assisting families and this coalition of partnerships has led to a significant nationwide housing recovery.”The report also noted that non-foreclosure solutions continue to outpace completed foreclosure sales by a margin of more than four to one with 335,000 solutions to 81,000 foreclosure sales. HOPE NOW states that the variety of solutions that a servicer is able to provide to an at-risk homeowner allows for the homeowner to avoid a foreclosure sale in most circumstances.To view the full report from Q2 click HERE. The Best Markets For Residential Property Investors 2 days ago Permanent Loan Modifications Rise Higher in Q2 Earnings foreclosure preventions HOPE NOW Q2 2016-08-17 Kendall Baer Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: The Alternate Housing Market Universe Next: Fannie Mae Updates Foreclosure & Modification Servicing Guides Tagged with: Earnings foreclosure preventions HOPE NOW Q2 Subscribe Home / Daily Dose / Permanent Loan Modifications Rise Higher in Q2 Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Demand Propels Home Prices Upward 2 days agolast_img read more

Help wanted: City of Wellington looking for a Sanitation Collector

first_imgThe City of Wellington is currently taking applications for the position of Sanitation Collector involving refuse collection and requiring manual labor in all weather conditions.  High School graduate or GED.  Salary range is $9.53 to $13.82 DOQ.  Please apply on-line at www.HRePartners.com or to the City Clerk, 317 S. Washington, Wellington, KS 67152 by 5 p.m., April 30, EOE, Drug-free workplace.last_img