Private Company Loan Modifications almost double Government Loan Modifications
Posted by Paul Francis on Friday, March 19th, 2010 at 2:24pm.You Can't Argue with Actual Results
Interesting article today on CNBC concerning the latest reported number of loan modifications performed in January that you can read Here.
From the Article:
"The Hope Now Alliance, "the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors," reported today:
January 2010 data estimates 99,499 homeowners received proprietary loan modifications for the month. Combined with the United States Treasury’s recently released Home Affordable Modification Program (HAMP) data that showed 50,364 HAMP modifications for January, the total number of loan modifications is almost 150,000 for the month.
Most significant in the data is the fact that 74% of proprietary loan modifications done in January involved reductions of principal and interest payments - more than 73,000 loans. Also, it should be noted that proprietary non-HAMP solutions outnumbered HAMP modifications almost two to one; further proof that the industry is looking at a breadth of solutions designed to keep families in their homes.
Just to be clear, proprietary loan modifications are those done outside of the government's $75 billion Home Affordable Modification Program (HAMP). So those mods are being done at a rate of twice the HAMP mods."
Interesting information. The article / interview goes on to state why private company loan modifications are almost doubling the $75 Billion dollar Government HAMP program:
The qualification standards for HAMP are high…can't be an investor, can't be a second home, can't be a jumbo loan, and more. The good news is that these loans are in fact being modified, some of them actually getting principal write downs, unlike the bulk of HAMP mods.
For Las Vegas Home Owners in financial duress that can't decide if they want to do a a Las Vegas short sale or a loan modification,here is a handy little online tool that helps to determine if the Las Vegas home owner would possibly qualify for a loan modification if they do want to stay. Please note that at the bottom of the page with the online tool, the disclosure. In other words... for Las Vegas home owners that want to stay in their homes, try a loan modification first. The website also gives a list of lender's websites and most of them supply the information they need to see if you qualify.
In other words.... you do not need to pay somebody $500 (or even higher) just to submit loan modification paperwork that you can easily do yourself.
For Las Vegas short sales... I do not charge anything for submitting short sale paperwork so there certainly is no need to pay somebody for this either.
Paul Francis, CRS
Prudential Americana Group - Realtors®
Las Vegas Real Estate
702.592.3058
Print
ShareBe the first to comment on this blog entry!