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Sunday, October 10, 2010

Moorpark, Ventura County, CA. HUD to Roll Out Emergency Loan Mod Program for Unemployed by Year-End, Banks Complete 149,000 Permanent Loan Mods in August:

Moorpark, Ventura County, CA; The nation’s high level of unemployment has become a growing concern within the mortgage industry and is now one of the primary triggers of default among struggling homeowners. To help counter the effects of the still-deteriorating job market on the housing industry, the Dodd-Frank Reform Act provided $1 billion to HUD to implement the Emergency Homeowners Loan Program.
The program will offer a declining balance, deferred payment “bridge loan” of up to $50,000 to assist eligible homeowners with payments of past due mortgage expenses, including delinquent taxes and insurance, plus up to 24 months of monthly mortgage payments, mortgage insurance premiums, taxes, and hazard insurance.
Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
New data released by the HOPE NOW Alliance Thursday shows that during the month of August, mortgage servicers completed approximately 116,000 proprietary loan modifications for homeowners and 33,000 mods under the Home Affordable Modification Program (HAMP), for an estimated total of 149,000.
Of particular note in the August report, is that 91 percent of all proprietary loan modifications for the month – 105,000 – included a reduction of borrowers’ monthly principal and interest payments. According to HOPE NOW, this statistic indicates that the vast majority of loan modifications are being structured to make mortgages more sustainable for homeowners.
Based on the organization’s market data, mortgage servicers have completed 1.3 million loan modifications so far in 2010, and almost 3.7 million since 2007. Faith Schwartz, senior advisor for HOPE NOW, commented, “HOPE NOW is encouraged by the ongoing efforts of its servicing members to seek and provide workout solutions for distressed homeowners. Homeowners and loan servicers are using all available avenues for preventing foreclosures, including utilizing a combination of forbearance, HAMP modifications, proprietary modifications, and even short sales and deed in lieu efforts.”
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Additionally, HOPE NOW’s data continues to see declines in 60-day-plus mortgage delinquencies, which has been a positive trend showing up in the monthly report since January 2010. As of the end of August, there were 3,256,682 mortgages at least two months past due, according to HOPE NOW. That’s down from 3,298,236 in July.
The report also shows that foreclosures are continuing to increase, despite the strides made in foreclosure prevention efforts.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
HOPE NOW reports that foreclosure starts increased from 226,664 in July to 245,015 in August. Completed foreclosure sales were up from 97,951 to 101,780 for the month.
to reference the articles from
Thanks for reading this,
Chris B Johnson Realtor
Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at
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Chris Johnson specializes in providing HAFA Loan Modification and short sales help, Short Sales in Moorpark, Thousand Oaks, Westlake Village, Newbury Park, Camarillo, Santa Rosa Valley, Somis, Lake Sherwood, and Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor.Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699

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