Mortgage Modifications Working? Are Short Sales the Solution? (Video)
Do Mortgage Loan Modifications work?
Is the Obama administrations 75 BILLION dollar ‘Home Affordable Modification Program’ (HAMP) doing anything to end the seemingly never ending foreclosure crisis?
Will mortgage loan modification’s end the housing crisis?
Read this…watch the video….and you tell me!
Here are the facts:
1) 78 banks and servicers in the HAMP, which represent 85 percent of the total mortgage market, have just over 3 million loans on their books that are at least 60 days past due. So they sent out notices to those 3 million borrowers requesting more information.
2) A lot of those borrowers (as high as 50 percent) didn’t respond, according to the banks. Some don’t even live in the houses anymore. Gone.
3) 1,032,837 were offered modifications. But only 759,058 modifications were started. Why? Because a lot of the borrowers just didn’t want them. They would rather try to sell the house or go into foreclosure and walk away. Remember, some borrowers are so underwater on their loans, that they will never see equity again, so why bother making any modification payment, even if it is affordable.
4) Of the 759,058 modifications started, 697,026 are still in the three month trial phase.
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5) Treasury reports that 31,382 trial modifications are now permanent. It also reports, well I had to do the math because they didn’t put it on the report, but a spokesperson did independently confirm, that 30,650 modifications were disqualified.
6) Treasury officials noted the 31,000 number in the release: “the report shows that servicers have only converted 31,382 modifications to the permanent phase.”
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