Find Real Estate Agents and Homes for Sale

Real Estate News --> News

Mortgage modifications improving with time

Mortgage modifications in 2010 have only 1 in 10 borrowers were seriously delinquent, down from 3 in 10 in 2008.

View Story

Mortgage modifications in 2010 have only 1 in 10 borrowers were seriously delinquent, down from 3 in 10 in 2008. April Saul/Philadelphia Inquirer/MCT/Newscom Robert Cooke (left) poses with daughter Allison, sons Chris and Zachary, and his wife, Jill, outside their family home in Chester Springs, Pa., Sept


In 2008, Mr

Cooke lost his job and after first being told to make smaller payments through the government's mortgage-modification program, he learned he was not eligible and faced foreclosure by CitiMortgage

A new report says those with more recent mortgage modifications are at less risk of default

Loading... September 26, 2010 By Associated Press New York Homeowners with more recent loan modifications are less likely to default on their payments, a report Friday showed.Thirty percent of modifications made in 2009 were seriously delinquent or in the foreclosure process, according to a second-quarter study released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision

That compares to 45 percent of borrowers with modifications made in 2008.More recent figures show this trend is continuing.Only one in 10 borrowers with a 2010 modification were three months behind

But two of 10 with 2009 loan modifications were seriously delinquent, and three of 10 borrowers with 2008 loan modifications were at least three months late.The improvement reflects the success of modifications that reduce the monthly payment, the report said

More than 90 percent of second-quarter modifications reduced the monthly principal and interest, while more than half reduced that amount by 20 percent or more.There were 504,000 more home retention actions — including modifications, trial period plans and payment plans — in the second quarter than in the previous quarter.Still, mortgage delinquencies remain high overall

The percentage of borrowers who were current on their mortgages was unchanged from the previous quarter at 87.3 percent, but down from 88.6 percent a year ago.The number of mortgages that were at least three months behind and new foreclosures fell during the quarter to the lowest levels in a year.But the number of completed foreclosures jumped 7 percent from the first quarter and were 54 percent higher than a year ago as lenders and servicers exhausted all ways to help seriously delinquent borrowers. Copy link Link copied.
of 5 stories this month > Get unlimited stories You've read 5 of 5 free stories Only $1 for your first month. Get unlimited Monitor journalism. Learn more Already a Monitor Daily subscriber? Log in for unlimited digital access. Get journalism built for thinkers like you. Your first month is only $1. Subscribe Your subscription includes... Unlimited access to The Monitor Daily email. No advertising. No risk

You may cancel anytime. $(function() { if( $().meteredMessenger ) { $( '#sticky-messenger' ).meteredMessenger(); } }); About Contact Us Subscribe Free Newsletters Advertise With Us Careers Find us online Content Map Text Edition
Mortgage search shouldnt hurt credit
  • Estate agent upbeat about Stafford St
  • Group mulls real estate agent need (Marietta Daily Journal)
  • Commission pulls Las Vegas brokers license, issues $215,000 fine
  • Convicted Sex Offender Accused Of Sexually Assaulting Real Estate Agent (WITN 7 North Carolina)
  • Real estate agent charged with defrauding 20 people in bribery scheme (The San Francisco Examiner)
  • Angry Borrowers Mob JPMorgans Mortgage Chief
  • Obama should ditch mortgage deduction
  • Real estate taxes wont rise in 10 (The Patriot-News)
  • Eagle County business to talk real estate, finance (The Vail Trail)
  • Real estate agent charged with attempted murder
  • HOUSING: Bank errors mar mortgage relief (North County Times)
  • Mortgage lending up but recovery is fragile (Evening Standard)
  • Real Estate Agency Hires Woodbury Resident
  • Howard Hanna Real Estate Services hooks up with
  • Growth spurt boosts number of real estate agents who team up to pool resources and market as a group
  • The Professional Real Estate Auction Agent National Convention Will be Held in Annapolis, Maryland on July 15,16,17 ...
  • TD Bank, Scotiabank latest to raise mortgage rates (
  • How To Find The Best Real Estate Agent
  • Real Estate Marketing Technology of the Future in Focus at REMS 2011 Next Week