Juicy Estates: Mortgage Blog

Loan Modifications Hit Record High | Hope Now Resources

National mortgage lenders increased their use of loan modifications here in the Miami area and across the country in an effort to stem the tide of foreclosures.   Hope Now is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. 

According to Hope Now modifications, or permanent contract changes to lower payments, reached 122,000 in December, compared with the previous high set this past October.

This is welcomed news for homeowners here in the Miami area and across the country as fewer foreclosures is one of the key elements needed before any meaningful recovery can begin in the housing market.   All counselors affiliated with the HOPE NOW Alliance are HUD certified and services are free of charge.  

The fact that these counselors will work with homeowners free of charge is very important given what we are seeing in the “for profit” loan modification business.  Many homeowners have been duped into paying a non-refundable upfront fee to a supposed loan modification specialist only to be told that they were not granted the modification.

You can find a HOPE NOW counselor near you by visiting the HUD website at www.HUD.gov.

For a full list of Hope Now alliance partners click here.

This entry was posted on Saturday, January 31st, 2009 at 12:54 pm and is filed under Home, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. beachdude said at February 1st, 2009 at 2:43 am

   The most common mortgage modifications are listed below:

   lowering the mortgage interest rate
   reducing the mortgage principal balance
   fixing adjustable interest rates within the mortgage
   increasing the loan term throughout the mortgage
   forgiveness of payment defaults and fees
   or any combination of the above

   Check out this public service site: http://mortgagemodificationinfo.org

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