HAMP July Scorecard…Are Loan Modifications Really Working?
ByIf you are a Las Vegas Homeowner facing a foreclosure or in danger of defaulting on your home loan(s), it is critical to understand all of your options to avoid foreclosure.
Take advantage of our FREE REPORT: “10 Alternatives to Foreclosure – Know Your Options” and download it today. Just complete the form in the sidebar and you will receive the report via email.
One of those 10 Alternatives to Foreclosure is a Loan Modification. Contacting your lender is the first step. Many lenders (loan servicers) are participating in HAMP (Home Affordable Modification Program) or have their own loan modification guidelines and procedures.
If you are a Las Vegas homeowner who is currently attempting a loan modification or have been denied a permanent modification or are unable to continue making the trial payments, you still have options to avoid a foreclosure. One of those options to consider is a Las Vegas short sale. The good news?….. you have already gathered and submitted the required documentation to the lender that they also require to approve a Las Vegas short sale.
Contact us today for a free Las Vegas Short Sale Consultation to discover if a short sale is the best course of action for you.
The Making Home Affordable Program is the government’s initiative to reach out and help homeowners facing foreclosure. The program has met with much criticism in the press, the real estate industry and from frustrated homeowners alike. Let’s take a look at the real numbers for HAMP loan mods through July 2010. Download the full report: July-2010-HAMP-Report
- Eligible borrowers identified for the program = 1,456,363
- Trial Plans have been extended to 1,553,925 borrowers. Of that total, 1,307,489 borrowers started loan modification trials.
- Of those who started the trial loan modifications, 616,839 could not complete the three-month trial period and will likely lose their homes.
- Borrowers who are still in trial loan mods = 255,934. This is down from 364,077 last month. There is still a large number of borrowers in limbo since only 165 thousand trials were started over the last 5 months.
- There have been 421,804 permanent modifications to this point. These are people who otherwise would have lost their homes.
- If you are a Las Vegas, Henderson or North Las Vegas homeowner with a distressed property and want to try and remain in your home, then attempting a loan modification is a definite first step…. Contact your lender. Statistically speaking and based on the results to date, roughly 32% of the trial loan modifications have been permanently modified.
- If you fall into one of these categories… You may want to consider a streamlined short sale… Contact Us for a Foreclosure Alternatives Consultation.
- you are currently in a trial loan modification and having difficulties making your modified payment
- you have been disapproved for a permanent loan modification
- you don’t qualify for a loan modification at this time
- you don’t want loan modification and want to sell the property
Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.
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