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HAMP Program Update October 2010 – More Las Vegas Short Sales Likely

By Kathryn Bovard
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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.

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 for October 2010.   Source: Download Oct 2010 MHA Public Final

  • Eligible borrowers identified for the program = 1,467,243
  • Trial Plans have been extended to 1,553,925 borrowers.  Of that total, 1,395,543 borrowers started loan modification trials.
  • More than half (719,487) of the trial plans started have been canceled.
  • Borrowers who are still in trial loan mods =  156,408
  • Trial mods transitioning to permanent status have been averaging about 37,000 for the past six months, but during the month of October, only 23,750 permanent modifications were granted.
  • There have been 519,648 permanent modifications to this point. These are people who otherwise would have lost their homes.
  • Of those permanent modifications, 36,306 have been canceled for a total of 483,342 Active permanent modifications
  • The Treasury says of active trial modifications, 69,000 have lasted at least six months, down from more than 266,000 at the beginning of the second quarter of 2010.
  • Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the HAMP as of September, up 27% from the previous month.
  • The top eight servicers – including BofA, Wells Fargo, Chase, CitiMortgage, GMAC – have canceled 551,821 trials either due to a redefault, lack of documentation, or the borrower was deemed ineligible. Those same servicers have declined 842,436 homeowners from entering a trial.
  • Of the canceled trials in that time, 47,001 have been liquidated through a short sale or the homeowner gave up the deed-in-lieu of foreclosure. Of the mortgages that were denied from a trial, 44,826 went into short sale or deed-in-lieu for a total of 91,827.

Kathryn Bovard is experienced with the often lengthy and sometimes 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.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Related posts:

  1. HAMP July Scorecard…Are Loan Modifications Really Working?
  2. Hope Now Reports Permanent Loan Mods Triple HAMP in July
  3. Home Affordable Mortgage Program Reports Over 500,000 Trial Loan Mods in Progress

Categories : HAFA/HAMP

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