Do you personally know any homeowners who received a permanent mortgage loan modification this year?
No (74%, 161 Votes)
Yes (26%, 57 Votes)
Total Voters: 218
Nationally, banks modified 558,000 mortgage loans in the first half of 2011 – a 42% decrease from the 968,000 modifications made in the first half of 2010, says a report by a private-sector trade group of mortgage industry professionals.
A drop in delinquencies also accompanies this staggering nosedive in modifications. Nationally, 2.7 million loans were delinquent for 60 days or more in the first six months of 2011 – 27% down from the 3.7 million delinquent loans in the first six months of 2010. This comes out to about one million fewer delinquent borrowers in 2011 from the previous year.
first tuesday: For the nation, this report affirms a speedy real estate recovery is pure naivety. But this is national. The numbers are even worse for us in California where 2,500,000 negative equityThe condition of a property owner owing more on a mortgage than the current fair market value of the encumbered property. homes (and growing) remain an eyesore on the Golden state landscape.
The huge decline in loan modifications, in addition to a drop off in Notice of DefaultThe notice filed to begin the nonjudicial foreclosure process. Generally, the NOD is filed after three or more months of delinquent mortgage payments. (NOD) recordings, demonstrates lenders are dilatory and possibly disorganized, a trend we have noted this past year. And as for the drop in delinquencies nationally, assuming those one million fewer delinquent borrowers signal improving conditions in the California real estate market before 2015 or 2016 is wishful thinking. (Sporadic buyer demand for some condominium project or horizontal subdivision does not make a market.)
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is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor and Matthew Shade.