Delinquencies, Foreclosures and Loan Modification Relief

The following article states that the delinquencies and foreclosures are continuing their steady pace and recent information stated that over 3,000,000 homeowners will be facing mortgage delinquencies or foreclosure in 2010. This fact has encouraged Avalar San Diego to add a Loan Modification Division to our Real Estate Brokerage, Loan Brokerage, Land Banking Businesses. Our loan modification business “National Home Savers Pro” is an experienced company that only charges for their loan modification work when the Bank approves the modification. NHSP only charges one month’s PITI for their services and can handle loan modifications across the Country. NHSP will work for any homeowner that qualifies regardless if they are current or deliquent on their mortgage. NHSP keeps their operational costs down by sharing their fee structure with introducers across the country who bring loan modification clients to them. Information and details can be obtained by responding to this post. I will respond with an information power point presentation.

Delinquencies, Foreclosures Reach Record Highs

One in every 7.5 U.S. homeowners were either behind on their mortgage payments or in foreclosure in November, according to a report by Lender Processing Services, a mortgage performance data and analytics firm. Its December 2009 Mortgage Monitor report summarizes mortgage industry performance indicators based on data collected as of November 30, 2009.

Total delinquencies excluding foreclosures rose to a record high of 9.97 percent, which represents a 5.46 percent increase over the previous month and a 21.29 percent increase over a year ago. The report also finds that 5.01 percent of loans became more delinquent during the month, compared to 1.52 percent of loans that improved.

The November foreclosure rate rose to 3.19 percent, but foreclosure starts declined as a result of loss mitigation efforts. Fewer foreclosure starts, combined with the steady increase in delinquencies, is resulting in a growing shadow inventory of troubled properties, the report concludes. Tue, Jan 12, 2010

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