Pages Navigation Menu

Low Modification Approval Rate

Posted in Fannie Mae, Mortgage Modification

This post comes from Martin Andelman. The low approval rate on modifications Martin discusses is the main reason why you should hire an attorney to do your modification. Our success rate on modifications is much higher, around 80%. Of course, part of the reason why that is so is that we do not take cases where we are not reasonably confident that we can get a positive result. *** Data shows Nationstar Approves Loan Modifications at Much Lower Rate than Big Banks During the month of May, which is the most recent data available from the Treasury Department, Nationstar Mortgage’s servicing operations approved 601 loan modification requests… and denied 4,216.  That’s a 12.5 percent approval rate for the month of May.  Cumulatively, based on program-to-date data through the month of May, Nationstar only approved 22 percent of the loan...

Read More

Fannie and Freddie Loosen Modification Guidelines

Posted in Fannie Mae, Mortgage Modification

FHFA expands suite of loan mod tools By Kerri Ann Panchuk • March 27, 2013 • 9:00am Servicers dealing with loans guaranteed or owned by Fannie Mae and Freddie Mac will soon be required to offer eligible distressed borrowers ways to lower their monthly payments if the homeowner shows a willingness and ability to make three on-time trial payments, the Federal Housing Finance Agency said. The program, which begins July 1, applies to borrowers with GSE loans that are 90 days or more past due. The idea behind what the FHFA is calling the Streamlined Modification Initiative is to encourage servicers to handle delinquencies earlier, minimizing losses to the GSEs and taxpayers, while cutting back some of the red tape that slows down the traditional approval process. All eligible borrowers have to do is make three on-time trial payments, the FHFA said. Once those payments...

Read More

Tag Cloud

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Sign up to receive helpful information from attorney James Robert Deal about seller-finaincing, lease-option deals, wrap-around deals, and mortgage modification.

You have Successfully Subscribed!