Comments on: Only 1,072 permanent loan modifications in Colorado

By: Rebchook on Channel 9 | InsideRealEstateNews.com

Rebchook on Channel 9 | InsideRealEstateNews.com — Sun, 07 Feb 2010 22:15:03 +0000

[...] I was on Channel 9 news this morning to talk about the story I wrote earlier that only about 1,000 people in Colorado have so far received permanent loan modifications. To check out the video, please visit this link. To read the original story, please visit this link. [...]

By: Colorado foreclosure sales fall, while foreclosure filings skyrocket | InsideRealEstateNews.com

Thu, 04 Feb 2010 20:38:11 +0000

[...] Woodcock said some lenders now would rather work with borrowers on loan modifications, rather than short sales, in which the bank accepts less than the mortgage amount. Still there have only been 1,072 permanent loan modifications in Colorado through 2009. (For more on loan modifications, please go to this blog.) [...]

By: Tony English

Tony English — Wed, 03 Feb 2010 20:08:51 +0000

Darn it! I hit send before proofing it!

By: Tony English

Tony English — Wed, 03 Feb 2010 20:07:34 +0000

I see this happen all of the time.
I try to handle just short sales. Some of the horror stories I hear from homeowners everyday make me sick. These mortgage companies don't realize how much ADDITIONAL stress they put homeowners, most are at the end of thier rope. About 80% the "distressed" homeowners I talk to want to keep thier home – But with no help or answers from thier mortgage company, they think foreclosure is thier only option.

Tony

By: R.E.Rome

R.E.Rome — Wed, 03 Feb 2010 18:58:04 +0000

The worse part is that out of that 1000, most probably could have refi'd without a problem. So in essence, it really hasn't helped anyone out. I know people that are behind and since they are behind they have taken hits on their credit and without good enough credit, the banks will not help you out. Sad.

By: John Rebchook

John Rebchook — Wed, 03 Feb 2010 16:32:02 +0000

Bruce,
FYI, there were 13,353 permanent loan modifications in California through December 2009. That accounts for 7.75 percent of the 158,935 active trials in the state. California had the most active trials and permanent modifications, followed by Florida with 97,703 loans in trial modifications and 8,405 permanent modifications. North Dakota was at the bottom with 15 permanent modifications and 190 active trials.
John

By: Alisha

Alisha — Wed, 03 Feb 2010 07:03:30 +0000

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By: Chad

Chad — Wed, 03 Feb 2010 04:22:14 +0000

very well written article. We have a lagging problem in today's market, and it's those households which have barely held onto keeping there payment current thru unemployment benefits, saving, cutting corners, early retirement dispursement are going to be surfacing. It's a lagging number and we're going to see more distressed properties, short sales, in the coming year.

The stat about the number of loan modifications doesn't surprise me. My wife works for a large mtg servicer and I hear about the criteria, backlog and unrealistic expections for borrowers have to meet to qualify for a loan mod. Keep in mind most do qualify for there mortgage payments but really can't affort afford there lifestyle.

Today's new mortgage options are obviously conserative, but very hindering for those who are just trying to save a buck. Between FICO and LTV many homownes can't get close to the 5% current FNMA rates. FHA has become the fallguy for low down payment, low FICO, and higher DTI borrowers. They are taking steps to control losses,but also cutting off the bloodline to needy borrowers. Watch out tax returns and self employeed borrowers and condo's!

By: Bruce Horn

Bruce Horn — Wed, 03 Feb 2010 02:27:35 +0000

I too am amazed that there were that many loan mods that got done! The people doing loan mods here must be a heck of a lot more honest than in other parts of the country. I know that California is a hot bed for crooked loan modification specialists and there's been a few hundred done in the whole state!

By: Only 1000 permanent loan modifications in Colorado … Home just to Me

Only 1000 permanent loan modifications in Colorado … Home just to Me — Tue, 02 Feb 2010 08:45:09 +0000

[...] is the original: Only 1000 permanent loan modifications in Colorado … tags: are-held, are-higher, does-not, homes, lender, lose-their, math, name-not, obama, [...]