Mortgage delinquencies seen to drop sharply in 2012

[Truthmatters]

ECONOMY: 2012 Mortgage delinquencies seen dropping sharply | The Daily Times | delmarvanow.com



Mortgage delinquency rates — the ratio of borrowers 60 or more days behind on their payments — will likely tick up to about 6 percent through the first three months of 2012, TransUnion said in its annual delinquency forecast issued Wednesday.

But by the end of next year, it could drop to 5 percent, TransUnion said. That's well off the peak of 6.89 percent seen in the fourth quarter of 2009.


Chicago-based TransUnion's forecast takes into consideration several factors, including expectations that consumer confidence and the economy will improve next year.

 

[Truthmatters]

Note they say consumer confidence and the economy will be up next year.

 

[Baruch Menachem]

When you reach bottom, up is the only way to go

 

[Mad Scientist]

Mortgage delinquency rates — the ratio of borrowers 60 or more days behind on their payments — will likely TICK UP to about 6 percent through the first three months of 2012,
But by the end of next year, it COULD drop to 5 percent, TransUnion said.

So you define "drop sharply" as a possible, best case scenario, 5 percent increase in mortgage delinquency rates?

 

[Mad Scientist]

Note they say consumer confidence and the economy will be up next year.

Along with mortgage delinquency rates right? WTF planet are you from?

 

[driveby]

ECONOMY: 2012 Mortgage delinquencies seen dropping sharply | The Daily Times | delmarvanow.com



Mortgage delinquency rates — the ratio of borrowers 60 or more days behind on their payments — will likely tick up to about 6 percent through the first three months of 2012, TransUnion said in its annual delinquency forecast issued Wednesday.

But by the end of next year, it could drop to 5 percent, TransUnion said. That's well off the peak of 6.89 percent seen in the fourth quarter of 2009.


Chicago-based TransUnion's forecast takes into consideration several factors, including expectations that consumer confidence and the economy will improve next year.

Obama payin my gas and mortgage......

 

[Baruch Menachem]

: Originally Posted by Truthmatters
Note they say consumer confidence and the economy will be up next year.

Along with mortgage delinquency rates right? WTF planet are you from?

[ame="http://www.youtube.com/watch?v=AXPSFNZ9Q7E"]Guess[/ame]

 

[Warrior102]

Note they say consumer confidence and the economy will be up next year.

You live in a fucking FEMA trailer. What do you know about a mortgage?

 

[MeBelle]

Pleased to hear delinquency rates will possibly be lower.

Foreclosure not so pretty for some people

'Some 40 percent of the families nationwide facing eviction due to foreclosure are renters, according to National Low Income Housing Coalition estimates'

Florida's Forgotten Victims Of Foreclosure: Tenants

 

[waltky]

HUD mortgage aid program dragged its feet...

HUD's emergency mortgage aid program stumbled from the start
18 Dec.`11 - HUD now making final decisions on 5,000 applicants preliminarily approved for up to $50,000 each

"Congratulations" began the letter, dated Sept. 27. Lorraine and Jude Austin, who had battled against foreclosure for two years, were "approved" for $48,113 in federal mortgage assistance, read the letter from the Department of Housing and Urban Development. It cautioned there was no "guarantee" that funding would come through and that final verification was needed. Almost three months later, the Austins still don't have final approval for the "emergency" loan they're counting on to avoid losing their Scott, La., house. "We're just waiting," says Lorraine Austin, 47.

Similar countdowns are likely underway in two dozen states as HUD makes final decisions on almost 5,000 applicants preliminarily approved for up to $50,000 each from the $1 billion Emergency Homeowners' Loan Program. That the closing days of the EHLP program are marred with last-minute beat-the-deadline suspense is no surprise. The program — announced with fanfare last year as a lifeline to homeowners pummeled by a job loss or an income hit — stumbled from the start as HUD took too long to launch it, underestimated challenges, overestimated the number of applicants expected and then ran out of time, say consumer housing advocates and congressional lawmakers who pushed for the funding.

With 13 million consumers unemployed and 4 million mortgages in foreclosure or seriously delinquent, more than half of the $1 billion EHLP funding went back to the U.S. Treasury because the funds didn't get allocated to homeowners before the Sept. 30 deadline. Instead of helping 30,000 homeowners, EHLP will help about one-third that number, HUD data indicate. "This was a bungled program," says Carol Finegan of the Brooklyn Housing & Family Services agency. "HUD dragged its feet," says Rep. Barney Frank, D-Mass., who worked to get the funding.

MORE

 

[waltky]

ESOP helping homeowners in Ohio, why can't it be done nationwide?...

In Ohio, a fresh approach to help struggling homeowners
January 19, 2012 - ESOP works by acting as a good-faith liaison between mortgage lenders and borrowers, helping people who are straining to pay their mortgages stay in their homes.

In 2010, when Antonio Martin, a 36-year-old husband and father of three who lives in a suburb of Cleveland, was laid off from his job at a Verizon retail store, he could no longer afford his $1,132 monthly mortgage payments. This is no longer a unique position in the United States. “Home values have dropped so far, so fast, that nearly 25 percent of mortgage holders today owe more than their house is worth,” reported a recent episode of "60 Minutes." Martin had previously struggled with his mortgage, years ago, when he found that the adjustable-rate loan he had taken on was making his payments skyrocket.

The organization ESOP (Empowering and Strengthening Ohio’s People) had helped Martin renegotiate that loan. Now, unemployed and in fear of losing his family’s home, he turned to ESOP again. The result, after Martin enrolled in a principal reduction modification loan from Ocwen Financial Corporation, was that his mortgage payment went down to $640 per month. On top of that, the principal loan on the house – which is rapidly depreciating in value – will be reduced by $34,000 each year for three years, for a total reduction of $112,000.

“I went to ESOP and filled out the packet for the loan-modification program offered by the Obama administration – we had to try that first. But I didn’t get approved for that, for some reason. Then ESOP told me that they would approve me for a modification to my loan,” Martin explained to Dowser. “It was pretty simple because the relationship that ESOP has built with these loan companies – working with them on behalf of homeowners – makes the process easier. This is the easiest process I’ve gone through in dealing with the loan companies.” The Obama administration created the Home Affordable Refinance Program (HARP) to help underwater homeowners, but not all who need assistance are eligible (such as Antonio Martin).

ESOP is charting a new path for helping underwater homeowners by striking a deal with the lenders that benefits all parties. ESOP is an Ohio-based HUD-certified foreclosure-prevention counseling agency. It works by engaging loan servicers or lenders and borrowers, and acting as a good-faith intermediary between the parties. There are two unique aspects to ESOP’s work: one is how it holds lenders accountable, using a “tough love” approach and having a strict policy regarding homeowners’ compliance to information requests. The other is getting large companies (including Bank of America, CitiMortgage, Ocwen Financial Corporation, and Litton Loan Servicing) to see the element of human experience behind all the paperwork of a mortgage.

MORE

 

[sparky]

There's that consumer confidence thing again

yanno, i'd have some faith , if i could see some economic remedies on the horizon here

more chineese cha cha in our closets just ain't one of 'em

~S~

 

[sparky]

The other is getting large companies (including Bank of America, CitiMortgage, Ocwen Financial Corporation, and Litton Loan Servicing) to see the element of human experience behind all the paperwork of a mortgage.

puuuuulease.....~S~