Fewer Loan Modifications Are Getting Approved in 2012

In a recent report by the Hope Now Alliance, fewer loan modifcation were approved in the first quarter of 2012 as compared to 2011. The numbers were as follows:

  • First quarter of 2012 approximately 207,000 mortgage borrowers received loan modifications
  • First quarter of 2011 approximately 298,000 mortgage borrowers received loan modifications
  • This was a 31% decrease in loan modifications

However, for 2012, fewer homes were placed in the foreclosure process as compared to 2011.

  • First quarter of 2012 there were about 545,000 homes placed in foreclosure
  • First quarter of 2011 there were about 591,000 homes places in foreclosure

Additionally, 60-day delinquencies are on the decline for 2012

  • First quarter of 2012 averaged about 2.64 million homes with 60-day late payments
  • First quarter of 2011 averaged about 2.86 million homes with 60-day late payments

If you are having problems with your mortgage, contact an Orange County Bankruptcy Lawyer at 1st California Law today!