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!