The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
About 49,000 of these alterations were able to successfully reduce the troubled homeowners’ monthly interest payments, as well as the loan principal, the report said. Of that group, another 36,000 saw these figures drop more than 10 percent.
[Article: Congress Votes to Kill Mortgage Program]
Meanwhile, mortgage delinquencies of 60 days or more also fell during the month to 2.78 million across the country, down from 2.95 million in January, the report said.
“While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months,” said Faith Schwartz, executive director for Hope Now.
As hiring continues to rise across the country, more consumers may be financially capable of paying their monthly mortgage bills, successfully reducing both delinquency and the need for HAMP modifications.
[Resource: Not sure where you stand credit wise? Get your Free Credit Report Card to find out.]
December 13, 2023
Mortgages