Sociable

Tuesday, October 5, 2010

Only 5.8% of failed HAMP loan modifications have made it to the market

This is another indication that shadow market is large.  Also with the ongoing paper mill story, a lot of foreclosures (estimated to be one million) will not be on the market in the near future.

Through August, the top-eight HAMP servicers have canceled more than 487,000 trials and rejected more than 628,000. When taken as a percentage short sales and DILs were granted on 5.8% of them.

Please Note: DIL - Deed in Lieu - The homeowner signs over a deed to the bank, sort of like giving the keys to the bank.

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