Posts Tagged ‘Chicago Tribune’

Mortgage Modifications Drop off in July but Improvements Seen in Backlog

Comments Off

Mortgage Loan Fraud Assessment based upon Susp...
Image via Wikipedia

By Mary Ellen Podmolik

RISMEDIA, August 23, 2010— (MCT)—The Treasury Department reported Friday that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June.

In July, almost 37,000 borrowers received new permanent modifications, according to Treasury’s monthly scorecard on the housing market. That compares with more than 50,000 new permanent modifications made in June through the government’s Home Affordable Modification Program.

Meanwhile, the more restrictive requirements that homeowners now need to meet to receive even a trial modification has dramatically shrunk the number of residents who have received them. Half of the 1.3 million trial modifications begun since the program’s inception have been cancelled.

Assistant Treasury Secretary Herb Allison said most cancellations can be attributed to insufficient documentation proving one’s income, missed trial payments or mortgage payments that were already less than 31 percent of a homeowner’s income.

There also has been some improvement in the backlog of modification applications waiting six months or more for a decision. At the end of July, Bank of America and JPMorgan Chase accounted for half of the 118,000 active trial modifications where it was undetermined whether a permanent modification would be made. Allison said decisions on most of those modifications should be made within the next month or so, but he warned that cancellations will exceed the number of new permanent modifications as that backlog is cleared.

“A number of people who got stated income modifications did not meet the qualifications, but most of these people are still being assisted either with a proprietary modification by the servicer, or they’re getting other relief, or they’ve become current in the meantime,” he said.

Through the end of June, the nation’s eight largest servicers have initiated foreclosure proceedings against more than 40,000 homeowners whose trial modifications have been canceled.

(c) 2010, Chicago Tribune.

Enhanced by Zemanta

Tackle Your Clutter Zones

1 comment

Corrugated shipping container, one type of
Image via Wikipedia

By Heidi Stevens

RISMEDIA, June 9, 2010–(MCT)–Peter Walsh has you all figured out. You bought the melon baller because it was on sale and, heck, you like melon. You’ve held on to that 3-year-old magazine because you will make the recipe on Page 127. Some night. And those new black pumps do not look exactly like your four other pairs.

You’ve got yourself some clutter, my friend. And Walsh, best-selling author, host of TLC’s “Clean Sweep” and Oprah Winfrey’s go-to organizational expert, wants you to clear it out. Now.

“Later is the best friend of clutter,” he says. “Clutter is really just decisions delayed.”

We chatted with Walsh about tackling five common clutter zones.

THAT KITCHEN DRAWER
“Take the pizza rolling slicing thing and all those other items you bought for less than $5.99 that you just knew you’d always use and put them in a cardboard box,” says Walsh. “Whenever you use one of the items, put it back in the drawer. At the end of the month — with the exception of the turkey baster — whatever is still in the cardboard box you’ve got to ask yourself, ‘Will I ever use these?’”

THE BEDROOM CLOSET
“We wear 20 percent of our clothes 80 percent of the time,” Walsh says. Which means the vast majority of your closet is filled with — you guessed it, clutter. Walsh suggests the “reverse clothes hanger trick.”

“Take everything on a clothes hanger and turn it around back-to-front. For the next three to six months — you decide — every time you wear something hang it back the correct way after you launder it. Whatever is still hanging back-to-front, ask yourself: ‘Will I ever wear this item?’ It’s an efficient, non-traumatic way to see what you wear and what you don’t.”

YOUR SHOES
“To understand how many shoes you have, you have to release them from captivity,” he says. “Find the largest room or hallway in your house and line them up. Every pair of shoes you have. Just the visual of that can often throw people into coma.”

Sort the shoes by type — running shoes, sensible pumps, sandals and so on. Then give yourself a ratio. “Let’s say it’s 10-to-1. For every 10 you keep, get rid of one pair,” Walsh says. “Five-to-1 if you’re brave. Three-to-1 if you’re a true pioneer.”

THE CAR
“One: Get in the habit that whenever you gas up the car, in those two minutes you declutter and throw out any trash.”

“Two: Get milk crate-size containers, and put them in the way back. Whenever the kids bring something into the car — sports gear, book bags — it goes in their crate.

“Whenever you go shopping, put the groceries in the crates. Nobody leaves the car empty-handed when you get home. Everyone has to carry their crate into the house.”

THE GARAGE
“Divide your garage into clear zones: one area for gardening equipment, one area for holiday decorations, one area for luggage, one area for tools,” Walsh says. “Establishing zones is a functional way of keeping the place organized and the volume of stuff in control.

“Say the holiday decorations zone is three shelves that will hold two plastic totes each and that’s the limit for holiday decorations. Once they expand beyond six totes, you have to do some purging and discarding.”

(c) 2010, Chicago Tribune.Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

Reblog this post [with Zemanta]