Homeowners Permanent Home Loan Modifications Help Twin Cities Homeowners Save Hundreds

Home Destination offers homeowners hope that underwater mortgages can still refinance and gain a home loan modification. Jenna Thuening can, help you get started by using our Mortgage Worksheet for a realistic idea of where you are at.





More homeowners are gaining permanent home loan modification mortgage debt foregiveness act extended 2013 according to the White House Monthly Housing Scorecard and Making Home Affordable Program Performance Report


Twin Cities homeowners permanent loan modifications are higher through HAMP home loan modifications./


Homeowners Save An Average Of $546 Monthly


According to the report, over 1.1 million homeowners have received a permanent home loan modification through the Home Affordable Modification Program (HAMP). "These homeowners have reduced their first lien mortgage payments by a median of approximately $546 each month. That is actually more than one-third of their median before modification payment saving a total estimated $18.5 billion to date in monthly mortgage payments," states the government report. Principal mortgage reductions help homeowners long-term ability to afford thier homes.

Housing Wire states, "More than 1.5 million home rescue actions have been launched through the Fed's Making Home Affordable Program since its launch back in 2009. While significant, this number is virtually unchanged from the last update on HAMP".


Tight Supply Of Home Mortgage Credit


The Federal Reserve has taken a broad set of actions to stabilize the housing market and help American homeowners maintain their dream of homeownership. Three years ago, economic stresses had created an intently tight supply of home mortgage credit, limiting Americans ability to buy homes with a quality loan or to refinance their home mortgages. Millions of responsible families who had made their monthly payments and had fulfilled their obligations saw their property values fall. They also found themselves penalized and unable to refinance at lower mortgage rates and gain a permanent home loan modification.


Certified Distressed Property Experts Help


It is important for homeowners to be aggressive to protect their home investment interests by keeping a view that banks are in business to make money. The National Mortgage Settlement is working hard to ensure that if a bank see a foreclosure as an easy opportunity to do so, that vulnerable homeowners in distress have better protections going forward. Home Destination's owner Jenna Thuening, a Minneapolis Realtor, is a Certified Distressed Property Expert and can help determine what a homeowners options are. A complaint under the category of "unfair denial of modification" can be files with the presiding Minnesota regulatory agency, granting homeowners a window to have their loan modification case reviewed.


Reviewing Home Loan Modification Denials


Nationally chartered banks report to the Office of the Controller of the Currency, and hold the power to decide if the home loan modification request was reasonably denied. Some determined Minnesota residents caught in the Minnesota foreclosure timeline have actually had court findings in their favor. Hasty repossessions have been halted when a more favorable action can prove beneficial to those looking for a solution to their loan modification denial. New homeowner protections are in place.


Permanent Home Modification Are Higher Through HAMP


The OCC reports that the number of home loans in the process of foreclosure filings at the end of 2012 fell below one million for the first time since the end of June 2009. Home Destination also found the following data points in the OCC summary encouraging:


* Over 93 percent of modifications in the fourth quarter reduced monthly principal and interest payments.

* 58.9 percent of modifications reduced home payments by 20 percent or greater.

* The average homeowner reduced payments by $389 per month by gaining the modification.

* Modifications acquired through the Home Affordable Modification Program (HAMP) reduced monthly payments by an average of $558.


Loan Consolidations May Help Homeowners Denied A Modification


If all else fails, loan consolidations may be wise to consider for homeowners who have been denied a modification. However, it is key for borrowers to find the right guide and lender to help them as the process is complicated and may be stressful to determine the steps needed if alone. When it comes to getting fees and huge charges dropped from the total balance of the outstanding home mortgage, the right help makes the needed difference to accomplish the task in a cost effective manner. Often the original home loan is purchased by another bank and some of the related details to prove the debt is legally collectible fail to be transfered correctly; in such an event, homeowners need an attorney or Realtor for guidance in how to proceed.


Second Lien Home Modifications


Homeowners who have gained a permanent second-lien home modification shaved an average of $155 off their mortgage payment per month. The outstanding difference was won by homeowners who saw their second liens extinguished; they gained declines as largae as 53% off their total monthly home payments, including first liens.


"In 2012, homeowners’ equity grew by more than $1.64 trillion and rising home values lifted 1.7 million of them back above water. Despite the positive news, we have important work ahead since there are so many families and individuals still struggling. The Administration’s programs continue to offer struggling homeowners some of the most sustainable relief availableto prevent foreclosure." ~ Treasury Assistant Secretary for Financial Stability Tim Massad.


"These programs have paved the way for millions of additional families to get help with their mortgage payments while setting better standards for the mortgage industry." ~ HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski


Permanent Home Loan Modifications Reported Since January 2013 Report


HAMP Modifications with Earned Principal Reduction Under PRA2 HAMP Modifications with Earned Principal Reduction Under PRA2 - 3,430

HAMP Modifications with Upfront Principal Reduction Outside of PRA HAMP Modifications with Upfront Principal Reduction Outside of PRA - 1,771

Total HAMP Modifications with Permanent Principal Home Loan Reduction Total HAMP Modifications with Permanent Principal Home Loan Reduction - 5,201


Homeowners Over 90 Days Late Automatically Elegible For A Home Loan Modification


According to the Center For Repsonsible Lending, The Federal Housing Finance Agency presented a new program intended to to help more responsible homeowners reduce their monthly mortgage payments. Potential home sellers trapped underwater while they struggle with selling their home today, may at least have a chance to gain a permanent home loan modification. Homeowners who are beyond 90 days late on their mortgages automatically will become eligible for a loan modification. The program will be available only to borrowers whose loans are owned or insured by Fannie Mae or Freddie Mac. A modification would be finalized after the borrower makes three on-time payments at the lower amount. Some financial analysts have expressed concern that the program could encourage other borrowers to deliberately miss payments in an attempt to become eligible.


It is important that Minneapolis area homeowners relief efforts focus so largely on underwater borrowers and help them remain in their homes with the security a permanent home loan modification offers. Principal mortgage reductions help homeowners feel more positive about their family's future. Everyone is more comfortable when having the ability to afford their homes.


Download the Government report on Permanent Home Loan Modifications Gained Through the Home Affordable Program pdf

Download the White Housing Scorecard March 2013.pdf




Jenna Thuening, a Jenna Thuening, owner of Home Destination offers information to help homeowners gain a permanent home loan modification.

11200 W. 78th St
Eden Prairie MN 55334
Phone: 612-396-7832
Jenna's home page:

If I'm out in the field, you may quickly reach me by email: jenna@homedestination.com and note how I can help you, or leave a message on my voicemail and I will return your call as quickly as possible.



Home Destination, a Minneapolis Certified Distressed Property Expert and professional Realtor with RE/MAX Results, helps homeowners determine when it makes sense to refinance and try to gain a permanent home loan modification.


Home Destination is built on the promise of exceptional customer service. Whatever your particular real estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results." ~ Jenna Thuening