HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors has announced that its February 2010 data estimates 95,586 homeowners received proprietary loan modifications for the month. Combined with the United States Treasury’s recently released Home Affordable Modification Program (HAMP) data that showed 52,905 HAMP modifications for February, a total of 148,000 loan modifications were provided to homeowners in February. Approximately 78 percent of the proprietary loan modifications completed in February included reduction of principal and interest.
The data also showed that foreclosure starts and sales dropped 17 percent for the month, along with a four percent decrease in the number of 60-plus day delinquencies. The total number of loan workout plans provided to homeowners (including repayment plans) in February was 279,831.
“Our data shows that mortgage servicers are continuing a strong effort on proprietary and HAMP modifications in the first two months of 2010," said Faith Schwartz, executive director of HOPE NOW. "Additionally, we are encouraged by the decreases in serious delinquencies and foreclosures. With almost four million loans currently in default, we realize that our work is not yet done. Since 2007, the industry has completed more than 6.7 million workout solutions, including almost 2.7 million loan modifications. Mortgage servicers and housing counselors have worked extremely hard through aggressive borrower outreach and HOPE NOW remains determined to keep as many families as possible in their homes.”
HOPE NOW continues its efforts to reach troubled homeowners via face-to-face workshops held across the country and the Homeowner’s HOPE Hotline at (888) 995-HOPE. Additionally, HOPE NOW recently introduced its Web portal, Hope LoanPort, which allows non-profit housing counselors working with homeowners to securely upload completed HAMP modification applications directly to participating servicers.
For more information, visit www.HopeNow.com.