HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors have announced that its April 2010 data continues to show an increase in the total number of loan modifications offered to at-risk homeowners. Mortgage servicers report that proprietary loan modifications combined with the government Home Affordable Modification Program (HAMP) have assisted a broad range of at-risk homeowners.
More than 104,000 (104,265) borrowers received proprietary modifications during the month of April. The year to date total for these types of loan modifications is now 409,783. When added to the HAMP loan modifications tabulated by the United States Treasury, the industry completed more than 172,000 loan modifications in the month of April and almost 642,000 (641,937) permanent loan modifications for at-risk homeowners so far in 2010.
The 172,000 loan modifications for the month of April represents a 46 percent increase compared to the same month last year, when the industry completed 117,818 loan modifications. The number of HAMP modifications continues to increase, but for homeowners who are not eligible, sustainable proprietary modifications continue to play an important role in helping homeowners in difficulty across the country.
“Our data continues to show that the industry’s comprehensive loan modification efforts are making significant headway. The total number of modifications, including HAMP, show that more than three million homeowners have received modifications since 2007," said Faith Schwartz, senior advisor for HOPE NOW. "HOPE NOW members continue to work tirelessly in managing multiple methods of borrower outreach, including support of (888) 995-HOPE and sponsoring more than 80 homeownership preservation events held nationwide to date. Our work is far from over. HOPE NOW and its members continue to demonstrate a commitment to keep as many homeowners as possible in their homes through loan modifications which include P&I reductions, forbearance and repayment plans. Additionally, when these options are not possible, servicers are working to find liquidation alternatives for borrowers seeking a graceful exit to homeownership.”
For more information, visit www.hopenow.com.