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HOPE NOW reports nearly one million permanent mods completed to date in 2010
Aug 17, 2010

HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors estimates the industry has completed about 975,000 permanent loan modifications so far in 2010. HOPE NOW also reports that from January 2010 through June 2010, approximately 78 percent of mortgage servicers’ proprietary loan modifications included principal and interest reductions, indicating servicers are providing lower monthly payments to homeowners for longer term sustainability and better home retention. Proprietary modifications follow Home Affordable Modification Program (HAMP) modifications in foreclosure prevention. When a homeowner does not qualify for HAMP, mortgage servicers determine eligibility for a proprietary loan modification that may help a homeowner stay in their home. In June, the industry completed about 123,000 proprietary loan modifications for homeowners, which represented a 10 percent increase from the previous month. Mortgage servicers also completed 51,205 HAMP modifications in June (as reported by the U.S. Treasury in July 2010). Since HOPE NOW initiated survey data reporting (July 2007), almost 3.4 million homeowners have saved their homes via permanent loan modifications. This total reflects the combination of proprietary loan modifications plus those completed under HAMP (as reported by US Treasury). Total industry workout solutions for distressed homeowners now top 10 million since 2007. These totals include repayment plans, forbearance and other foreclosure prevention options and may represent certain homeowners receiving help from servicers on more than one occasion through alternative work-out solutions. Here are some other highlights of the June 2010 data: ►Foreclosure starts decreased from 205,479 in May to 191,764 in June, a decrease of seven percent. ►Completed foreclosure sales decreased from 98,963 in May to 90,350 in June, a decrease of nine percent. ►Proprietary loan modifications completed increased from 112,088 in May to 123,150 in June, an increase of 10 percent. ►Principal and interest reduction modifications completed increased from 86,908 in May to 98,336 in June, an increase of 13 percent. ►Other retention plans completed increased from 74,004 in May to 83,222 in June, an increase of 12 percent. “HOPE NOW’s June data continues to show the mortgage industry’s commitment to keeping as many homeowners as possible in their homes," said Faith Schwartz, senior advisor for HOPE NOW. "We saw significant increases across the board in permanent loan modifications as well as other solutions. Most importantly, servicers were able to offer principal and interest reductions in nearly 80 percent of their proprietary loan mods. I attribute these increases to the tireless homeowner outreach efforts of the mortgage servicers, in collaboration with the government and the non-profit community. HOPE NOW has now held more than 90 homeownership preservation workshops across the country with its many partners since March 2008 and will continue its aggressive outreach with events planned for Milwaukee in August as well as Indianapolis and the Gulf Coast region in September." For more information, visit
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