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HOPE NOW: 1.76 Million Loan Mods Completed in 2010

Feb 02, 2011

HOPE NOW has released its final 2010 loan modification data, which shows that an estimated 1.76 million homeowners received permanent, affordable loan modifications from mortgage servicers in 2010. The reported data for December shows that, for the year 2010, servicers completed approximately 1.24 million proprietary loan modifications for homeowners and 512,712 Home Affordable Modification Program (HAMP) modifications (as reported by U.S. Department of the Treasury), for an estimated total of 1.76 million. This compares with 1.24 million total loan modifications in 2009, which included 66,938 permanent HAMP loan modifications. Of particular note in the December 2010 data is that 60-plus day delinquencies totaled 2.87 million, which represented a 30 percent decrease from the December 2009 figure of 4.13 million. Here are some of the highlights of the 2010 data: ►Total permanent loan modifications were approximately 1.76 million, compared to 1.24 million in 2009. ►Loan modifications with reduced principal and interest payments accounted for approximately 81 percent (one million) of all proprietary modifications. ►Fixed-rate modifications (initial fixed period of five years or more) accounted for 84 percent (609,000) of all proprietary modifications. ►Completed foreclosure sales were approximately 1.07 million, compared with 947,000 in 2009. ►60-plus days delinquencies for December 2010 were 2.87 million, which represented a 30 percent drop since December 2009 (4.13 million). “2010 was a very challenging year for the housing market, but HOPE NOW’s data continues to support the fact that significant strides have been made to avail homeowners of all options before going to foreclosure," said Faith Schwartz, executive director of HOPE NOW. "Our top priority in 2011 will be to advance execution and implementation of these options, while focusing on improving the customer experience for homeowners who are going through the foreclosure prevention process." For more information, visit www.hopenow.com.
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