HOPE NOW: Loan Modifications Down 31% in The First Quarter
Total loan modifications for the first quarter of 2012 fell 31% from the same quarter in 2011 to 207k, though serious delinquencies fell by 7% according to data released today by Hope Now. The Home-Affordable Modification Program total of 60,225 accounts for just over one third of the total, with the other two thirds (147k) accounted for by proprietyary loan modifications. 5.42 million permanent modifications have been completed since 2007, according to the group. </p
Highlights From The Release…</prn<ul
Faith Schwartz, Executive Director, issued this statement:</p
“We continue to be encouraged by the efforts of mortgage servicers, non-profit counselors and others to educate homeowners on their options and find viable solutions for home retention, or graceful exit in some cases. In cases where home retention is not an alternative, the focus shifts to community stabilization through improving the short sale process and deed in lieu process, focusing on issues associated with vacant homes and enhancing public/private partnerships to support the housing market.</p
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