HOPE Now Nears 1 Million Modifications in 2011
HOPE Now, the industry group thatrnmodifies privately held mortgages is on track to complete one millionrnmodifications in 2011. The alliance ofrnmortgage servicers, investors, private mortgage insurers, and non-profitrncounselors completed 84,000 modifications in November, bringing the total forrnthe year to date to 969,000. </p
The year-to-date number includesrn330,303 modifications completed under the Home Affordable Modification Programrn(HAMP) as well as 639,000 proprietary modifications. </p
Of the November modifications, approximatelyrn57,000 were proprietary and 26,877 were HAMP modifications. Approximately 68 percent of the modificationsrninvolved reduced principal and interest payments and 66 percent of borrowersrnsaw those payments reduced by 10 percent or more.</p
HOPE Now, one of the first institutionalrnresponses to the rising foreclosure rate in 2007 has completed 5.13rnmodifications since it began reporting data, 4.22 million of them proprietary.<b</p
Executive Director Faith Schwartzrnannounced that HOPE Now’s plans for the first quarter of 2012 include outreachrnevents in Charlotte, Miami, Tampa, LasrnVegas, Sacramento and Los Angeles and that the alliance will expand efforts tornassist at-risk military homeowners.
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