HOPE Now Nears 5 million Loan Modification Mark
HOPErnNow, which was the first program initiated to deal with the mounting foreclosurernproblem in 2007, has reached a level of 4.86 million loan modifications. HOPE is a voluntary private sector alliancernof mortgage servicers, investors, private mortgage insurers and non-profitrnhousing and debt counselors. </p
HOPErnreports there were 56,000 permanent modifications of proprietary loans during August,rn unchanged from the July rate. This brings the total of proprietaryrnmodifications since 2007 to 4.06 million. rnAn additional 791,399 modifications were completed up to the end of Julyrnthrough the Home Affordable Modification Program (HAMP), a joint initiative ofrnthe Departments of the Treasury and Housing and Urban Development. </p
Torndate this year HOPE has completed 690,000 permanent loan modifications. An estimated 478,000 of these werernproprietary and 211,749 were completed under HAMP with August HAMP totals notrnyet tabulated. </p
Completedrnforeclosure sales increased in August from 65,000 to 68,000 (+5 percent) andrnforeclosure starts increased 18 percent from 185,000 in July to 218,000 inrnAugust. Sixty plus day delinquenciesrnwere up only slight from July figures at 2.81 million.</p
Reducedrnprincipal and interest payments accounted for approximately 83 percent ofrnmodifications in August and 38,000 loans were modified with reductions in principalrnand interest payments of more than 10 percent. rnEight-three percent of proprietary modifications in August werernfixed-rate with initial periods of five years or more.</p
FaithrnSchwartz, Executive Director, reports, “HOPE NOW’s servicing partners continuernto complete permanent loan modifications at a rate consistent with past monthsrn- in spite of tremendous negative impact of the continued housing and unemploymentrncrisis. And, in cases where modifications are not possible, the industryrnis working hard to educate at-risk homeowners about the options available tornthem.”</p
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