HOPE NOW Reports 43K Loan Modifications in April
HOPE NOW is reporting that servicer-members of its alliance completed 43,000 mortgage loan modifications during the month of April, down 8 percent from the 47,000 modifications done in March. These modifications, done through proprietary programs do not include the April modifications completed by servicers through the Home Affordable Mortgage Program (HAMP) which are reported separately. </p
HOPE NOW was an early response from the mortgage industry to the growing foreclosure crisis. It is an alliance of mortgage servicers, investors, counselors, and other mortgage market participants that has developed and is implementing a coordinated plan to help homeowners. In addition to loan modifications, HOPE NOW operates a homeowners’ hotline, sponsors community events to help homeowners navigate the process of getting a modification, coordinates some of its activities with the HAMP program, and is increasingly focusing on assisting military families who are in trouble with their mortgages. </p
Eighty-three percent of the modifications done during April, a total of 36,000, included a reduced principal and interest payment and 33,000 or 76 percent of all proprietary modifications reduced principal and interest payments by 10 percent or more. Fixed-rate modifications with at least a 5-year initial fixed period accounted for 89 percent of the modifications. </p
April data shows a decline in foreclosure. There were approximately 60,000 completed during the month compared with 66,000 in March. Foreclosure starts were down slightly from 178,000 in March to 177,000 in April. </p
As part of its military focus, HOPE NOW sponsored two special events in April; one at Fort Gordon and another at Fort Jackson. The alliance plans to host at least four more on-base events this year.</p
Faith Schwartz, Executive Director said, “HOPE NOW’s members continue to be proactive in outreach to at-risk borrowers through face to face events, the Homeowner’s HOPETM Hotline, managed by the Homeownership Preservation Foundation, and other outreach efforts.”</p
The mortgage industry has completed 5.46 million total modifications since 2007. This number includes modifications achieved through HAMP as well as through proprietary programs.</p
Major services include Bank of America, Chase, Citi, Wells Fargo, Suntrust, etc.
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