HOPE NOW Reports 74K Loan Mods in January, Focuses on Military
HOPE NOW, the voluntary foreclosurernprevention program put together by a private sector group of mortgagernservicers, investors, mortgage insurers, and non-profit counselors, isrncontinuing its outreach efforts with a special emphasis on reaching militaryrnfamilies in 2012. HOPE NOW has heldrnthree outreach events, in Charlotte, North Carolina, Tampa, and Miami so far thisrnyear. Four military bases have beenrnidentified for special events during the first half of 2012 with the first onernscheduled in San Diego on March 24.</p
In January HOPE NOW assisted borrowersrnin achieving 74,000 permanent loan modifications. Approximately 18,000 of these modificationsrnwere done through the Home Affordable Modification Program (HAMP) and 56,000rnwere proprietary modifications. The group has completed more thanrna million loan modifications since the alliance was formed early in the housingrncrisis.</p
There were 79,000 completed foreclosure sales duringrnthe month of January. This was the firstrntime since October 2009 that there were more foreclosures completed throughrnHOPE NOW than loan modifications. Delinquenciesrnof 60 days or more continued to remain flat at about 2.77 million, or approximatelyrn6% of all loans.</p
Ofrnthe modifications done in January, 38,000 or 67 percent resulted inrnmodifications with reduced principal and interest payment and 50,000 or 89rnpercent of the modified loans carried a fixed interest rate for at least therninitial loan period of five years.</p
Faith Schwartz, Executive Directorrnof the program said, “HOPE NOW and its members have charged full speed intorn2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loanrnmodifications continue at a steady pace and proprietary mods continue to showrnreal signs of sustainability and affordability for homeowners. This isrnimportant to note, as these characteristics are vital to housing marketrnrecovery. </p
In addition to the San Diego event,rnHOPE NOW has scheduled face-to-face meetings with borrowers in Las Vegas onrnMarch 9 and 10, Sacramento on March 20, and Los Angeles on March 22.rn
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