The number of loan modifications offered to homeowners during the month of April – more than 172,000 – represents a 46 percent increase compared to a year earlier, when the industry completed nearly 118,000 loan mods, HOPE NOW noted in its report.
In April of this year, servicers extended their own proprietary modifications to 104,265 borrowers. HOPE NOW says the year-to-date total for these types of loan modifications is now 409,783.
When added to the 68,000 permanent mods made through the Home Affordable Modification Program (HAMP) in April, that brings the industry’s monthly total to more than 172,000 and almost 642,000 so far in 2010, HOPE NOW says.
The industry group pointed out that the number of HAMP modifications continues to increase, but for homeowners who are not eligible, sustainable proprietary modifications continue to play an important role in helping homeowners in difficulty across the country.
Faith Schwartz, senior advisor for HOPE NOW, said, “Our data continues to show that the industry’s comprehensive loan modification efforts are making significant headway.”
According to Schwartz, the total number of modifications, including HAMP, show that more than three million homeowners have received modifications since 2007, but she adds, “Our work is far from over.”
Schwartz went on to say, “HOPE NOW and its members continue to demonstrate a commitment to keep as many homeowners as possible in their homes through loan modifications which include P&I [principal and interest] reductions, forbearance, and repayment plans. Additionally, when these options are not possible, servicers are working to find liquidation alternatives for borrowers seeking a graceful exit to homeownership.”
Thanks to DS News
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