HOPE NOW Modifications Soar

Posted on Sep 06, 2012

Loan modifications through the HOPE NOW program rose dramatically in July, soaring 43 percent from the number of completed modifications in June.  HOPE NOW, the voluntary, private sector alliance of mortgage investors, servicers, insurers, and non-profit counselors announced on Wednesday that it had completed 66,002 permanent affordable loan modifications for homeowners during the month compared to 46,208 in June.  Simultaneously, modified loans are performing at the best level in HOPE NOW's history.

Thse numbers do not include modifications completed through the Home Affordable Modification Program (HAMP) during the month.  These will be reported separately by the Department of Treasury.

Executive Director of HOPE NOW, Faith Schwartz, stated that the July surge in modifications was "a direct result of the combined efforts of the industry, non-profit community and government on behalf of homeowners across the country."

July modifications bring the total of permanent loan modifications since 2007, both proprietary and through HAMP, to 5.66 million.  This includes 4.62 million homeowners who have received proprietary modifications through July and 1.04 million with HAMP modifications through the end of June. So far this year HOPE NOW has completed 451,000 modifications with July HAMP data still outstanding.

Seventy-one percent of proprietary modifications completed in July included reduced payments of more than 10 percent and 96 percent of the modifications fixed mortgage interest rates for at least five years.  

At the end of July there were 82,333 modified loans that were seriously delinquent for a re-default rate (90+ days delinquent) of 8.9 percent compared to 10.3 percent at the end of June.   This is the lowest rate in the program's history.

HOPE NOW also facilitated 36,260 short sales during the month, bringing the total number of these sales to 974,000 since 2009.  Combined with modifications, HOPE NOW has brought permanent non-foreclosure solutions to 6.63 million homeowners.

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