HOPE Now Nears 1 Million Modifications in 2011

HOPE Now, the industry group that
modifies privately held mortgages is on track to complete one million
modifications in 2011
.  The alliance of
mortgage servicers, investors, private mortgage insurers, and non-profit
counselors completed 84,000 modifications in November, bringing the total for
the year to date to 969,000.

The year-to-date number includes
330,303 modifications completed under the Home Affordable Modification Program
(HAMP) as well as 639,000 proprietary modifications.

Of the November modifications, approximately
57,000 were proprietary and 26,877 were HAMP modifications.  Approximately 68 percent of the modifications
involved reduced principal and interest payments and 66 percent of borrowers
saw those payments reduced by 10 percent or more.

HOPE Now, one of the first institutional
responses to the rising foreclosure rate in 2007 has completed 5.13
modifications since it began reporting data, 4.22 million of them proprietary.

 Executive Director Faith Schwartz
announced that HOPE Now’s plans for the first quarter of 2012 include outreach
events in  Charlotte, Miami, Tampa, Las
Vegas, Sacramento and Los Angeles and that the alliance will expand efforts to
assist at-risk military homeowners.    

…(read more)

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