HOPE NOW announced Wednesday that its members completed an estimated 95,586 proprietary loan modifications in February 2010, which is almost double the 52,905 modifications completed under the government’s Home Affordable Modification Program (HAMP) during the same month.
Of the proprietary loan modifications completed in February, approximately 78 percent included a reduction of principal and interest payments. HOPE NOW’s data also showed that foreclosure starts and sales dropped 17 percent for the month, along with a 4 percent decrease in the number of 60-plus day delinquencies.
“Our data shows that mortgage servicers are continuing a strong effort on proprietary and HAMP modifications in the first two months of 2010,” said Faith Schwartz, executive director of HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors
However, with almost 4 million loans currently in default, Schwartz said HOPE NOW realizes that its work is not yet done. She said mortgage servicers and housing counselors have worked extremely hard through aggressive borrower outreach, and HOPE NOW remains determined to keep as many families as possible in their homes.
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