HOPE NOW Reports 385K Modifications in First Half of 2012

HOPE NOW facilitated mortgagernmodifications now total over 5.6 million since the program began in 2007rnaccording to information released by the program on Tuesday.  HOPE NOW is a voluntary private sectorrnalliance of mortgage servicers, investors,rnmortgage insurers and non-profit counselors formed as the magnitude of thernhousing crisis began to emerge.   </p

Thernprogram’s June 2012 data shows that 385,468 homeowners were helped to getrnpermanent loan modifications through the program during the first half of thisrnyear, a decline of 28 percent from the first half of 2011.  Modifications on proprietary loans totaledrn275,324 and an additional 110,144 homeowners received modifications under thernHome Affordable Modification Program (HAMP). </p

Ofrnthe proprietary modifications completed in the six month period 218,000 or approximatelyrn79 percent reduced the principal and interest payments of the borrowers and forrn72 percent those payments were reduced by more than 10 percent.  Ninety percent of modifications had a fixed therninterest rate for at least the first five years.  </p

Servicersrnin the HOPE NOW coalition reported that foreclosure starts were down 15 percentrnduring the first six months of the year, 1.06 million compared to 1.3 million arnyear earlier.  Completed foreclosuresrnwere 395,722, down 10 percent from 438,764 in the earlier period.   </p

Thernprogram reported an increase of 18 percent in the number of completed shortrnsales during the first half of this year compared to the first half of lastrnyear.  There were 207,618 such salesrncompleted this year compared to 176,174 in the same period in 2011.

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