Non-HAMP Loan Mods Hit 100,000 in January

Nearly 100,000 homeowners obtained private mortgage loan modifications in January, the HOPE NOW alliance has announced.

Combined with 50,000 permanent loan modifications approved through the government-backed Home Affordable modification Program (HAMP), a record 150,000 homeowners obtained long-term mortgage assistance in January.
 
Of the nearly 100,000 proprietary loan modifications approved, nearly three-quarters involved interest rate or principal reductions, or both, according to HOPE NOW. The group reports that approximately 2.6 homeowners have obtained proprietary loan modifications since 2008.
 
“While Treasury and other government sponsored programs have garnered much attention, much of the (mortgage) servicers’ hard work has gone unnoticed,” said Faith Schwartz, Executive Director of HOPE NOW. “Our new dataset is proof that the industry continues to aggressively find solutions for borrowers facing default.”
 
The group has recently expanded its tracking of proprietary loan modifications and other non-HAMP homeowners assistance efforts. In addition to full loan modifications, the group has also been active in pursuing loan workouts and payment plans to enable financially stressed homeowners to get caught up on their mortgages.
 
The HOPE NOW alliance is a collaborative effort among mortgage lenders, consumer counseling groups, investors and others seeking to help homeowners in financial distress find solutions to remain in their homes. The group was formed with encouragement from the U.S. Department of Treasury and HUD, and includes Fannie Mae and Freddie Mac as partners.
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