HOPE NOW has announced that nearly 80,000 permanent loan modifications were performed in October, bringing the total number of modifications for the first 10 months of the year to approximately 885,000.
‘With almost a million loan mods completed this year, it is clear that the industry and its partners continue to invest a tremendous amount of resources into assisting homeowners across the country,’ says Faith Schwartz, executive director of HOPE NOW.
HOPE NOW's October data determined a continuing trend where the majority of proprietary loan modifications have lower monthly principal and interest payments and fixed interest rates of more than five years. Additionally, the monthly data showed declines in 60-plus days delinquent loans and foreclosure sales.
HOPE NOW also announced that it concluded its 2011 homeowner outreach schedule, which included 15 separate events with close to 12,000 attendees. New events are being planned for the first quarter of 2012 in Florida and North Carolina.