HOPE NOW: 1 Million Loan Mods In 2011

Posted by Orb Staff on February 07, 2012 No Comments
Categories : Mortgage Servicing

10880_86802914 HOPE NOW: 1 Million Loan Mods In 2011 HOPE NOW has released its final 2011 loan modification data, which shows that an estimated 1.05 million homeowners received permanent, affordable loan modifications from mortgage servicers last year. Over the two-year period since December 2009, close to 3 million permanent loan modifications have been completed for homeowners.

Additionally, the data shows that loan modifications outpaced foreclosure sales for the fourth consecutive year. In 2011, there were approximately 843,000 foreclosure sales completed for the year. This represented a significant drop from the 1.07 million reported in 2010.

‘2011 was yet another challenging year for the nation's housing market and the economy in general,’ says Faith Schwartz, executive director of HOPE NOW. ‘As HOPE NOW continues its efforts in 2012, we are focused on streamlined decision-making, creating best practices for educating homeowners on all available options and expanded outreach to include military homeowners.’

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