This year, 604,301 homeowners have received permanent loan modifications from mortgage servicers through the end of September, according to new data from HOPE NOW.
During the third quarter, mortgage servicers completed 219,333 loan modifications – 186,057 homeowners received proprietary loan modifications and another 33,276 homeowners received loan modifications completed under the Home Affordable Modification Program. Since 2007, the mortgage banking industry has completed 5.82 million total permanent loan modifications for homeowners.
According to HOPE NOW, there were 60,595 proprietary loan modifications completed for homeowners in September, up 2% from August.
‘Based on the results of the third quarter data, there remains a strong focus on foreclosure prevention solutions which continue to outpace the loss of a home through foreclosure,’ says Faith Schwartz, executive director of HOPE NOW. ‘It cannot be stated enough that mortgage servicers have more tools than ever before, via proprietary and government programs, to offer the most viable and realistic options for at-risk homeowners.’