More than 850,000 homeowners received loan modifications from mortgage servicers last year, according to new data released by HOPE NOW.
HOPE NOW reports that mortgage servicers completed 661,363 proprietary loan modifications for homeowners and 188,671 Home Affordable Modification Program (HAMP) modifications. Since 2007, more than 6 million loan modifications have been completed.
Year-end 2012 data showed significant activity during the fourth quarter compared to the third quarter: the number of completed proprietary loan modifications increased 8.3%, while foreclosure starts declined 27.2% and foreclosure sales dropped 3.6%.
‘In the past year, there has been unprecedented work from the industry with respect to short sales as a viable mortgage solution,’ says Eric Selk, HOPE NOW's executive director.