Proprietary Mods Again Outstrip HAMP Mods

Posted by Orb Staff on June 25, 2010 No Comments
Categories : Mortgage Servicing

rvicing industry completed about 159,000 loan modifications in May, including approximately 112,000 proprietary modifications and 47,000 modifications under the Home Affordable Modification Program (HAMP), HOPE NOW reports. Seventy-seven percent of non-HAMP modifications completed this year include lower principal and interest payments, according to the alliance's data. ‘The industry has made great strides and is organized around significant efforts, starting with Making Home Affordable and propriety modification solutions that remain a dominant solution to prevent foreclosure,’ comments Faith Schwartz, senior adviser for HOPE NOW. Foreclosure starts topped 205,000 last month, while foreclosure sales totaled nearly 99,000. Workout solutions – including modifications, short sales, repayment plans, deeds in lieu, etc. – totaled 402,920 in May. SOURCE: [link=http://www.hopenow.com]HOPE NOW

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