This past January, HOPE NOW, the voluntary foreclosure prevention program assisted delinquent homeowners in achieving 74,000 permanent loan modifications. Approximately 18,000 of these loan modifications were done through the Home Affordable Modification Program (HAMP) and 56,000 were proprietary modifications. HOPE NOW has identified four military bases where special events will be held to assist our service men and women.
Hope Now is a group which consisted of investors, mortgage insurers, private sector mortgage servicers, and non-profit counselors has completed more than a million loan modifications since the alliance was formed early in the housing crisis.
According to some reports January 2012 was the first time since late in 2009 that there were more foreclosures sales (approximately 79,000) completed than HOPE NOW loan modifications. Delinquencies of 60 days or more continued to remain flat at about 2.77 million, or approximately 6% of all loans.
Faith Schwartz, Executive Director of the program said, "HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”
HOPE NOW has scheduled events coming this March 9 in Las Vegas, in Sacramento on March 20, and Los Angeles on March 22.
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