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HOPE NOW Reports 207,000 Completed Mods for Q1

At 207,000 permanent loan modifications for homeowners from servicers for the first quarter of 2012, loan modifications decreased by 31 percent compared to a year ago this same quarter, according to data released by ""HOPE NOW"":http://www.hopenow.com/.

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Of the total, approximately 147,000 were proprietary modifications and 60,225 were HAMP mods.

Additionally, 72 percent, or 105,000, of the proprietary modifications had reduced principal and interest payments by more than 10 percent, and 77 percent of the mods included principal and interest payment reductions.

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Overall, since 2007, servicers have completed 5.42 million permanent loan modifications.

""We continue to be encouraged by the efforts of mortgage servicers, non-profit counselors and others to educate homeowners on their options and find viable solutions for home retention, or graceful exit in some cases,"" said Faith Schwartz, HOPE NOW executive director in a statement.

In instances where home retention is not an option, Schwartz said, ""the focus shifts to community stabilization through improving the short sale process and deed in lieu process.""

Serious delinquencies, loans 60 or more days past due, declined to 2.65 million, a 7 percent decrease compared to a year ago.

Foreclosure starts and sales were also down from the same year-ago period in 2011. Foreclosure starts numbered 545,000, a decline of 8 percent compared to the year before. First quarter foreclosure sales were 214,000, a 4 percent decrease compared to a year ago.

HOPE NOW is an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants and works to help as many homeowners prevent foreclosure.

About Author: Esther Cho

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