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Hope Now Reports Lower Loan Modifications Than Previous Month

Despite reporting 43,000 proprietary loans in April, 8 percent lower than the previous month, ""Hope Now"":http://www.hopenow.com/index.php, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, continues to reach out and stay in contact with at-risk borrowers.

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""Hope Now's members continue to be proactive in outreach to at-risk borrowers through face-to- face events, the Homeowner's HOPE Hotline, managed by the Homeownership Preservation Foundation, and other outreach efforts,"" said Faith Schwartz, executive director.

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The estimated 43,000 homeowners received loan modifications via proprietary programs from mortgage servicers during the month. However, this data doesn't include loan modifications completed under the Home Affordable Modification Program (HAMP) which have not yet been released from the U.S. Department of Treasury.

Foreclosure sales also declined in April to approximately 60,000 completed compared from 66,000 in March.

Delinquencies of 60 days or more remained relatively flat for the month at 2.52 million. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2012.

Since 2007, approximately 5.46 million permanent solutions have been offered to homeowners nationwide.

Hope Now, based in Washington D.C, is an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association.

About Author: Sara Ortega

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