Hope Now and Home Affordable Modification Programs Offer Solutions for the Troubled Homeowner
The report stated that there were 421,000 non-foreclosure homeowner mortgage solutions realized between the months of April and June. That figure represents an almost four-to-one margin; 421,000 solutions versus 115,000 foreclosures. This positive ratio is a result of the utilization of programs such as loan modifications, short sales, deeds in lieu of foreclosure and workout plans.
Included in the report was that permanent loan modifications totaled approximately 116,000, and short sales totaled 33,000. Of the 116,000 loan modification completed in the second quarter, 82,000 homeowners received proprietary loan modifications while 34,400 homeowners received a loan modification completed under the Home Affordable Modification Program (HAMP).
The data, which was first collected in 2007, indicates that 7.1 million homeowners have received permanent mortgage loan modifications between midyear 2007 and July 1, 2014. Of that figure, 5.7 million modifications were through proprietary programs and nearly 1.4 million were completed under HAMP.
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