How many Loan Modifications in 2012

by Eric Baskett on August 15, 2012

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How many Loan Modifications in 2012

The 1st half of 2012 saw more than 385,000 permanent loan modifications for struggling householders, HOPE NOW reported Tuesday.

The voluntary, non-public sector coalition of mortgage executives and non-profit counselors released its June 2012 data, showing that 385,468 homeowners received permanent loan modifications for the first half of the year. This statistic brings the total number of loan alterations finished since 2007 to 5.6 million.

The information revealed that during the first six months of 2012, 275,324 householders received proprietary loan alterations, while 110,144 received loan modifications finished under HAMP.

Proprietary alterations continued to show lower monthly principal and interest charges. Of the exclusive alterations finished in the first half of the year, 79 percent included reduced monthly principal and interest payments, and 90 % had fixed IRS of 5 years or longer.

Proprietary mods that reduced principal and loan charges by more than Ten p.c made up 72 percent of the total thru June.

Delinquencies and repos dropped in the year’s 1st half, with significant delinquencies ( 60 or more days past due ) dropping 10 p.c from the first part of 2011.

Foreclosure starts totaled 1.06 million, a 15 % drop from 1.3 million during the first half of 2011.

HOPE NOW executive director Faith Schwartz said the organization’s goal is to keep that momentum going into the future.

“HOPE NOW information for the first part of 2012 shows a continuing trend of reduced late stage delinquencies year-over-year. Nevertheless efforts and resources have extended to assist all at-risk homeowners in finding solutions to avoid foreclosure where possible,” Schwartz said.

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