80,000 Loan Mods Granted in January

HOPE NOW has released its January 2013 loan modification data. An estimated 78,397 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).
The January total of 78,397 loan modifications brings the total number of permanent loan modifications since 2007 to 6.15 million.
 
According to HOPE NOW, since 2007:
 
►5,002,409 homeowners have received proprietary loan modifications.
►1,151,340 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).

For the month of January:

►63,539 homeowners received proprietary loan modifications.
►14,858 homeowners received HAMP modifications.
 
Loan modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners.
 
For the month of January:
 
►Proprietary loan modifications that included fixed interest rates of five years or more accounted for 88 percent (55,698) of the total.
►Proprietary loan modifications with reduced principal and interest monthly payments accounted for 85 percent (54,113) of the total.
►Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 76 percent (48,595) of the total.

Gateway Consulting – California – San Diego – Loan Modification & Foreclosure Specialists