HOPE NOW, a group of mortgage servicers, investors, non-profit counselors, and mortgage insurers released its final 2010 numbers showing its members completed about 1.24 million loan modifications last year. During this same time, servicers also completed 512,712 Home Affordable Modification Program (HAMP) loan modifications. During December alone, approximately 100,000 loan modifications were completed. Faith Schwartz, executive director of HOPE NOW, stated that while the group worked hard in 2010, their “top priority in 2011 will be to advance execution and implementation of these options, while focusing on improving the customer experience for homeowners who are going through the foreclosure prevention process.” HOPE NOW data also revealed that in 2010 2,618,406 foreclosures were started and 1,069,867 foreclosure sales occurred.
Joshua D. Carlson, Esq.