A substantial number of at-risk homeowners' loans have been modified under the government’s Home Affordable Modification Program (HAMP), according to a report released today by HOPE NOW.
The group issued April 2010 data that showed a continued increase in the number of loan modifications offered to at-risk homeowners.
It reported that 104,265 homeowners received proprietary loan modifications this April, bringing the 2010 total to 409,783. When combining this data with figures released by the U.S. Treasury for HAMP modifications, the numbers rise to 172,000 and 641,937 permanent loan modifications, respectively, HOPE NOW stated.
This data reflects a 42% increase from April 2009 levels, which HOPE NOW credits to HAMP's success over the past year.
According to the report by HOPE NOW, more than three million homeowners have received loan modifications, including those through HAMP, since 2007.
HOPE NOW is a private sector alliance of mortgage servicers, investors, issuers, and non-profit counselors.