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Hope Now Reports Permanent Loan Mods Triple HAMP in July

By Kathryn Bovard

Here’s a follow-up to our post from 9-5-2010: HAMP July Scorecard…Are Loan Modifications Really Working?

This article from REO Insider references the loan modifications completed through proprietary programs offered by the various servicers.

There were 120,351 permanent mortgage modifications done through proprietary programs in July, more than triple the 36,695 completed through the Home Affordable Modification Program (HAMP) in the same month.

Servicers completed 1.13 million modifications through both private programs and HAMP so far in 2010, according to Hope Now, a private sector alliance of those servicers, investors, mortgage insurers and nonprofit counselors.

According to Hope Now, if a homeowner does not qualify for HAMP, he or she is considered for eligibility in the proprietary programs.

Foreclosures starts did almost double the modifications in July. Hope Now reported 226,664 foreclosure starts for the month, a 22% increase from June. Foreclosure sales reached 97,951 in July as well, a 12% growth from the previous month.

But Lender Processing Services (LPS) reported last week that 900,000 loans that were current at the beginning of the year are now either 60-plus days delinquent or in foreclosure.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Kathryn Bovard, Broker-Manager
Prudential Americana Group, REALTORS
7475 West Sahara Ave. Suite 100
Las Vegas, NV 89117
Cell: 702 348-7191

Related posts:

  1. HAMP July Scorecard…Are Loan Modifications Really Working?
  2. Home Affordable Mortgage Program Reports Over 500,000 Trial Loan Mods in Progress
  3. HAMP Program Update October 2010 – More Las Vegas Short Sales Likely

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