Wednesday, August 31, 2011

Mortgage servicers increase private loan modifications in July

Private mods still perform badly.  If you can't afford the house payment, then their is no real options.
Mortgage modifications completed through private programs increased 11% in July, according to the Hope Now alliance of servicers, counselors and investors, but these workouts have proven less likely to last.
Roughly 56,000 mortgages made it through these private programs and into permanent status. Since 2007, servicers completed 4 million private modifications and roughly 763,000 permanent workouts through the government's Home Affordable Modification Program.
So far in 2011, private modifications are more than double those done through HAMP. Through July, roughly 422,000 workouts came through proprietary initiatives, compared to the 183,000 done through the Treasury's program as of June, according to Hope Now. The Treasury Department is expected to release its July numbers in the coming days, but it has averaged roughly between 30,000 and 35,000 permanent mods per month. If the trend holds in July, private programs would still outnumber HAMP more than 2-to-1.
"We are happy to see an increase in permanent proprietary loan modifications for the month of July," said Faith Schwartz, executive director for Hope Now.
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