Loan Modifications Rose 43% in July 2012

HOPE NOW, the voluntary, private sector alliance of mortgage professionals and non-profit counselors, which has been collecting data monthly for five years, reported on Wednesday September 5th that the number of homeowners who received permanent, affordable proprietary loan modifications rose 43% from June to July 2012. As a result, an estimated 66,002 homeowners received proprietary loan modifications in July, an increase from 46,208 in June.

The report did not include loan modifications completed under HAMP, as the Treasury Department had not yet released this data. Year to date through June 2012, an estimated 110,144 homeowners had received HAMP modifications.

Furthermore, those proprietary loan modifications with a 90-plus day delinquency hit the lowest level of HOPE NOW’s recorded data. The re-default rate went from 10.3% in June to 8.9 percent in July 2012. And 60 day delinquencies went down from 2.52 million in June to 2.47 million in July.

Short sales also continue to play a significant role in non-foreclosure solutions. According HOPE NOW data, there were 36,260 short sales in July 2012. The total of short sales since 2009 is 974,000.

The Law Office of R. Spencer Lauterbach aggressively assists homeowners in obtaining mortgage solutions through loan modifications, short sales, as well as other legal remedies. If you are interested, please call his office at (845) 639-1699. Posted 10.2012