Home loan servicers are continuing to step up efforts to put distressed homeowners into more sustainable mortgages, according to data released this week by HOPE NOW, a congressionally-formed private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.
The number of loan modifications offered to homeowners during the month of April – more than 172,000 – represents a 46 percent increase compared to a year earlier, when the industry completed nearly 118,000 loan mods, HOPE NOW noted in its report.
In April of this year, servicers extended their own proprietary modifications to 104,265 borrowers. HOPE NOW says the year-to-date total for these types of loan modifications is now 409,783…
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