Americans made loan modifications to 1.76 million mortgages last year, with about two-thirds of the modifications performed through private mortgage servicers, and one-third of them through the federal government’s Home Affordable Modification Program (HAMP).
The data, released on Wednesday by the private coalition of mortgage lenders HOPE NOW, also showed that mortgage modifications jumped more than 40 percent from 2009 to 2010. There were 1.24 million loan modifications in 2009.
Mortgages can be modified if the borrower and lender agree to terms different from their original contract, and are frequently used by delinquent and troubled homeowners to restructure their mortgages in attempts to prevent foreclosures.
The jump in the number of mortgage modifications from 2009 to 2010 means that more homeowners are exploring their options before succumbing to foreclosure or defaulting on their loans.
“2010 was a very challenging year for the housing market, but HOPE NOW’s data continues to support the fact that significant strides have been made to avail homeowners of all options before going to foreclosure,” Faith Schwartz, Executive Director of HOPE NOW, said in a statement.
Earlier this week, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released January’s Housing Scorecard, noting that “foreclosure starts and completions remained low at the year’s end” and that “figures show increased new and existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.”
The data, released on Wednesday by the private coalition of mortgage lenders HOPE NOW, also showed that mortgage modifications jumped more than 40 percent from 2009 to 2010. There were 1.24 million loan modifications in 2009.
Mortgages can be modified if the borrower and lender agree to terms different from their original contract, and are frequently used by delinquent and troubled homeowners to restructure their mortgages in attempts to prevent foreclosures.
The jump in the number of mortgage modifications from 2009 to 2010 means that more homeowners are exploring their options before succumbing to foreclosure or defaulting on their loans.
“2010 was a very challenging year for the housing market, but HOPE NOW’s data continues to support the fact that significant strides have been made to avail homeowners of all options before going to foreclosure,” Faith Schwartz, Executive Director of HOPE NOW, said in a statement.
Earlier this week, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released January’s Housing Scorecard, noting that “foreclosure starts and completions remained low at the year’s end” and that “figures show increased new and existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.”
