A recent report put out by Hope Now, a alliance of mortgage servicers, investors, loan counselors, and mortgage insurers, states that more than 1 million mortgages were permanently modified in 2011. That does seem like a lot but is in fact a 40% decline from 2010. However, more modifications took place in 2011 than foreclosed homes sold. Roughly only 843,000 foreclosure sales took place in 2011. For 2012, it is estimated that an outstanding 1 in 3 mortgages will be underwater by the end of the year
In December 2011 alone, 80,000 loan modifications were finalized. This includes 56,000 proprietary modifications and 23,000 trial modifications that became permanent through the Home Affordable Modification Program (HAMP). The HAMP program was recently revamped by President Obama to make the program more accessible to more borrowers.
Hopefully with the new changes to HAMP, 2012 will see even more mortgage modifications. If you are having difficulty paying your mortgage or are facing foreclosure, contact a a Jacksonville Foreclosure Defense Attorney who can hopefully make the process less stressful for you and your family, and help you make the right decision regarding your home for your future. Complimentary initial consultations.
