More than 1.76 million consumers were able to obtain permanent home loan modifications in 2010, making the terms of their agreement easier to bear financially, according to a report from the industry nonprofit organization Hope Now. That was up from the 1.24 million total observed by the group in 2009.
In all, 1.24 million of the 2010 modifications were completed between homeowners and mortgage servicers, with another 512,712 altered by the federal government’s Home Affordable Modification Program, the report said. That marked a significant increase from the 66,938 HAMP alterations in 2009.
“The industry was able to offer almost 2 million permanent solutions for homeowners in 2010, which outpaced foreclosure sales of just over one million,” said Hope Now executive director Faith Schwartz. “We hope that the trend continues going forward as servicers and housing counselors remain committed to achieving sustainable mortgage solutions for at-risk homeowners.”
Meanwhile, more financially troubled consumers got a better handle on their home loan payments, the report said. The number of 60-day delinquencies at the end of December was 2.87 million, which, while still high, was a 30 percent decrease from the 4.13 million in the previous year.
However, HAMP has still not helped nearly as many people as intended, as it was originally designed to allow more than 3 million consumers receive home loan modifications.