Posted on Monday, January 10, 2011
HOPE NOW, the industry alliance of mortgage servicers and other professionals, investors, and counselors, completed its fourth year in existence in 2010.
The alliance includes companies such as Bank of America, GMAC Mortgage, and Wells Fargo.
The organization’s latest market report estimates 1.65 million homeowners received permanent loan modifications from January to November 2010.
In November alone, mortgage servicers completed 82,000 loan modifications and 29,972 Home Affordable Modification Program (HAMP) modifications.
That brings total modifications to 112,000 for that month, more than twice the number of foreclosure sales, which came in at 55,000.
Over the course of 2010, HOPE NOW members organized and participated in 40 free homeowner outreach events that were attended by approximately 30,000 families.
The D.C-based organization also officially announced that Faith Schwartz would remain executive director for 2011.
Schwartz said the members of the alliance are committed to evaluating every situation for alternatives to foreclosure, aiming for “continuous improvement.”
“The past year was no doubt the busiest in our short history. HOPE NOW’s partners have worked tirelessly to help American homeowners and have made a significant difference to those at risk,” said Schwartz.
She continued, “The housing crisis is far from over, but our servicer members and counseling partners continue to provide homeowners with viable solutions on a daily basis.”
According to a statement released by the alliance, HOPE NOW plans to be aggressive in homeowner outreach, and each of its members will participate in one major outreach event per month, in regions that have been most heavily affected by the mortgage and foreclosure crises.
DS News, By: Joy Leopold