Loan Mods Rise in August

NationalMortgageNews reports loan modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP) rose to 76,000 in August, an increase over the 66,000 in July and 46,400 in June. Of the 59,459 proprietary loan modifications in August, Hope Now says 93 percent had fixed interest rates of five years or more. Eighty-two percent of the proprietary modifications have reduced principal and interest payments. Seventy-one percent had reductions of ten percent or more. Hope Now tells MHProNews over the last five years 5.75 million loan revisions have been completed.

(Image credit: MortgageLoanRealtor)

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