Mortgage servicers delivered 75,968 loan modifications during the month of August, according to the latest data from Hope Now.
That figure includes modifications completed through financial firms’ proprietary programs and through the government’s Home Affordable Modification Program.
Proprietary loan modifications with fixed-interest rates of five years or longer accounted for 55,531 of the modified mortgages. Those with reduced principal and interest monthly payments accounted for 48,524 modifications while proprietary modifications with reduced principal and interest payments of more than 10% accounted for 71% of the entire total.
Hope Now is an alliance of mortgage servicers, investors and mortgage insurers that focus on trying to save homeowners from foreclosure.
With August numbers added to the total, Hope Now says 5.75 million loan modifications have been completed since 2007.
About 4.6 million homeowners have received proprietary modifications in the past five years, while 1.076 million went through HAMP modifications.
The month of August also brought 39,559 short sales, bringing the short sale total to 1.01 million transactions in the past three years.
