How many borrowers on the brink of foreclosure received some kind of home mortgage modification from their loan servicer since 2007? More than 3.7 million, according to the latest tally from Hope Now, a private-sector coalition of major loan servicing companies and nonprofit counseling organizations. That's a head-spinning number, especially since most of the press coverage on mortgage modifications has focused on a much smaller number: the roughly half a million borrowers who went through the federal Home Affordable Modification Program (HAMP). Where did all these other modifications come from?It turns out that, in addition to the Home Affordable Modification Program, another 3.2 million troubled loans have received "proprietary modifications" from loan servicers that are structured according to the banks' own rules. As of August, loan servicers are now averaging well over 100,000 of these completed proprietary mortgage modifications a month -- that in addition to the roughly 30,000 modifications a month made through the Home Affordable program. What kind of loan modifications do these borrowers receive? And how many of these borrowers have kept up with their payments and avoided defaulting again? HousingWatch contacted Hope Now to find some answers.Read The Original Story Here
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