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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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5 Million Permanent Loan Modifications Completed Through Hope Now Program


HOPE NOW just announced that since 2007 there have been five million permanent loan modifications completed. "HOPE NOW is a voluntary alliance of private sector servicers, investors, insurers, and nonprofit counselors".  It was reported that private sector programs completed 4.1 million loan modifications. There were 856,974 loan modifications that were completed through the HAMP Program.
  
However, there is still a great need for more homeowners to receive a loan modification. HOPE NOW reported that for the third quarter of this year, there has been 256, 00.00 loan modification completed. According to HOPE NOW there has been a decrease in foreclosures. Foreclosures have dropped 15% for the third quarter.