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

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885000 Permanent Loan Modifications Completed As Of October 2011


There have been a total of 885,000 permanent loan modifications completed as of October 2011. The permanent modifications consists of 582,000 that are proprietary, and 303,426 of them were completed through HAMP. Since 2007, there have been a total of five million loan modifications. This information was reported by HOPE NOW. HOPE NOW is made up of an "alliance between counselors, mortgage companies, investors, and other mortgage market participants".
   
It was also reported by Hope Now that the foreclosure rate has increased.  The number of homes that entered foreclosure went from 196,000.00 in September, to 209,000.00 in October. However, foreclosure sales decreased by 5%, going from 68,000 to 64,000.00.