The HOPE NOW Alliance has release the most up to date figures for the loan modification industry and it appears that modifications are really starting to gain some tracking with some big numbers coming in. In 2010 there have been 975,000 permanent loan modifications with 331,000 of these modifications being done through HAMP (the Home Affordable Modification Program). The other 644,000 have been the lenders own in-house programs which can also be very helpful to homeowners.
The numbers are pretty simple. For those borrowers who are unable to qualify for HAMP, 45% are able to get an in-house program. 2.4% end up doing a short sale. 10% get foreclosed on and 3% end up filing for Bankruptcy.
The numbers of foreclosures are still very high however. There have been over 1.2 million foreclosures initiated this year and 583,000 foreclosure sales have taken place.
DSnews.com and HOPE NOW were sources for this article.
