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Servicers See Big Increase in Mods.(Hope Now alliance estimates )
Washington -- The Hope Now alliance estimates that mortgage servicers provided borrowers with more than a half-million loan workouts in the first quarter, bringing the total number of workouts completed since last July to 1.4 million.
The alliance says 503,000 homeowners were able to stay in their homes during the first quarter because of loan workouts involving both prime and subprime loans.
Moreover, Hope Now says that loan modifications, which change the terms of the loan to create a long-term solution for the most troubled borrowers, are accounting for an increasing share of the workout total.
Of the 503,000 workouts done in the first quarter, approximately 179,000 wore loan modifications and 324,000 were repayment plans.
But among subprime borrowers, 44% of all workouts consisted of modifications. In March, the loan-modification ratio had risen to 49%, suggesting that the modification share of the total continues to grow.
The first-quarter loan modification ratio for subprime borrowers was
twice the rate of borrowers receiving modifications during all of 2007, according to Hope Now.
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Source: HighBeam Research, Servicers See Big Increase in Mods.(Hope Now alliance estimates )