Housing Wire: 385,468 homeowners received mortgage modification in first half
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In the first six months of 2012, the nation saw 385,468 completed loanmodifications, a 28% drop from year-ago levels, Hope Now said.
Foreclosure starts also declined 15% while completed foreclosures fell 10% from the same six-month period of 2011.
Of the homeowners obtaining modifications in the first half, about 275,324 received proprietary loan modifications through lenders. The remaining 110,144 received mods via the government's Home Affordable Modification Program known as HAMP.
In the past five years, the mortgage industry completed 5.6 million permanent loan modifications, said Hope Now, an alliance of mortgage servicers, investors, housing nonprofits and mortgage insurers.
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