Mortgage lenders modified 134,000 mortgages nationwide in February, up 9 percent compared to the previous month, according to national homeowner advocacy group Hope Now.

The combination of 134,000 mortgage modifications and 110,000 repayment plans means that, in February 2009, Hope Now members and the larger mortgage lending industry helped 244,000 at-risk homeowners (homeowners in danger of losing their homes) avoid foreclosure through one of these two mortgage solutions, the group said in a statement.

"We expect the trend to continue as many companies expand their offerings to include the administration’s Making Home Affordable refinance and modification programs," said Faith Schwartz, Hope Now’s executive director.  "The mortgage lending industry is responding to the needs of its customers and offering solutions that are appropriate to the current market and economic conditions."

134K Mortgages Modified In Feb.

by Banker & Tradesman time to read: 1 min
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