HOPE NOW, a group of mortgage servicers, investors, non-profit counselors, and mortgage insurers released its final 2010 numbers showing its members completed about 1.24 million loan modifications last year. During this same time, servicers also completed 512,712 Home Affordable Modification Program (HAMP) loan modifications. During December alone, approximately 100,000 loan modifications were completed. Faith Schwartz, executive director of HOPE NOW, stated that while the group worked hard in 2010, their “top priority in 2011 will be to advance execution and implementation of these options, while focusing on improving the customer experience for homeowners who are going through the foreclosure prevention process.” HOPE NOW data also revealed that in 2010 2,618,406 foreclosures were started and 1,069,867 foreclosure sales occurred.
Wells Fargo will freeze foreclosure sales for the holiday. The lender’s freeze will run the same two week period as that of Fannie Mae and Freddie Mac. It will only postpone sales of home loans that it owns. For other loans that it only services, that are owned by others (“owners” or “ investors”), it will only postpone sales if authorized by the investor.
Bank of America may postpone foreclosure sales on loans it owns or that are owned by investors that give the bank delegated authority to act. Like Wells Fargo, Bank of America will postpone sales of homes whose loans are held by investors only if authorized by the investor.