Chris B Johnson, REALTOR®               Featured Listing                   Time to Sell Your Home?  

Mortgage Pre Approval           Neighborhood Market Report          Time To Buy A Home

HyperLocal Market Updates             Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®

California May Pay You To Short Sale                              The Cost Of Waiting

Camarillo REO Coming To Market                                    What Is My Home Worth?

Your Real Estate Update                                                    Pricing Your Home To Sell!                               

HyperLocal Updates                                                         Sell, Remodel, Repair-Have Tough Questions?

Foreclosure Prevention Efforts Hit Milestone

foreclosure-help 340w" sizes="(max-width: 300px) 100vw, 300px" />The mortgage services industry reached its 25 millionth non-foreclosure solution in April, as foreclosure, short sales, and deed-in-lieu transactions continue to drop, according to HOPE NOW, a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.

According to HOPE NOW’s report on April numbers, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds-in-lieu, and workout plans) were approximately 117,000. This compares to approximately 28,000 foreclosure sales for the month.

Included in that total solutions figure were an estimated 31,000 permanent loan modifications. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

There were roughly 50,000 foreclosure starts and 28,000 foreclosure sales in April, down 16 percent and 6 percent, respectively from March. Deed-in-lieu transactions decreased by 18 percent, to approximately 1,700. Short sales also dropped by 15 percent, with 6,300 completed in March. Overall, there were 31,000 loan modifications in April, down 4 percent from March, the report stated.

“Our data indicates that early intervention is assisting with market recovery, as serious delinquency numbers continue to decline.”

Eric Selk, Executive Director, HOPE NOW

Of the permanent loan modifications completed in the month of April, an estimated 22,000 were through proprietary programs and 8,563 were completed via HAMP. Permanent loan modifications continue to outpace foreclosure sales, the agency reported.

Since 2007, HOPE NOW has tracked 6.2 million proprietary modifications, 2.4 million HAMP trial modifications, and 1.6 permanent HAMP modifications. The largest segment, however, was non-HAMP modification and repayment programs, which totaled 14.8 million since 2007.

“HOPE NOW is extremely pleased to see the hard work of our member mortgage servicers and housing counseling partners,” said executive director Eric Selk of the 25 million total solutions. “These solutions, whether they are modifications, repayment plans, or short sales, all help homeowners avoid foreclosure. It is a significant milestone.”

Selk also said that early intervention and continuing efforts are critical to keeping homeowners from becoming severely delinquent.  “Our data indicates that early intervention is assisting with market recovery, as serious delinquency numbers continue to decline,” Selk said.


Views: 1

Views: 278


You need to be a member of Short Sale Specialist Network to add comments!

Join Short Sale Specialist Network


Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2022   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service