Foreclosure Prevention Outnumbered Foreclosures 2 to 1 in First Quarter

by devteam May 16th, 2013 | Share

Nearly a quarter million homeowners</breceived mortgage loan modifications through HOPE NOW during the first quarter ofrn2013.  The voluntary private sectorrnalliance of mortgage servicers, investors, mortgage insurers, and non-profitrncounselors operating under that name modified about 203,000 mortgages through proprietaryrnprograms and 42,157 through the Home Affordable Modification Program (HAMP).  </p

There were approximately 84,000 shortrnsales transacted through HOPE NOW in the first quarter, a reduction of 22,000</bfrom the fourth quarter. Since HOPE NOW began tracking the statistic inrnDecember 2009 it has arranged 1.23 million short sales.   </p

Since HOPE NOW was formed in 2007 itsrnmembers have permanently modified more than 6.32 million mortgages, 5.14rnmillion through proprietary programs and 1.18 million through HAMP.  Combined with short sales the HOPE NOW programrnhas helped a total of 7.6 million homeowners avoid foreclosure.</p

There were an estimated 162,000 completedrnforeclosures in the first quarter, down 14 percent from the 188,000 completedrnin the fourth quarter of 2012 and 22 percent below the 210,000 sales one yearrnearlier.  HOPE NOW points out that shortrnsales and modifications in the first quarter outnumbered foreclosures by two tornone.</p

Foreclosure starts increased in thernfirst quarter by 30 percent, from 362,000 in the fourth quarter to 472,000.  Starts however were well below the 534,000rnposted in the first quarter of 2012.</p

March data for HOPE NOW includern88,000 permanent loan modifications, 77,000 proprietary and 11,913 through HAMP,rna 10 percent increase over February. Foreclosure starts were estimated atrn116,000 compared to 192,000 in February and foreclosure sales increased by 8rnpercent over February to 52,000. There were 28,000 short sales in March, uprnfrom 26,000 in February.</p

There were approximately 2.38rnmillion loans that were 60+ days delinquent in March compared to 2.45 millionrnin February, a 3 percent decline.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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