HOPE NOW Continues Modifications and Outreach as Foreclosure Sales Ebb

by devteam April 12th, 2013 | Share

Mortgagernloan modifications completed through HOPErnNOW, the voluntary, private sector alliance of mortgage servicers, investors,rnmortgage insurers and non-profit counselors, totaled 81,351 in February, a 6rnpercent increase from modifications done in January.  Proprietary modification accounted for 65,965rnof the modifications and 15,386 were done through the Home Affordable MortgagernProgram (HAMP.) </p

Since the HOPE NOW alliance wasrnformed in 2007 it has facilitated 6.23 million loan modifications 5.07 millionrnof which were proprietary and 1.167 million done through HAMP.</p

There were 49,135 foreclosure salesrncompleted in February compared to 62,395 in January, a decrease of 21rnpercent.  This was the lowest number ofrnmonthly foreclosures since HOPE NOW reported 47,378 in December 2007. Foreclosurernstarts, however, were up 16 percent from January to an estimated 167,232</p

 Over 1.2 million short salesrnhave been completed since HOPE NOW began tracking them in 2009.  There were 26,388 such sales in February andrna total of 50,036 thus far in 2013.</p

Loan modifications completed viarnproprietary programs with fixed interest rates of five years or more accountedrnfor 92 percent of all modifications in February and those with reducedrnprincipal and interest monthly payments accounted for 86% (56,837).  Principal and interest payments were reducedrnby more than 10% in 79% (52,145) of the modifications.</p

Eric Selk, HOPE NOW’s ExecutivernDirector said of February’s data, “These results are a testament to the hardrnwork being done on behalf of the nation’s homeowners. There are more optionsrnthan ever before and the goal is to offer viable, realistic and sustainablernsolutions.” </p

HOPE NOW holds a number of face tornface borrower events in co-sponsorship with Making Home Affordable and keyrnlocal partners. So far in 2013, over 2,700 homeowners have attended mortgagernassistance events.  The alliance also continuesrnto work with its military partners to find efficient ways to assist militaryrnservice members affected by Permanent Change of Station and the recent Federalrnsequestration.”

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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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