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Modifications Up even as Foreclosure Activity Declines

by devteam August 15th, 2013 | Share

Evenrnas foreclosure activity wanes, homeowners continue to seek and obtainrnloan modifications through HOPE NOW. The program announced todayrnthat it had completed 204,000 modifications during the second quarterrnof the year, about 160,000 of them proprietary and the remainderrncompleted through the Home Affordable Modification Program (HAMP.)</p

HOPErnNOW is a voluntary private sector alliance of mortgage servicers,rninvestors, private mortgage insurers and non-profit housingrncounselors. Since it was founded at the beginning of the housingrncrisis in 2007 its members have facilitated 6.52 million permanentrnmortgage modifications. Of those, 5.31 million were proprietary andrn1.224 million were completed through HAMP.</p

Inrnaddition to loan modifications the program has assisted 1.32 millionrnborrowers to exit homeownership through short sales; 81,000 of thosernsales were completed in the second quarter of this year and a totalrnof 165,000 thus far in 2013.</p

HOPErnNOW said foreclosure starts dropped by 30 percent in the secondrnquarter compared to the first. There were an estimated 329,000rnforeclosures initiated between April 1 and June 30 compared torn472,000 in the previous three months. Completed foreclosure salesrnalso declined slightly, from 162,000 in Quarter 1 to 158,000, a 2rnpercent decrease. </p

Therernwere substantial year over year improvements in HOPE NOW’s metrics. Permanent modifications were up 13 percent from the second quarter ofrn2012 when they totaled 182,000. Foreclosure starts were down 38rnpercent year-over-year and foreclosure sales declined by 15 percent. There were 107,000 short sales in the second quarter of 2012, aboutrnone-quarter more than in the most recent period.</p

EricrnSelk, Executive Director of HOPE NOW said the mission of hisrnorganization remains the same as at its founding in 2007, “Tornreach out and assist as many homeowners as possible using all of therntools at our disposal. In addition to the progress made via ourrnsolution data, HOPE NOW has sponsored over 140 face to face events inrnmore than 70 markets nationwide and has been a driving force inrnbringing together all mortgage stakeholders in the interest ofrnimproving the nation’s housing market.

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About the Author

devteam

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

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