Hope Now: About 63,000 homeowners received loan mods
Approximately 63,000 homeowners received loan modifications in May, and 38,000 short sales were completed, Hope Now said Monday.
The alliance of mortgage servicers, investors, insurers and nonprofits began collecting loan mod data in 2007.
About 45,000 of the modifications completed in May used proprietary loan programs and 17,590 went through the Home Affordable Modification Program, Hope Now said.
In the past five years, the organization recorded 6.43 million in total loan modifications and non-foreclosure aid initiatives. Approximately 906,000 short sales were completed in the past three years.
Foreclosure starts and sales also went up in May with starts growing from 177,000 in April to 204,000 in the most recent report. Meanwhile, completed foreclosure sales grew from 60,000 in April to 65,000 in May.