Nearly 3 million homeowners saved from foreclosure
Half of the loans received a permanent loan mod.
In May, 39,300 foreclosure preventions tied to Fannie Mae and Freddie Mac were completed, bringing the total to nearly 2.9 million since the start of conservatorship, the Federal Housing Finance Agency reported.
Approximately half of these actions were classified as permanent loan modifications, according to FHFA’s most recent foreclosure prevention data.
When tallying up the numbers, the data shows the volume of permanent loan modifications remained flat at 19,800 in May compared with April.
Meanwhile, over a third of permanent loan modifications in May included principal forbearances.
On a similar note, nearly 9,100 short sales were completed during the month, up 14% when compared to April.
Serious delinquencies continued to decline during the month with the number of enterprise loans classified as early stage 30-plus days past due, falling 1.6% to 439,000 loans.
Foreclosure sales and starts also decreased during the month when compared to May data.