HOPE NOW assists 768,000 borrowers in 2013
281,000 short sales completed last year
Approximately 768,000 homeowners received permanent, affordable loan modifications from mortgage servicers in 2013, according to HOPE NOW’s final 2013 loan modification data.
HOPE NOW is a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
The amount is divided between approximately 592,843 proprietary loan modifications for homeowners and 175,076 Home Affordable Modification Program modifications.
Additionally, the December data also showed approximately 281,000 short sales completed for the year.
Since 2007, the mortgage industry completed nearly 7 million total permanent loan modifications for homeowners, and of those loan modifications, 5,531,051 were through proprietary programs and 1,311,498 were completed under HAMP.
“The mortgage industry is able to provide at-risk homeowners with a multitude of solutions, which has resulted in more sustainable outcomes. HOPE NOW is proud of the hard work that its members and partners bring to the table as they assist families with their mortgage challenges,” said Eric Selk, executive director of HOPE NOW.
Meanwhile, foreclosure starts and completed foreclosure sales both dipped compared to data reported in 2012. There were 1,278,779 foreclosure starts in 2013, down 33% from 1,922,523 in 2012.