An estimated 37,000 homeowners received permanent, affordable loan modifications from mortgage servicers during May, including modifications completed under both proprietary programs and the government’s Home Affordable Modification Program, according to HOPE NOW.
Broken up, an estimated 25,000 were through proprietary programs and 11,774 were completed through HAMP in May.
Since 2007, approximately 7.05 million homeowners have received loan modifications.
Mortgage servicers completed approximately 102,000 workout plans for homeowners.
In addition, completed foreclosure sales dropped 4% in May, with approximately 38,700 for the month, compared to 40,000 in April, while delinquencies of 60 days or more were under 2 million for the third straight month, at approximately 1.90 million.
“HOPE NOW reached a significant data milestone in April when its members reached the 7 million loan modification mark. In May, the progress continues as loan modifications, short sales and deeds in lieu continue to outpace completed foreclosure sales,” Eric Selk, executive director of HOPE NOW, said.
“We have noted the number of short term solutions in this month’s data as well. These non-permanent options are crucial to homeowners who may have a loan modification or other permanent course of action on the horizon.”