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Mortgage

HOPE NOW: 35,000 homeowners receive loan modifications

Loan mods drop as foreclosure sales decline

An estimated 35,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month, according to the January 2015 loan modification data from HOPE NOW.

This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program.

“HOPE NOW members continue to offer a multitude of home retention and other non-foreclosure solutions to at-risk homeowners.  Although the foreclosure sales jumped in January, all homeowners have been reviewed for various loss mitigation options. This is also a reflection of the effect that mediation has on foreclosure timelines in several states,” said Eric Selk, Executive Director with HOPE NOW.

Additionally, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) for the month of January were approximately 158,000, compared to approximately 36,000 foreclosure sales for the month.

Of the permanent loan modifications completed in the month of January, an estimated 24,000 were through proprietary programs and 10,765 were completed through HAMP.

Loan modifications have largely declined month to month, falling in line with the lower number of foreclosure sales.

Other key metrics include:

  • Loan Modifications: Approximately 35,000 completed in January vs. 37,000 in December – a decrease of approximately 5%.
  • Short sales – Approximately 8,000 completed in January vs. 10,000 in December – a decrease of 20%.
  • Deed in-lieu: Approximately 2,000 completed in January vs. 2,000 in December – unchanged.
  • Foreclosure starts – Approximately 80,000 in January vs. 80,000 in December – unchanged.
  • Foreclosure sales – Approximately 36,000 in January vs. 29,000 in December – an increase of 19%.
  • Serious delinquencies – Approximately 1.90 million in January vs. 1.92 million in December – unchanged. 

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